Adiwale Fund I announces the acquisition of a minority stake in Maintenance Climatisation Technique (MCT). The 60-year old company is the Ivorian leader in the installation and maintenance of innovative industrial, commercial and residential air conditioning solutions. It also offers electrical engineering services. MCT operates in eleven countries in French-speaking sub-Saharan Africa and is a local partner for Carrier, the world leader in air conditioning services. MCT’s shareholders have over 55 years of cumulative experience in the air conditioning industry in Africa and Europe. The company is also led by sound senior management. Côte d'Ivoire and other countries covered to see an increasing demand for quality maintenance services, driven by demographics and urbanisation. There is also strong demand for the provision of commercial and industrial air conditioning systems.
Vissého Gnassounou, Managing Partner of Adiwale Partners commented: “We are pleased about the partnership with MCT. MCT has made remarkable progress over the past 20 years and is the leader in Côte d’Ivoire. Adiwale Fund I's investment will accelerate the company’s growth, both in Côte d'Ivoire and across the region, with the offering of new products and services and will strengthen its current businesses”.
Jean-Marc Savi de Tové, Managing Partner of Adiwale Partners added: “Adiwale Fund I’s investment in MCT is in line with our ambition to support business services companies, especially when it comes to addressing industrial clients. This augments the complexity and autonomy of local industrial ecosystems. The Fund expects to contribute to improving MCT’s governance and operations, with the ambition of making it a renowned regional player in the years to come".
Lamine Koné, MCT’s CEO said: “Adiwale Fund I’s investment in MCT will take us to the next level in the development of our business. It will help accelerate our growth in Côte d’Ivoire and our expansion in the region. This will be achieved through the improvement of our governance and the implementation of an ambitious value creation plan”.
Asafo & Co., the international African law firm, advised Adiwale Fund I on legal aspects. PWC (Côte d'Ivoire) advised the fund on the financial and fiscal due diligence and EBS Advisory (South Africa) on the environmental and social due diligence.
About Adiwale Partners
Adiwale Partners (www.adiwale.com) is an independent private equity fund manager founded in 2016 by West African private equity and capital markets professionals based in Abidjan. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. Adiwale Fund I has 50 million euros under management and invests primarily in consumer goods and services, business services and manufacturing.
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