Amethis sells its 33.77% stake in Mauritius-based Velogic through an IPO

17 Dec 2021

Amethis, a member of the Edmond de Rothschild Private Equity Partnership, is pleased to announce the sale of its entire minority stake in Velogic Holding Company Limited (“Velogic or “the Company”). Headquartered in Mauritius, Velogic combines over 50 years of experience and in-depth expertise in the logistics business including freight-forwarding, customs clearance, transport, warehousing, port services, courier services, ship agency and packaging of special sugars. Velogic serves clients worldwide in numerous sectors, from healthcare and retail to construction and fashion, including blue-chip names like Huawei, Galeries Lafayette and United Nations agencies. Velogic is led by a strong and experienced bilingual management team, with 1,400 employees and over 300 agents globally.

Amethis invested in Velogic in December 2013 to support the Company’s geographic expansion. Velogic started its first operations on the African continent in 2016 with the acquisition of two companies in Kenya in the customs clearance and transport segments. With this expansion in East Africa, Velogic is now strategically located in 7 territories - Mauritius, Kenya, Madagascar, Reunion, India, Singapore and France – of which its two frontier markets of Kenya and India show double-digit growth.

Over the course of Amethis’ investment, Velogic succeed in growing its revenues to more than EUR75mn and more than doubled its EBITDA to c. EUR7mn, driven by the growth in volume traded by the Company and by the diversification into higher-margin services. Velogic’s excellent service quality was recognized in 2017, when the Company was awarded by UPS, a global leader in courier services, its regional representation in Mauritius, Reunion Island, Madagascar, Seychelles, Comoros and Mayotte.

The full exit of Amethis' investment in Velogic was enabled by the Company’s listing on the Stock Exchange of Mauritius at an introductory price of MUR25 (Mauritian Rupee) per share, with a mix of retail and institutional investors acquiring Amethis’ 33.77% stake. Rogers Group, Velogic’s main shareholder, kept its majority stake in the company.

“The logistics industry is the lifeblood of the exchange of commercial goods. The health crisis has, moreover, demonstrated the importance of this sector, which has been relatively less impacted by the pandemic. The entry of Velogic on the Stock Exchange of Mauritius will allow it to attract the interest of local and international investors with the aim of diversifying the company's shareholder base and boosting the liquidity of its shares. With our presence in the Indian Ocean, we are well-positioned to use Mauritius as a logistics hub for the region. Our ambition is to consolidate our activities in our traditional markets while focusing on our growth in emerging markets, namely East Africa, Madagascar and India ", explains Vishal Nunkoo, Chief Executive Officer of Velogic.

“We would like to take this opportunity to commend Velogic’s management team for their performances and achievements since Amethis’ investment. The success of Velogic’s expansion in East Africa comforts our investment strategy of building strong African regional champions to tap into the growing African trade. We are also pleased with our exit on the Stock Exchange of Mauritius: he is Amethis’ second exit through an IPO and it shows the increasing dynamism of African stock exchange markets. We are happy that Velogic’s new shareholders also valued the Company’s longstanding commitment to more sustainable practices, both on the environmental pillar with the increasing use of renewable energies, and on the social pillar, with ambitious training programs for the Company’s employees.” stated Khady Koné-Dicoh, Partner at Amethis.

For Amethis, the transaction was led by Luc Rigouzzo, Co-Founder and Managing Partner, Khady Koné- Dicoh, Partner and Melanie Meslay, Investment Manager.

Media contact: Camille Peretti camille.peretti@amethis.com

-ENDS-

About Amethis

Amethis is an investment fund manager dedicated to the African and European continents, with an investment capacity exceeding €800m. Amethis was created through a partnership with Edmond de Rothschild Private Equity. Amethis brings growth capital to promising midcap champions in a diversity of sectors. As an active shareholder, Amethis offers key support and expertise through its international network, its opportunities for external growth and its value-added governance. www.amethis.com

About Edmond de Rothschild

As a conviction-driven investment house founded upon the belief that wealth should be used to build the world of tomorrow, Edmond de Rothschild specializes in Private Banking and Asset Management and serves an international clientele of families, entrepreneurs and institutional investors. The group is also active in Corporate Finance, Private Equity, Real Estate and Fund Services. With a resolutely family-run nature, Edmond de Rothschild has the independence necessary to propose bold strategies and long-term investments, rooted in the real economy. Created in 1953, the Group now has CHF 173 billion (€160 billion) in assets under management, 2,600 employees and 32 locations worldwide. www.edmond-de-rothschild.com 

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