PCM Capital Partners (PCP), managers of the West Africa Emerging Growth Fund (WAEMGF), has announced the Fund’s exit from its investment in Petro Ivoire, a downstream oil and gas sector in Côte dIvoire
This exit, the first from the WAEMGF portfolio, was structured as a Leveraged Management Buy Out (LMBO) transaction led by Vantage Capital.
Founded in 1994 by Mathieu Kadio-Morokro, Petro Ivoire is one of the top three distributors of oil and gas products in the country. The company distributes refined products (super, diesel fuel, etc), LPG and lubricants under its own brand.
With an 11 per cent market share, Petro Ivoire is ranked (in terms of volume of oil distributed in Cote d’Ivoire) behind Total Côte d'Ivoire and Vivo Energy Côte d'Ivoire and number two in the LPG segment, with a 31 per cent market share.
The company also has a 40 per cent stake in Société Africaine d’Entreposage de Produits Pétroliers (SAEPP).
Together with Amethis who are also exiting this investment, PCP has driven the value creation process of the company by providing additional expansion capital and ensuring environmental, socio-economical and governance best practices.
Michel Abrogoua, a founding partner of PCP, explained, “Our capital and strategic approach with Petro Ivoire perfectly illustrates our philosophy which has contributed to the company’s organic growth.”
“Its positioning as an Ivorian oil and gas market leader is the result of a clear and ambitious strategy, visionary management and an efficient governance framework. With this exit, which enables the founding family to regain majority shareholding, we are confident in the company’s future,” he added.
