Adiwale Fund I acquires minority stake in International Drilling Company

SENEGAL – Adiwale Fund I, a fund by the Adiwale Partners, has announced the acquisition of a minority stake in International Drilling Company (IDC).

IDC is a drilling services company which started operations 10 years ago in Senegal and today also operates in Cote d’Ivoire, Mali and Guinea, with further expansion plans in French-speaking West Africa.

“We are excited to be making this investment in IDC, as it is in line with our imports’ substitution thematic approach,” Jean-Marc Savi de Tové, Managing Partner of Adiwale Partners said.

“Most services across the mining value chain in the region are still offered by international players and only a handful of structured local companies. IDC’s track record and good operating standards allow the company to compete with global drilling services companies active in the region.”

IDC is uniquely positioned between small local players and international drilling companies operating in the region. Its major clients are listed international mining companies and it also serves the construction and water industries.

“We look forward to support IDC’s management in attaining ground-breaking milestones and sustainable growth,” Vissého Gnassounou, Managing Partner of Adiwale Partners said

“The company has a management that is very keen to create skilled jobs for local communities. It also has a strong inclination to putting in place solid social and environmental management systems.”

Building on the company’s competitive advantages, trackrecord and clients portfolio, IDC’s management intends to become the leader in the fast growing Francophone West Africa drilling market within the next five years.

Asafo & Co. advised Adiwale Fund I on the legal aspects of the investment. Deloitte Cote d’Ivoire advised the fund on the financial due diligence and IBIS Consulting on the environmental and social due diligence. Enexus Finance and Julien Baubigeat advised the company.

In October 2021, Adiwale Partners announced the final closing of its first fund, Adiwale Fund I, LP (AF1) at €60 million. The fund has attracted the International Finance Corporation (IFC) for its final closing.

The investor group, therefore, includes CDC Group, the African Development Bank (AfDB), the Dutch Good Growth Fund (DGGF), Kuramo Capital Management, Banque Ouest Africaine de Développement (BOAD) and IFC.

Adiwale Fund I was to invest €3-8 million per transaction, mainly in the form of growth capital to SMEs, established primarily in Côte d’Ivoire, Senegal, Mali and Burkina Faso.

Last year, Adiwale committed capital from the fund to MCT (Maintenance Climatisation Technique), a 60-year old company and an Ivorian leader in the installation and maintenance of industrial, commercial and residential air conditioning solutions.

MCT derives revenues from eleven countries in sub-Saharan Africa and is a local partner for Carrier, the world leader in air conditioning services.

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