COTE D’IVOIRE – PCM Capital Partners (PCP), leaders in asset management and managers of the West Africa Emerging Growth Fund (WAEMGF) has announced that it has existed its investment in leading Ivorian oil and gas player, Petro Ivoire.
According to the firm, the exit was part of the Leveraged Management Buy Out (“LMBO”) transaction led by Vantage Capital, something that will also see other investors such as Amethis exit the investment.
PCP is hailed to have greatly contributed to the company’s expansion capital, and ensuring environmental, socio-economical and governance best practices.
In line with the Fund Manager’s investment philosophy, WAEMGF first invested growth capital in February 2012 to support a local, indigenous entrepreneur through its growth and development phase.
Founded in 1994 by Mathieu Kadio-Morokro, Petro Ivoire SA specializes in the distribution of petroleum products and derivatives and operation of gas stations.
The Company distributes refined products (super, gasoil, etc), LPG, as well as lubricants under its own brand.
It boasts of 11% market share in terms of volume of oil distributed in Cote d’Ivoire, behind Total Cote d’Ivoire and Vivo Energy Cote d’Ivoire and number 2 in the LPG segment with a 31% market share.
PCM Capital Partners is a venture capital firm specializing in growth capital, restructure operations and seeks to invest in emerging markets.
It typically invests in West Africa, preferring to take minority stake in companies.
PCM Capital Partners was founded in 2010 and is based Ebene, Mauritius with additional offices in Abidjan, Ivory Coast and Accra, Ghana.
“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, a 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,” said Michel Abrogoua Founding Partner of PCP.