The Fund I&P Afrique Entrepreneurs 1 (IPAE 1), launched by Investors & Partners (I&P) in 2012, has announced its exit from two portfolio companies- the CONERGIES group, based in Côte d’Ivoire and Mali, and the Senegalese company Delta Irrigation.
“We are proud to give our actions to these strategic players, which will bring both companies to new stages of growth,” said Sébastien Boye, Deputy Managing Director of I & P investment, reported AllAfrica.com. “We are convinced of the strategic and industrial value of these new partnerships, but also their alignment in values and environmental vision and company at the heart of our investments.”
CONERGIES is a leading group in HVAC, refrigeration, and solar solutions. I & P has made an exit from the company after six long years during which the team helped in the company’s structuring, its marketing redesign and the start of its operations in Côte d’Ivoire. I&P’s shares have been acquired by the EDF Group which becomes a partner of CONERGIES to develop and offer energy efficiency solutions in West Africa.
Founded in 2003, Delta Irrigation specializes in the design and construction of irrigation equipment. It currently operates in Senegal and Côte d’Ivoire. I&P has supported the company’s diversification strategy. IPAE 1 has sold the majority of its shares in Delta Irrigation to two of the company’s strategic partners – Kulker, a French provider of irrigation equipment, and Bernegal, a Senegalese company of the Agrifos group, which operates in the agricultural sector. IPAE 1 also sold a number of shares to the Director of Delta Irrigation in Côte d’Ivoire.
I&P is an impact investment group that primarily invests in small and medium-sized enterprises in Sub-Saharan Africa that are key players in sustainable and inclusive growth on the continent. It manages four pan-African funds- IPDEV 1, IPDEV 2, IPAE 1 and IPAE 2, which represent a total of €135 million.
The €54m fund I&P Afrique Entrepreneurs 1 (IPAE 1) financed 29 African SMEs operating in 12 Sub-Saharan countries between 2012 and 2017.