July 9, 2018

AIIM acquires 50% in holdco with investments in West and Central African airports

Dolapo Omidire

African Infrastructure Investment Managers (AIIM), an infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments, announced its acquisition of a 50% stake in Société d’Exploitation et de Gestion Aéroportuaires (SEGAP), a holding company with an established portfolio of airport investments across West and Central Africa.

The investment was made through their African Infrastructure Investment Fund 3 (AIIF3) vehicle and it further diversifies AIIF3’s portfolio with a view to both geography and sector.

SEGAP holds interests in three concession companies operating 5 airports in Cote D’Ivoire, Gabon and the Republic of the Congo and handling more than 4 million passengers per annum. The company remains 50% owned by the Egis Group, an experienced airport operator with a long track record in Francophone Africa. AIIM will complement Egis’ operational and technical expertise by contributing additional strategic support to the business and providing access to capital for further expansion. This will allow SEGAP to capitalize on growth opportunities as the African aviation sector matures and opens up for private sector investment in airport infrastructure.

 Commenting on the announcement, Francis Brangier, CEO of SEGAP said: “We are delighted to welcome AIIM as a partner today. With its proven track record, industry experience and regional insights, AIIM is the right investor to support SEGAP’s growth plans.”

Commenting further, Romain Py, Head of Transactions at AIIM said:

“In recent years, we’ve seen strong economic growth across the region and a rising middle class with a growing appetite to fly, creating an attractive sector with much promise. Liberalisation of the air transport market in Africa will provide further opportunities for growth, and we look forward to working alongside the Egis Airport Operations management team as it continues to build on SEGAP’s successes and improve connectivity in Africa.”

AIIF3 is AIIM’s third pan-African fund, focused primarily on power, transportation, and energy infrastructure across sub-Saharan Africa. Including SEGAP, AIIM has made six investments on behalf of the AIIF3 fund. Other investments are Starsight Power Utility Ltd, a leading energy services company in Nigeria; AIIM Hydroneo, a pan-African hydropower development platform; DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania; Albatros Energy Mali, a 90 megawatt (MW) thermal power station and Amandi Energy Limited, a 200MW thermal power station in Ghana.

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