Vantage Capital, Africa’s mezzanine fund manager, has announced that it has provided US$22mn of mezzanine funding to Pétro Ivoire, a distributor of oil and gas products in Côte d’Ivoire.
Vantage’s funding has enabled the founding family, Kadio-Morokro, to regain a controlling equity stake in the company by facilitating the buy-back of equity from two exiting private equity investors, Amethis and the West Africa Emerging Markets Growth Fund.
The exit of the private equity investors has made room for a French-based gas trading company, Geogas Enterprise SAS, to take a stake in the business alongside the founding family. This transaction represents Vantage Capital’s 27th mezzanine transaction across three generations of mezzanine funds, with its portfolio of mezzanine investments now spread across nine countries in Africa.
Source: Oil Review Africa