By Andy Sambidge
Investment company announces investment in African Industrial Services Group; eyes expansion
Dubai-based Abraaj Group on Monday announced an investment through one of its funds in African Industrial Services Group (AIS).
Abraaj's investment will allow AIS to expand its services to both existing and new customers, as well as upgrade its inventory management system across its West African footprint, a statement said.
The engineering services and component manufacturing and distribution company will focus on developing four core areas of its business - product range extension, geographical expansion, the consolidation of new markets, and in-house production capacity increase, the statement added.
The statement did not specify the value of the investment from Abraaj.
Headquartered in Cote d'Ivoire, AIS was founded in 2001 and has established presence and operations across eight countries in West Africa including Benin, Togo, Guinea, Senegal, Burkina Faso and recently launched branches in Liberia and Sierra Leone.
Commenting on the transaction, Kodjo Aziagbe, managing director at The Abraaj Group, said: “We are very optimistic about our first investment in Cote d'Ivoire. We believe the industrial services sector is, in particular, witnessing rising domestic and regional demand for more affordable, locally produced components, and therefore exhibits solid potential to drive long-term growth through product innovation, improved penetration and channel expansion.”
Jacob Kholi, partner at The Abraaj Group, added: “We feel this is the perfect time for our inaugural deal in Cote d'Ivoire. The country is on the onset of a post-war renaissance and requires the support of new investors to assist in the reconstruction of a healthy and sustainable economic environment.”
Alain Mominé, CEO of African Industrial Services Group, said: “The timing of the investment of The Abraaj Group neatly complements our planned growth strategy; we look forward to having Abraaj join our board and working closely together to position AIS as the leading, value-added, full-service engineering solutions firm in West Africa.”