Africa’s largest PE firm invests in airport holding company

African Infrastructure Investment Managers (AIIM), Africa’s largest and most experienced infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments, today announces its acquisition, through African Infrastructure Investment Fund 3 (AIIF3), 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.

“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,” said Romain Py, Head of Transactions at AIIM.

The investment further diversifies AIIF3’s portfolio with a view to both geography and sector. SEGAP holds interests in 3 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. 

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 hydro power 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.

Francis Brangier, CEO of SEGAP expressed delight at the oartnership with AIIM. “With its proven track record, industry experience and regional insights, AIIM is the right investor to support SEGAP’s growth plans,” Brangier said.