APRIL 30TH, 2021

ABIDJAN, Côte d’Ivoire, 29th of April 2021 – SPE Capital, a private equity firm focused on Africa and the Middle East, today announced that it has finalized the acquisition of its 100% equity stake in Ademat from Adenia, a private markets investment firm in Africa. Founded in Abidjan in 1983, Ademat is the leading provider of power security solutions in Côte d’Ivoire. It provides a wide range of technical solutions for companies in various industries, including telecommunications, financial services, manufacturing, healthcare and hospitality.

Since acquiring Ademat in September 2016 through its Adenia Capital (III) fund, Adenia has implemented a series of strategic value creation initiatives, resulting in the expansion of the company’s product offering and market footprint; operational improvements including the introduction of new management tools and technologies; the modernization of working conditions, including the building of new tailor-made headquarters; and the implementation of an ambitious ESG action plan. Today, Ademat is recognized for providing best-in-class services to customers across Côte d’Ivoire.

“We are proud to have played an important role in the successful transformation of Ademat from a traditional family-run business to a modern company,” said Christophe Scalbert, Partner at Adenia. “Our exit reinforces the strength of Adenia’s approach to create long-term and sustainable value through the modernization of governance, operational standards and infrastructure and the provision of quality of employment. We wish the Ademat team every onward success and are confident they will go from strength to strength with the support of SPE.”

“Adenia’s guidance and strategic input have been instrumental to the success of our ambitious modernization plan,” said Ademat CEO Christophe Giovacchini, who joined the company in 2017. “Over the last four years, we have strengthened our market positioning, enhanced our organization and improved our financial profile. We would like to thank the Adenia team for its continued support and we look forward to embarking on the next phase of our journey together with SPE.”

“We are excited to invest in Ademat and build on the momentum created over the last few years to seize new growth opportunities,” said Stéphane Heuzé, Managing Partner at SPE. “We are looking forward to working closely with the management team to support strategic initiatives and help the company to further improve governance, enhance its product offering, enter new regions and continuously strive for Ademat customers’ satisfaction.”

Adenia Partners was advised by KeysFinance Partners (financial advisor), Asafo & Co (legal lead advisor), Deloitte (financial advisor), Mondon Conseil International (legal and tax advisor).

SPE Capital was advised by Gide Loyrette Nouel (legal lead advisor), Mr. Michael Carter (commercial advisor), KPMG (financial and tax advisors), Environmental Resources Management (ESG advisor), and BLC Roberts & Associates (legal advisor).

About SPE Capital
SPE Capital, founded in 2016, is an independent Private Equity firm focused on Africa and the Middle East. SPE Capital is led by an experienced on-the-ground investment team, with strong local knowledge and a proven track record of investing in growth companies. With offices spanning across the region, SPE Capital has a thorough understanding of businesses in the region and strives to apply best international practices and governance standards. For more information, please visit:

About Adenia

Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has successfully raised US$500 million across 4 funds. Adenia has a proven track record of strong and consistent performance with 25 platform investments executed and 16 realized exits. Based on the ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, while benefiting workers, communities, and companies in Africa. For more information, please visit:

About Ademat

Founded in Abidjan in 1983, Ademat is the leader of distribution, installation and maintenance of power security solutions in Côte d’Ivoire. Its range of products include generators, UPS, drive systems and other electric equipment in partnership with world-renowned manufacturers.