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COMMUNICATION OF THE ECOWAS REGIONAL COMPETITION AUTHORITY ON THE NOTIFICATION OF A PROPOSED ACQUISITION OF AIF LIGHT AND ITS SUBSIDIARY, Dépannage Électrique et Maintenance Technique (ADEMAT S.A.) BY AMETHIS
Purpose of the notification of the proposed acquisition
The ECOWAS Regional Competition Authority (ERCA) received a merger notification from AIF Light and Amethis, concerning the Acquisition for sole control of the AIF Light and its wholly subsidiary – Dépannage Électrique et Maintenance Technique (“ADEMAT”).
The proposed transaction constitutes sole control over ADEMAT through its majority stake in AIF Light, therefore, is subject to notification to the ERCA under the provisions of Regulation C/REG.23/12/21. The AMETHIS through Amethis Fund III Management S.a.r.l will have equity share control in AIF Light, ADEMAT’s holding company, and AIF Light will retain wholly ownership and control of ADEMAT operations related to the distribution of power security solutions, and sourcing of technical components and equipment.
The notification of the transaction to ERCA, for the purpose of prior authorization, is in accordance with Article 2 (1) (a) of Regulation C/REG.23/12/21 on the rules of procedure for mergers and acquisitions in ECOWAS, the Enabling Rules PC/REX.1/01/24 on the threshold for mergers and acquisitions; and the thresholds for dominant and monopolistic positions. As the acquisition involves entities in ECOWAS member States, it is, therefore, subject to notification to ERCA under the provisions of Regulation C/REG.23/12/21.
Concerned parties
AMETHIS is a impact-driven private equity firm that provides long-term equity financing to companies, registered and incorporated in Luxemburg under numbers B276255 and B274373, and also a member of the Edmond de Rothschild Private Equity Partnership headquartered in Belgium investing through equity shares in companies in sectors such as infrastructure, energy, healthcare, financial services, logistics, IT, manufacturing, and distribution. Amethis prioritizes businesses with strong growth potential, often family-owned and undergoing generational transitions, and aims to support their expansion and diversification strategies in dynamic or transitioning African economies.
The company operates across Africa, Europe, and the Middle East. With a team of 50 professionals across seven offices (including Paris, Abidjan, Casablanca, Nairobi, Cairo, Cape Town and Luxembourg), and through Amethis Fund III S.C.A, SICAV-RAIF (“Amethis Fund III”) it supports businesses that deliver essential goods and services while promoting financial performance and sustainable development.
AIF Light is incorporated under the laws of Mauritius registered with the trade registry of Mauritius under n°178324, and AIF Light is controlled by SPE Capital, an independent investment fund. While its wholly subsidiary, Assistance Dépannage Électrique et Maintenance Technique (“ADEMAT”) founded in 1983, a joint stock company with board of directors (société anonyme avec conseil d’administration) incorporated under the laws of Ivory Coast, registered with the trade and personal property credit register of Abidjan under number CI-ABJ-01-1983-B-71597 and whose registered office is located at Abidjan, Treichville – Zone 3, Rue des Ferronniers, Abidjan 01 BP 6300, Ivory Coast.
The ADEMAT operates from its central site in Treichville, which serves as the hub for its technical, commercial, and logistical activities. This site anchors a nationwide network of technicians and service teams, enabling the company to deliver integrated energy solutions with speed and reliability across the Ivory Coast. ADEMAT mainly distributes power security solutions across the Ivory Coast, in particular diesel generators and air compressors.
Concerned Acquisition
The proposed transaction concerns a sole control through equity share in AIF Light of its wholly subsidiary, ADEMAT in Cote d’Ivoire in the distribution power security solutions in particular diesel generators and air compressors; Sourcing of technical components and equipment from long-standing international suppliers; Warehousing and inventory management and Execution of turnkey energy projects, including engineering, logistics, and commissioning in the Community market.
Expected results of the acquisition
The proposed transaction will lead to a sole control of equity shares of AIF Light and in turn at ADEMAT, with the objectives to foster both financial performance and positive social impact, in line with its broader mandate to promote sustainable development and job creation in dynamic African economies.
The proposed acquisition aims to provide ADEMAT with long-term equity capital and strategic support, enabling the company to accelerate its growth, expand its service offering, support ADEMAT’s transition into renewable energy (with a solar PV activity and gas generators offering), initiate the regionalization of the Company and strengthen its organizational structure.
Rights of third parties
Pursuant to Article 44 (2) (a) (iv) of the ECOWAS Regional Competition Authority’s Manual of Investigation and Notification Procedures, third parties are invited to submit their comments to ERCA within thirty (30) days of the publication of this communication.
Such comments shall be accompanied by any documentation capable of substantiating the facts and analyses and sent confidentially to the following address:
ECOWAS Regional Competition Authority
Bertil Harding, Bijilo, The Gambia
P.O Box 4470
Or electronically at the following email address: registry@erca-arcc.org.