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ECP Gets into H20
The PE shop concentrating on African investments makes a play in the water and power production space.
December 2, 2008
Emerging Capital Partners, a private equity firm that concentrates on African investment opportunities, spent $30 million to invest in Finagestion, a holding company that runs several water and power distribution contracts there.
The $30 million will be used to allow Finagestion to make both organic growth plays as well as M&A into West Africa.
“Because Africa is lagging the rest of the world in terms of utility infrastructure and services, ECP sees a significant opportunity for Finagestion to responsibly expand its operation,” said Hurley Doddy, Emerging Capital’s operations chief.
Finagestion already has contracts in Cote d’Ivoire and Senegal; Doddy pointed out that other nations are also welcoming foreign investment to bolster local infrastructure. Sub-Saharan Africa has one of the world’s lowest access rates to drinking water and electricity.
Finagestion is a wholly-owned subsidiary of the French conglomerate the Bouyges Group.
Emerging Capital Partners’ previous investments in the African utilities sector include a $40 million investment in Veolia Water Maroc, a Moroccan utilities firm.
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