Africa Capitalworks Invests in Dorman Long Engineering
The Africa Capitalworks (ACW), a Sub-Saharan Africa-focused private equity company, has made a significant equity investment in the Dorman Long Engineering Limited (DLE) of Nigeria.
The Managing Partner of the ACW, Nana Sao, explained during the agreement signing ceremony between the two organisations in Lagos, that the investment would enable the DLE to further its next phase of growth.
The deal was consummated with the Chairman of Dorman Long Engineering, Timi Austen-Peters signing for his company, Sao signed for his organisation, just as the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote acted as a witness.
“We look forward to partnering with the DLE team to support its next phase of growth. DLE has built a strong reputation over 70 years of operating in Nigeria and its manufacturing facilities have internationally recognised quality and product certifications. We are thrilled to support DLE’s accomplished management team in this dynamic sector,” Sao said.
Speaking in the same vein, Austen-Peters, explained that the partnership with ACW would bring complementary skill sets, strategic insights and differentiated value proposition as a permanent capital vehicle to bear with the company’s operations.
Austen-Peters said: “This investment marks the start of a new journey for Dorman Long, and I am delighted in the vote of confidence executed by our partner, ACW.”
He added: “The hard work, focus, and dedication of our team during this process further showcases the depth of our capacity and our resilience to overcome economic challenges, including cyclical oil prices, the COVID-19 pandemic, and the business environment in Nigeria.
“We have partnered with ACW on the basis of its complementary skillset, strategic insights, and differentiated value proposition as a permanent capital vehicle. We look forward to accelerating the implementation of our growth plans and expanding our rich range of capabilities and geographical presence.”
The DLE is an indigenous and market-leading company, which provides high-value engineering services, fabrication, asset management, and galvanising services to a range of high-quality international and domestic customers. The company employs over 400 people.
The ACW is a member of the Capitalworks Group, which is a leading independent alternative asset manager concentrating in emerging markets with control over $1 billion for a diverse range of investors. It is focused on the mid-market in Sub-Saharan Africa, excluding South Africa, and combines the deployment of patient capital with a strong partnership approach.
Meanwhile, Wabote, has decried the propensity of Nigerians at top positions in the international oil companies (IOC) to sabotage their own country by insisting that oil and gas jobs in the county are sent to foreign countries for execution.
Speaking at the agreement signing ceremony between the two organisations, Wabote further lamented that Nigerians working with IOCs were always in the habit of working against their fellow Nigerians trying to participate in the industry’s businesses and projects.
He added that more worrisome was the fact that even the indigenous Nigerian companies were the biggest culprits in the act.