In a bid to build a strong Nigerian and ultimately African brand by systematically developing capacity and capabilities through the development of local resources, AfricInvest Group, one of the leading private equity firms in sub-Saharan Africa has completed an investment in Broron Oil & Gas Limited. The Group made the investment through its Pan-African Fund Africinvest II LCC.
Broron Oil & Gas Limited is a Nigerian oil and gas services company, which provides offshore support services to international oil companies, independent and indigenous upstream companies in Nigeria and the gulf of Guinea.
Abiola Ojo-Osagie, managing director of AfricInvest Capital Partners Nigeria, in a joint statement, justified the investment bid by acknowledging that Broron Oil & Gas is well positioned to maximise the opportunity presented by the recent developments in the Nigerian oil and gas industry as it aspires to become a world class service provider in the areas of offshore support vessels, subsea engineering, procurement, installation and commissioning services to the oil & gas industry.
Also commenting, Henry Ojogho, executive vice chairman, Broron Oil & Gas Limited, who led his team into the deal, said: “To further consolidate the position of Broron Oil & Gas in the sector, the company recently acquired DSV Avianna, a Dynamic positioning ll vessel (“DP ll Vessel”) with offshore support and construction support capabilities.”
Africinvest Group has executed over 100 investments across several sectors in Africa and made significant contributions to the economic development of its target countries through the growth and profitability achieved by its portfolio companies, the statement said.
The Group, which operates out of six offices (Lagos, Abidjan, Nairobi, Casablanca, Algiers and Tunis) targets growth capital investments in medium-sized companies that are well established and positioned in their local markets with potential to scale up their activities on the regional level.
AfricInvest’s Pan-African Fund started making investments in Nigeria since 2004. The Fund has made investments in Anchorage Leisure Limited, owners of Radisson Blu Hotel Lagos; Tunisavia, a helicopter service company serving offshore oil platforms in North Africa and Francophone West Africa; and Mansard Insurance amongst others.