Finance

Africa Capitalworks enters Nigeria’s construction sector

Tuesday, 21 September 2021 13:18
Africa Capitalworks enters Nigeria’s construction sector

(Ecofin Agency) - Africa Capitalworks (ACW), a private equity firm active in Sub-Saharan Africa, announced it has made an equity investment in Dorman Long Engineering Limited. The beneficiary is a diversified Nigerian firm offering engineering, manufacturing, and asset management services.

ACW’s commitment will help Dorman Long Engineering expand its existing facilities, acquire additional facilities and broaden its service offerings. “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 recognized quality and product certifications,” commented Nana Sao, ACW's Associate Director. Timi Austen-Peters, chairman of Dorman Long Engineering, said his company will execute its growth plans and expand its geographic presence with this new funding, despite the business environment in Nigeria marked by the covid-19 pandemic and the cyclical oil prices.

In February last year, the private equity firm invested in the brewing company Gaselia Industries in Mali through the acquisition of a minority stake.

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