(Ecofin Agency) - International Facilities Services (IFS), which provides facility management services in 16 sub-Saharan African countries, received a $35 million boost.
The investor is the London-based private equity Development Partners International (DPI) that announced this investment made out of its African Development Partners II. The funds provided should help fund IFS’ growth strategy in new markets while bridging its short-term cash flow needs.
“I am delighted to partner with DPI for the next phase of IFS’ growth as they work alongside us to unlock our full potential, with the capital provided through this investment allowing us to more aggressively pursue expansion of our business. I am excited to have found a partner that is focused on supporting us by investing in our strategy and people, enabling us to continue to deliver outstanding service for all our clients,” Chris Wells, CEO of IFS, commented.
Via its two African Development Partners funds, the British private equity has invested in 27 African countries. It is present in the portfolio of nineteen firms in 15 sectors. Its entrance in IFS’ capital falls in line with its strategy to invest in high-growth potential sectors in the continent.
In its Global Facilities Management Market Report 2018, Stratistics MRC reveals that the facility management market reached $17.6 billion in 2017. Egypt, South Africa and Nigeria were the bulk of that market but other countries are eyed by investors due to the future infrastructure investment prospects in the mining sector.