• Adiwale Fund I takes minority stake in Senegal’s Codex SA
• Investment to modernize fleet, expand regionally, boost operations
• Codex operates Senegal’s largest mobile crane fleet since 2013

West African private equity fund Adiwale Fund I has acquired a minority stake in Codex SA, a Senegalese company specializing in industrial lifting and logistics services. Adiwale Partners, the fund's manager, did not disclose the transaction amount, though investments from this fund typically range between 3 million and 8 million euros.

The investment aims to help Codex scale up its operations and organizational structure. With a 60 million euro war chest, Adiwale Fund I targets high-potential companies in consumer goods, business services, and industrial sectors across West Africa.

The funds will be used to expand and modernize Codex's equipment fleet and support its expansion into other regional markets. The investment also includes plans to improve operational processes, strengthen environmental standards, and develop local skills through training programs that meet international standards.

"The investment from Adiwale Fund I not only strengthens our shareholder base but also brings a partner whose investment experience and strategic vision complement our operational expertise," said Luca Giolivo, Codex's majority shareholder and CEO. "This alliance will help us explore new markets and meet the growing demand for complex and specialized services."

The heavy logistics sector is experiencing strong growth in Senegal and the broader West African region, driven by infrastructure development, the boom in extractive industries, and the deployment of renewable energy. However, the sector faces challenges, including the high cost of equipment. Companies that invest in modern equipment that meets international standards have a clear competitive advantage.

Founded in 2007, Codex has focused on lifting services since 2013. The company now operates Senegal's largest fleet of mobile cranes with over 120 machines from its 11,000 square meter logistics base near Dakar. It provides services to sectors such as energy, heavy industry, and mining.

SG