(Ecofin Agency) - Adenia Partners, an investment firm focused on Africa, has secured the necessary regulatory approvals and finalized the acquisition of 12 subsidiaries of the French industrial group Air Liquide in sub-Saharan Africa on Monday, July 23, 2024.

These subsidiaries, which represented less than 10% of Air Liquide’s revenue in Africa, are located in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo.

Adenia Partners has created a new fully African group, Erium, specializing in industrial and medical gases, encompassing the 12 former Air Liquide subsidiaries. The private equity firm plans to bolster Erium's production activities on the continent with an investment of €30 million ($32.5 million) over the next five years.

“The birth of Erium is remarkable in more ways than one. It is the culmination of an acquisition project by an African entity from an international actor; a large-scale project covering a vast geographical area and involving activities essential to the development of the continent,” said Christophe Scalbert, Partner at Adenia Partners.

Air Liquide will however remain a key player in the African gas market and will continue to pursue growth opportunities, particularly in energy transition, hydrogen, and healthcare. The company also plans to maintain technical cooperation with Adenia.

It's worth noting that the 12 divested entities accounted for less than 10% of Air Liquide’s revenue in Africa.