Africa Capitalworks stakes equity investment in Dorman Long
Africa Capitalworks, ACW, a Sub-Saharan Africa-focused private equity company, Wednesday, made a significant equity investment in Dorman Long Engineering Limited, DLE.
DLE, an indigenous company, which provides high value engineering services, fabrication, asset management and galvanising services to a range of high quality international and domestic customers, runs three manufacturing facilities in the Lagos area.
It has at various times provided major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for major operators, including Shell, Mobil, Addax, Agip, NLNG, Chevron, Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux.
However, ACW’s investment is targeted at enabling DLE to expand existing yards, acquire additional facilities and expand its service offering.
Managing Partner of ACW, Nana Sao, who confirmed the development, said: “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-recognised quality and product certifications. We are thrilled to support DLE’s accomplished management team in this dynamic sector.”
The Chairman, DLE, Dr. Timi Austen-Peters, also said: “This investment marks the start of a new journey for Dorman Long, and I am delighted in the vote of confidence executed by our partner.
“The hard work, focus and dedication of our team during this process further showcases the depth of our capacity and our resilience to overcome economic challenges, including cyclical oil prices, the CoVID-19 pandemic and the business environment in Nigeria.
“We have partnered with ACW on the basis of its complementary skillset, strategic insights and differentiated value proposition as a permanent capital vehicle. We look forward to accelerating the implementation of our growth plans and expanding our rich range of capabilities and geographical presence.”
