Amethis has acquired a majority stake in Ademat, a leading Côte d’Ivoire-based provider of integrated power-security solutions, through the full buyout of SPE Capital’s controlling position.
The transaction, completed in March 2026, marks a secondary buyout that transitions ownership to Amethis while providing an exit for SPE Capital after nearly five years of partnership.
Founded in 1983, Ademat offers a comprehensive end-to-end suite of services, including power generation, voltage stabilisation, power transformation, procurement, installation, maintenance, technical assistance, consulting, training, and equipment rental.
The company plays a critical role in ensuring reliable and resilient energy infrastructure for businesses across Côte d’Ivoire and the broader West African region.
Ademat’s Transformation Under SPE Capital
SPE Capital invested in Ademat in April 2021. Over the subsequent five years, the company underwent significant professionalisation and expansion:
- Launch of its own proprietary brand of power equipment.
- Broadening of the product portfolio to include gas-powered generators and solar energy solutions.
- Modernisation of operations through ERP system upgrades and digitalisation of commercial processes.
These initiatives strengthened Ademat’s competitive positioning and operational resilience, preparing the business for its next growth phase.
We are proud of the journey undertaken alongside Ademat over the past five years. Together, we repositioned the company, launched new business lines, and built a stronger, more resilient platform, well-positioned to capture growth opportunities in West Africa. This transaction is a testament to the value creation that is possible through a hands-on, majority ownership approach
Stéphane Heuzé, Managing Partner at SPE Capital
Amethis’ Strategic Rationale and Growth Plans
Amethis, a pan-African private equity firm with a strong presence in West and Central Africa (including dedicated operations in Kenya), sees substantial upside in Ademat’s platform.
As the new majority shareholder, Amethis will partner closely with CEO Christophe Giovacchini and the existing management team to:
- Scale operations and expand regional presence across West and Central Africa.
- Accelerate the transition toward sustainable, low-carbon energy solutions, with a particular focus on expanding the photovoltaic solar offering and small-to-medium capacity generator segment.
- Strengthen the proprietary brand and pursue selective acquisitions or strategic partnerships.
- Implement a robust ESG roadmap to enhance energy resilience while advancing environmental sustainability.
We are delighted to partner with Christophe and the Ademat team. We see significant opportunities to further scale up the company. By leveraging our strong local presence and extensive international network, we are confident in our ability to support Ademat’s transition towards low-carbon energy solutions and strengthen its market position in Côte d’Ivoire and across West and Central Africa while enhancing energy resilience in the region
Khady Koné-Dicoh, Senior Partner at Amethis
READ ALSO:How a 66-Year Partnership Between AKFED and Nation Media Group Is Ending
This acquisition aligns with Amethis’ strategy of investing in essential infrastructure and services businesses that address structural needs in African markets, particularly in energy security and the green transition.
Broader Context in African Private Equity
The transaction exemplifies a classic private equity value-creation cycle: SPE Capital’s hands-on majority ownership drove operational improvements and portfolio diversification, enabling a successful secondary exit to Amethis.
Such deals highlight the attractiveness of established mid-market platforms with proven fundamentals and clear growth potential in sectors critical to Africa’s economic development.
Ademat’s focus on reliable power infrastructure addresses a persistent challenge across the region: unreliable grid supply and the need for resilient backup systems while its expanding solar capabilities position it at the intersection of traditional and renewable energy markets.
Future Outlook
Amethis’ acquisition of a majority stake in Ademat represents a strategic continuation of the company’s development journey, shifting from SPE Capital’s successful repositioning phase to accelerated regional scaling and sustainable energy transition under new ownership.
By partnering with an experienced management team and leveraging Amethis’ pan-African network, Ademat is well-positioned to strengthen its leadership in power-security solutions across West and Central Africa.
This transaction reflects the ongoing dynamism of private equity in building resilient African businesses that deliver both commercial returns and essential infrastructure support.
For the most current details on the company’s growth initiatives, refer to official announcements from Amethis or Ademat.
Amethis Overview
Amethis is a private equity firm based in France, investing in African growth companies.
An Amethis Fund refers to its investment vehicles, with Amethis Fund III targeting mid-sized businesses across sectors such as financial services, consumer goods, and healthcare.
The Amethis portfolio includes companies across Africa supported for expansion and operational growth.
Amethis Rothschild reflects its strategic backing by Edmond de Rothschild Group, which partners with Amethis on investment activities.
Leave a Reply