“We are very optimistic about our first investment in Cote d'Ivoire,” The Abraaj Group managing director Kodjo Aziagbe said in a statement on Monday.
“We believe the industrial services sector is, in particular, witnessing rising domestic and regional demand for more affordable, locally produced components, and therefore exhibits solid potential to drive long-term growth through product innovation, improved penetration and channel expansion.”
The Abraaj Group’s investment will assist African Industrial Services (AIS) in expanding its services and upgrade its management across West Africa.
AIS will also be able to develop its four core areas of business, including product range extension, geographical expansion, the consolidation of new markets, and in-house production capacity increase.
AIS was established in 1998 to meet the needs of a number of industrial companies in the continent. These include the distribution of spare parts, and providing repairing services for various mechanical parts in cast iron, bronze or aluminium.
The company also provides personal protective equipment, electrical equipment and transmission products, among others.
“The timing of the investment of The Abraaj Group neatly complements our planned growth strategy; we look forward to having Abraaj join our board and working closely together to position AIS as the leading, value-added, full-service engineering solutions firm in West Africa,” said Alain Mominé, African Industrial Services Group CEO.
This is one of a number of investments The Abraaj Group has made on the continent, including Brookside Dairy, the leading dairy in East Africa, and in Steripharma, a Moroccan pharmaceutical company.
The group also has over 30 country offices, which are spread across six regional hubs in Dubai, Istanbul, Mexico City, Mumbai, Nairobi and Singapore.
“We recognize Abraaj’s experience in developing regional businesses, and welcome their support and added expertise as we increase our production capacity and expand our footprint both within Cote d’Ivoire and across the region,” said Mominé.