Nigeria’s Dorman Long announces private equity deal with Africa Capital Works

Nigeria's Dorman Long Engineering Limited has announced a private equity deal with a Sub-Saharan African-focused private equity company, Africa Capital Works. The deal, valued in the tens of millions of dollars, promises to see Dorman Long expand its operations, acquire additional facilities, and enhance its service offerings. Timi Austen-Peters, Chairman of Dorman Long Engineering Limited, shed light on the details of the agreement in an exclusive interview with CNBC Africa. Dorman Long, a 70-year-old company with a rich history in oil and gas equipment, structural steel fabrication, and transportation infrastructure, plans to use the funds to refurbish aged equipment, expand its footprint not only in Nigeria but across the continent, and tap into market opportunities within the telecoms, power, and transport sectors. Recognizing the importance of local content, Dorman Long has also partnered with companies in countries like Mozambique and Ghana to drive development in their respective regions. While the majority of Dorman Long's work centers around oil and gas, the dollar investment from Africa Capital Works will provide additional support in managing foreign exchange challenges in Nigeria. The partnership with Africa Capital Works is not just about financial backing; it also brings a focus on corporate governance, strategy, and balance sheet deployment. Looking ahead, Dorman Long has expressed intentions to list on the stock exchange in the coming years, aiming to share the prosperity they anticipate unlocking with the public.