Share
Nigeria’s Dorman Long announces private equity deal with Africa Capital Works
Dorman Long Engineering Limited has reached a private equity deal with a Sub-Saharan Africa-focused private equity company, Africa Capital Works. The deal which was announced a few hours ago will see Dorman Long expand its operations and acquire additional facilities and expand its service offering. Timi Austen- Peters, Chairman of Dorman Long Engineering Limited joins CNBC Africa for more.
Tue, 14 Sep 2021 14:08:53 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Dorman Long Engineering Limited secures a private equity deal with Africa Capital Works, signaling expansion and enhanced services.
- The company plans to utilize the funds to refurbish equipment, expand its footprint across Africa, and capitalize on opportunities in telecoms, power, and transport sectors.
- The partnership with Africa Capital Works brings financial backing and a focus on corporate governance and strategy, paving the way for potential stock exchange listing in the future.
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.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.