DPI makes USD35m investment in African facilities management business IFS
Pan-African private equity firm Development Partners International (DPI) has invested USD35 million from the African Development Partners II fund (ADP II) into International Facilities Services (IFS), a facilities management specialist in Africa.
IFS provides a full suite of specialist facility management services to clients on remote sites across the African continent, including catering, maintenance, laundry and housekeeping. Employing over 2000 people, IFS operates across a diverse range of geographies, with key customers in numerous African countries including Mozambique, DRC, Namibia, Zambia, South Africa and Lesotho, and services a broad range of sectors including hospitality, natural resources, shipping and mining. Since its inception in2000, IFS has become recognised in the market, with a reputation for quality service, reinforced by its strong local networks and a proven operational track record.
The USD35million investment will help fund an acquisitive growth strategy and support working capital requirements for existing contracts in addition to its robust pipeline of new projects across the continent.
Through this investment DPI forms a partnership with a business with exceptional potential growth and, along with its highly experienced management team, will work to realise the company’s long- term vision of becoming Africa’s leading facilities services group.
Eduardo Gutierrez-Garcia, Partner at DPI, says: “IFS is a business poised for significant growth, servicing clients across the African continent and we are delighted to announce our partnership with them today. The management team has developed what we believe is a stable and scalable business model and has a proven track record of delivering high-quality service to its clients. Given the expansion trajectory of its key customers’ projects, coupled with a strong pipeline of new contracts, IFS is poised to benefit from further growth.”
Chris Wells, IFS CEO, says: “I am delighted to partner with DPI for the next phase of IFS’ growth as they work alongside us to unlock our full potential, with the capital provided through this investment allowing us to more aggressively pursue expansion of our business. I am excited to have found a partner that is focused on supporting us by investing in our strategy and people, enabling us to continue to deliver outstanding service for all our clients.” Source: Private Equity Wire