Pan-African private equity firm Amethis has acquired a majority stake in Côte d’Ivoire-based power security solutions provider ADEMAT from SPE Capital, marking a new phase of growth for the company as it expands its footprint across West and Central Africa.
Founded in 1983 and headquartered in Abidjan, ADEMAT provides end-to-end power security solutions, covering power generation, stabilization, transformation, procurement, installation, maintenance, consulting, training, and equipment rentals. Over the course of SPE Capital’s ownership since 2021, the company strengthened its market position by launching a proprietary brand, expanding into gas-powered generators and solar panels, modernizing its ERP systems, digitizing commercial processes, and implementing a comprehensive ESG strategy.
With Amethis as its new majority shareholder, ADEMAT plans to accelerate its next phase of development. The strategy includes expanding its solar PV offering, strengthening its position in low- and medium-capacity power generators, advancing its proprietary brand, and pursuing regional expansion through targeted acquisitions and partnerships across West and Central Africa. The company will also continue advancing its ESG roadmap, focusing on supporting lower-carbon energy solutions and enhancing energy resilience across the region.
Amethis brings a broad regional presence and international network, which is expected to support ADEMAT’s scale-up and deepen its role in delivering sustainable and reliable energy infrastructure in Côte d’Ivoire and beyond.
KEY QUOTES:
“Over the past five years, ADEMAT has successfully executed its growth strategy, grounded in product and client diversification. With the support of SPE Capital, we launched our proprietary brand and expanded into gas-powered generators and solar panels. With Amethis, we are opening a new chapter in ADEMAT’s development – one focused on accelerating both organic and external growth across the region. Amethis’ deep regional experience make them the right partner to help us continue building our position as the leading provider of power security solutions.”
Christophe Giovacchini, CEO of ADEMAT
“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. We wish Christophe, the entire ADEMAT team and Amethis great success in this new chapter.”
Stéphane Heuzé, Managing Partner at SPE Capital
“We are delighted to partner with Christophe and the ADEMAT’s team. We see significant opportunities to further scale-up the company. By leveraging on our strong local presence and extensive international network, we are confident in our ability to support ADEMAT 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. We would also like to thank SPE Capital for their contribution to the Company’s development to date.”
Khady Koné-Dicoh, Senior Partner at Amethis
