BLC Robert & Associates advised the co-mandated lead arrangers (MCB Financial Advisers and Société Générale Côte D’Ivoire) in relation to the EUR 135,000,000 debt financing for the acquisition of the current distributor of Caterpillar equipment, operating in 11 West African countries.
We advised top-tier direct lenders and investment banks on the financing for the acquisition of a French owned group of companies, including JA Delmas, the current distributor of Caterpillar equipment, operating in 11 West African countries.
The BLC Robert team, which advised on the transaction was led by Valerie Bisasur, Partner in the Banking & Finance practice, and also included Jean-Vincent Dacruz, Associate in the same practice.
The financing was supported by a group of lenders (mostly African) and was provided to the Mauritius domiciled investment vehicle, jointly owned by Jean-Luc Konan, the founder of COFINA Group, a meso-finance institution which is recognised as a leader in western and central Africa in financing small and middle-sized companies, and Mohamed Al Bahar, the Caterpillar dealership in 5 countries in the Arabian Gulf. Mr. Konan will be named the new regional dealer by Caterpillar at the end of the operation. COFINA Group currently employs close to 1,500 people and is present in nine countries: Senegal, Cote d’Ivoire, Burkina Faso, Mali, Guinea, Togo, Gabon and Congo with a representative office in France.
The acquisition closed on 10th November 2022 and was partially financed by a medium-term credit facility of EUR 135,000,000 provided by a syndicate of lenders comprised of: The Mauritius Commercial Bank Limited, Société Générale, Banque Française Commerciale Océan Indien, AfrAsia Bank Limited, Investec Bank (Mauritius) Limited, BCP Bank (Mauritius) Ltd, Ninety One SA Proprietary Limited acting as agent and portfolio manager of Ninety One Assurance Limited and Ninety One SA Proprietary Limited acting as portfolio manager of Ninety One Africa Credit Opportunities Fund 2.
