Adiwale Fund I acquires a minority stake in IDC

Mauritius/Abidjan, 18 January 2022
 - Adiwale Fund I announces the acquisition of a minority stake in IDC. IDC is a drilling services company which started operations 10 years ago in Senegal and today also operates in Cote d’Ivoire, Mali and Guinea, with further expansion plans in French-speaking West Africa. IDC is uniquely positioned between small local players and international drilling companies operating in the region. Its major clients are listed international mining companies and it also serves the construction and water industries. Building on the company’s competitive advantages, track record and clients portfolio, IDC’s management intends to become the leader in the fast growing Francophone West Africa drilling market within the next five years.

Jean-Marc Savi de Tové, Managing Partner of Adiwale Partners commented: "We are excited to be making this investment in IDC, as it is in line with our imports’ substitution thematic approach. Most services across the mining value chain in the region are still offered by international players and only a handful of structured local companies. IDC’s track record and good operating standards allow the company to compete with global drilling services companies active in the region."

Vissého Gnassounou, Managing Partner of Adiwale Partners added: "We look forward to support IDC’s management in attaining ground-breaking milestones and sustainable growth. The company has a management that is very keen to create skilled jobs for local communities. It also has a strong inclination to putting in place solid social and environmental management systems."

Asafo & Co. advised Adiwale Fund I on the legal aspects of the investment. Deloitte Cote d'Ivoire advised the fund on the financial due diligence and IBIS Consulting on the environmental and social due diligence.

Enexus Finance and Julien Baubigeat advised the company.

About Adiwale Partners

Adiwale Partners ( is an independent private equity fund manager founded in 2016 and based in Abidjan, Cote d’Ivoire. It manages Adiwale Fund I, a 60 million euros fund. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. The fund invests primarily in consumer goods and services, business services and manufacturing.

Adiwale Partners is a regulated financial investment manager licensed by the Financial Services Commission (FSC) in Mauritius.

Contact :
+225 27 22 59 98 10