Adiwale Partners and Investisseurs & Partenaires (I&P) acquired a minority stake in VoltaCars Rental Service (VRS), a Ghana-based vehicle leasing company. Adiwale acquired VRS through its maiden Adiwale Fund I, which reached a EUR60m final close in 2021 and targets growth capital investments in West Africa’s SMEs.
VRS Africa offers operational car leasing and fleet management services for corporate clients in Côte d’Ivoire, Senegal and Ghana. It currently operates a fleet of 800 vehicles and is managed by Jérôme de Villard, CEO since 2019.
The transaction comprises the acquisition of shares held by prior investors, as well as a capital injection, aimed at strengthening the company’s balance sheet.
Jean-Marc Savi de Tove, Managing Partner at Adiwale Partners, said: “We are delighted to invest in VRS and to support its strong management team on a clearly articulated growth strategy. We look forward to working with like-minded investors such as I&P and Volta Financiere.”
Sebastien Boye, I&P co-CEO, added: “This investment in VRS is the second from an I&P-managed fund, as we have been strong believers in the company and in the growth potential of the operational car leasing market in the region since 2014. We look forward to continuing to add value to the company and to make a strong impact on the car leasing market in the region.”
The total addressable market of operational car leasing in the company’s markets is estimated at over 15,000 cars, only half of which are currently addressed. Corporate clients represent 75% of new car purchases on the continent, and they increasingly view car leasing as an alternative to acquisitions.
Pierrick Morier, co-owner of Volta Financiere, which founded VRS, said: “We are thrilled to continue the partnership with I&P and welcome Adiwale Fund I as our new partner. They share our ambition to grow VRS’s position to become one of the largest corporate fleet providers in the region.”
EY Côte d’Ivoire advised the funds on the financial, tax, HR and IT due diligence. Joshua’s Capital was consulted on the market, strategic and commercial aspects, while EBS Advisory was involved in the environment and social due diligence. Asafo & Co. advised Adiwale Fund I and IPAE2 on the legal aspects of the investment.
