The acquisition, which closed in January, involved a partial takeover by Adiwale of existing shares held by I&P in VRS. The transaction included a capital increase, which aims to drive VRS’s expansion in its three existing markets, Ghana, Senegal and Côte d’Ivoire.

Adiwale acquired a stake in VRS through its $60 million vehicle, Adiwale Fund I, established in 2021 and dedicated to growth capital investments in SMEs in West Africa. The fund’s prior investments have included the education sector through Enko Education, the drilling business through International Drilling Co. (IDC) and the air conditioning sector with MCT.

Adiwale and I&P were advised by Pascal Agboyibor. Asafo & Co. partner Mouna Boubia supervised the transaction and was assisted by Cyril Kalfat.