Emerging markets private equity specialists Aureos Capital established AWAF to invest in small and mid-sized companies in the west Africa region.

The investment in Matforce, which was bought out by Unilever in 1989, is intended to finance the increased working capital needs of the company as a result of fast growth in its line of business.

Advertisement

Jacob Kholi, managing partner of AWAF, said: “Matforce has started to roll out its services and expertise to other countries in the region, thus providing a good fit into Aureos’ model for investing in companies that can become regional forces.”

To date, AWAF, with $50m committed capital, has made nine investments in sectors such as manufacturing, oil services, financial services, FMGC, real estate development and general services in the region.