IBL Group, a multinational conglomerate led by Mauritian multimillionaire businessman Arnaud Lagesse, has announced that its wholly-owned subsidiary, IBL Energy Holdings Limited, is joining forces with STOA S.A. to acquire a majority stake in Equator Energy Ltd.
Equator Energy, a leading commercial and industrial solar operator in East Africa, is expanding its presence in six countries, including Kenya, Uganda, Somalia, Zimbabwe, Gambia, and South Sudan, with an estimated 35 megawatts of solar installations presently managed across the Equator Group and its subsidiaries.
This transaction, led by IBL Energy and co-investor STOA S.A., a French impact investor specializing in infrastructure and energy projects in developing countries, marks their entry into the renewable energy sector in East Africa. It will also enable the Equator Group to further advance its solar activities and promote the use of renewable energy sources in East Africa.
The deal, subject to the fulfillment of certain conditions, such as obtaining necessary regulatory approvals and satisfying all applicable legal requirements, is in keeping with IBL’s strategy of increasing its presence in Africa and diversifying its activities.
Under Arnaud Largesse, IBL has become a leader with over 200 brands in 19 countries.
Under the leadership of Lagesse and other members of the Lagesse family, IBL Group has flourished into one of Mauritius’ most significant enterprises, boasting more than 200 brands in 19 countries.
The Lagesse family’s collective ownership of 114,369,469 shares gives them a controlling stake of 16.8 percent, with Arnaud, Benoit, Hugues, Jean-Pierre, Thierry, and Stephane Lagesse all occupying top-ranking positions in the company.
Boasting an impressive 1,917-percent increase in profit from operations at the end of its 2022 fiscal year, IBL has consistently demonstrated its savvy financial investments and its commitment to acquiring the best firms. The increase in profit, from MUR97.4 million ($2.2 million) to MUR1.96 billion ($43.8 million), serves as an indicator of its success in these areas.
Arnaud Lagesse’s IBL Group aims to expand and boost earnings
IBL has recently underlined its dedication to strengthening its operations by diversifying its interests across major markets in Africa, with a particular focus on the construction, agrochemicals, consumer goods distribution, and reinsurance industries in Kenya.
To this end, the group, in partnership with Proparco, a subsidiary of Agence Francaise de Developpement, acquired an undisclosed stake in the Kenyan-based pharmaceutical distributor, Harley’s.
The buyout of the pharmaceutical distributor marks the group’s latest investment in Kenya, following the acquisition of a 26.32-percent stake in Naivas Limited for Ksh12.5 billion ($100 million) last year, also as part of a consortium, underscoring the group’s commitment to the Kenyan market.
