Standard Chartered Private Equity Invests $47.5M in Seven International Limited
12 January, 2010
Standard Chartered Private Equity Limited has announced that it has invested $47.5m to acquire a minority stake in Seven Energy, a leading Nigerian gas exploration and development company. Seven Energy was formed in 2007 and is focused on the provision of gas to leading industrial firms in Nigeria.
Standard Chartered's investment will help develop Seven Energy's business and strengthen its competitive positioning. The deployment of funds will provide a much needed stimulus for the company to cater to Nigeria's growing energy needs. In particular, Standard Chartered envisages that in the medium term, the investment will back the company's existing management team in its drive as a pioneer and consolidator within Nigeria's gas industry.
Commenting on the investment, Phillip Ihenacho, Chairman of Seven Energy said, "The capital will be used to develop the business and provide essential infrastructure to facilitate delivery to domestic industrial users in South-Eastern Nigeria. The support from Standard Chartered validates our strategy and strengthens our longer term competitive positioning."
Marlon Chigwende, Head of Standard Chartered's African Private Equity business said, "Seven has a strong technical and commercial team, combined with a long term strategy. We will continue to invest equity capital in strong businesses and management teams across the African continent. After a year of turmoil in the international debt markets, we see a clear need for committed equity to support growth."
According to Dr Yemi Osindero, Head of Standard Chartered Nigeria's private equity business, "This will be an active year for us in Nigeria. We have long term equity capital available to assist good companies that want to accelerate growth. We also have a knowledgeable team to assist the management and shareholders of our investee companies to achieve their objectives." Dr.Osindero will join the board of Seven Energy.
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Note to Editors:
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
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In South Africa, Standard Chartered is focused on its successful Wholesale Banking strategy, leveraging its international footprint and expertise for the benefit of South African corporates and multinationals. In addition to the Bank's lending and financial markets capabilities, the Johannesburg Branch boasts ‘Regional Centres of Expertise' such as Agricultural Finance, Project & Export Finance, Private Equity, Transaction Banking as well as mergers and acquisitions expertise within the Corporate Advisory and Finance team.
For more information on Standard Chartered, please visit www.sc.com.