26 March 2026 – ADEMAT, a leading power security solutions group in Côte d’Ivoire, is entering a new phase of development following the acquisition of a majority stake by Amethis, a pan-African private equity firm, from SPE Capital.
Founded in 1983, ADEMAT covers the entire value chain of power security solutions – from power generation, stabilization and transformation, to procurement, installation, maintenance, technical assistance, consulting, training and rentals. Over the course of SPE Capital's partnership, which began in April 2021, ADEMAT has significantly strengthened its market positioning: the company launched its proprietary brand, broadened its product offering with gas-powered generators and solar panels, enhanced its operational infrastructure through ERP modernization and the digitalization of commercial processes, and deployed a comprehensive ESG action plan. The company is today a reference provider of power security solutions in Côte d’Ivoire.
As ADEMAT's new majority shareholder, Amethis will partner with Christophe Giovacchini, CEO of ADEMAT, and the management team to support the Company’s next growth phase, with a focus on expanding its solar PV offering, accelerating the development of its proprietary brand, strengthening its positioning on the low and medium-capacity power generators market and driving regional expansion through targeted bolt-on acquisitions and strategic partnerships across West and Central Africa. Amethis will also support the implementation of an ambitious ESG roadmap, underpinning ADEMAT’s transition toward lower-carbon solutions and reinforcing its role in supporting more sustainable and resilient energy infrastructure in the region.
Christophe Giovacchini said: “Over the past five years, ADEMAT has successfully executed its growth strategy, grounded in product and client diversification. With the support of SPE Capital, we launched our proprietary brand and expanded into gas-powered generators and solar panels. With Amethis, we are opening a new chapter in ADEMAT's development – one focused on accelerating both organic and external growth across the region. Amethis' deep regional experience make them the right partner to help us continue building our position as the leading provider of power security solutions”.
Stéphane Heuzé, Managing Partner at SPE Capital, added: “We are proud of the journey undertaken alongside ADEMAT over the past five years. Together, we repositioned the company, launched new business lines, and built a stronger, more resilient platform, well-positioned to capture growth opportunities in West Africa. This transaction is a testament to the value creation that is possible through a hands-on, majority ownership approach. We wish Christophe, the entire ADEMAT team and Amethis great success in this new chapter.”
Khady Koné-Dicoh, Senior Partner at Amethis, said: “We are delighted to partner with Christophe and the ADEMAT's team. We see significant opportunities to further scale-up the company. By leveraging on our strong local presence and extensive international network, we are confident in our ability to support ADEMAT transition towards low-carbon energy solutions and strengthen its market position in Côte d’Ivoire and across West and Central Africa while enhancing energy resilience in the region. We would also like to thank SPE Capital for their contribution to the Company’s development to date.”
SPE Capital was advised by KPMG (M&A advisor), Gide (legal lead advisor), KPMG (financial and tax advisor), and Adna (legal advisor).
Amethis was advised by DLA Piper (legal advisor), Oderis (financial advisor), EY (tax advisor), OnPoint Africa (market) and IBIS Consulting (ESG & Impact).
About ADEMAT
ADEMAT is the leading provider of power security solutions in West Africa, offering a variety of services including procurement, installation, technical assistance, maintenance, consulting and training. ADEMAT is present on the entire value chain of power security solutions including power generation, power stabilization, power transformation, and other related services (installation, maintenance and rentals). Over the years, ADEMAT has carried out projects in various sectors such as construction, retail, hotels, industry, mining, energy, health, telecommunications and the service sector. For more information, please visit: www.ademat.ci
About SPE Capital
SPE Capital, founded in 2016, is an independent Private Equity firm focused on Africa and the Middle East. SPE Capital is led by an experienced on-the-ground investment team, with strong local knowledge and a proven track record of investing in growth companies. With offices spanning across the region, SPE Capital has a thorough understanding of businesses in the region and strives to apply best international practices and governance standards. For more information, please visit: www.spe-capital.com
About Amethis
Founded by Luc Rigouzzo and Laurent Demey, and member of Edmond de Rothschild Private Equity Partnership, Amethis is an impact-oriented private equity firm focusing on financial, environmental and social sustainability across Europe, Africa, and the Middle East,. Amethis has raised more than €1.4 billion and completed over forty investments to date. Amethis provides growth capital to promising mid-sized champions in a variety of sectors, offering growth support through its international network covering Europe and Africa as well as systematic improvement of their environmental and social impacts. With seven offices in Paris, Abidjan, Casablanca, Nairobi, Cairo, Cape Town and Luxembourg, the Amethis team includes 60 experienced professionals with strong regional and sector expertise. For more information, please visit: www.amethis.com