Development Partners International (“DPI”), an investment business with a focus on Africa, has acquired Solevo Group (“Solevo”). It’s a major African distribution platform for specialty chemicals, along with minority co-investors South Suez and European development financing institution, DEG. On April 18, 2023, the acquisition was completed after receiving all necessary regulatory clearances.
Through the corporate carveout of the African Inputs division of the renowned global commodities trader Louis Dreyfus Company (“LDC”), Helios and Temasek bought Solevo in 2017. Solevo has established itself as a crucial enabler in the continent’s quest for economic development, supported by more than 75 years of history and brand recognition throughout Africa.
The market for specialty chemicals in Africa is expanding quickly, propelled by long-term trends toward urbanization, industrialization, a rapidly expanding middle class, and rapid population increase. To maintain its position as Africa’s “partner of choice” and top distributor of essential specialty chemical products, Solevo will concentrate on executing its ambitious growth strategies of product and market expansion as well as digitalizing its supply chains. This will be done in collaboration with new partners, DPI.