Africa Capitalworks (ACW), a Sub-Saharan Africa-focused private equity company, has announced a significant equity investment in Dorman Long Engineering Limited (DLE) of Nigeria.
DLE is an indigenous and market leading company, providing high value engineering services, fabrication, asset management and galvanising services to a range of high quality international and domestic customers.
DLE operates three manufacturing facilities in the Lagos area, one at its head office at Idi-Oro, the galvanising plant in Agege, and the waterfront facility at Navy Dockyard. The company employs over 400 people.
DLE has successfully executed major engineering services works, including onshore flow stations, major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria.
They include Shell, Mobil, Addax, Agip, NLNG, Chevron, Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux. ACW’s investment will allow DLE to expand existing yards, acquire additional facilities and expand its service offering.
Nana Sao, Managing Partner of ACW, said: “We look forward to partnering with the DLE team to support its next phase of growth.
“DLE has built a strong reputation over 70 years of operating in Nigeria and its manufacturing facilities have internationally-recognised quality and product certifications. We are thrilled to support DLE’s accomplished management team in this dynamic sector.”
Dr. Timi Austen-Peters, DLE Chairman, said: “This investment marks the start of a new journey for Dorman Long, and I am delighted in the vote of confidence executed by our partner, ACW.”
“The hard work, focus and dedication of our team during this process further showcases the depth of our capacity and our resilience to overcome economic challenges, including cyclical oil prices, the CoVID-19 pandemic and the business environment in Nigeria.
‘We have partnered with ACW on the basis of its complementary skillset, strategic insights and differentiated value proposition as a permanent capital vehicle. We look forward to accelerating the implementation of our growth plans and expanding our rich range of capabilities and geographical presence.”