Afreximbank Oryx Energies deal puts $975m behind a management buy-out
Afreximbank has disbursed $975m to finance a management buy-out of Oryx Energies, the petroleum products and lubricants group that serves customers in more than 20 African countries, bringing the company under majority African ownership for the first time, with the bank acting as sole lender to the deal.
Afreximbank has disbursed $975m to finance the management buy-out of Oryx Energies SA, a group that has supplied petroleum products and lubricants, liquefied petroleum gas among them, across Africa for more than 35 years and now serves customers in more than 20 countries, according to the bank.
The transaction brings the company under majority African ownership for the first time, with Afreximbank acting as sole lender, facility agent, security trustee and escrow agent. Oryx Energies SA is the holding company of Addax Energy SA, and the group also provides bunkering services for ships.
“This management buy-out marks an important milestone in the history of Oryx Energies,” said Moussa Diao, Chief Executive Officer of Oryx Energies SA.
“This transaction advances Afreximbank’s mandate to drive the structural transformation of African economies,” said Dr George Elombi, President of Afreximbank and Chairman of its Board of Directors.
