ABIDJAN, March 22, 2023 – Bridge Bank Group Côte d’Ivoire (“BBG-CI” or the “Bank”), a public limited company with a Board of Directors and a capital of FCFA twelve billion five hundred million (12,500,000,000), today announced the signing of an agreement for the financing of the takeover of a leading packaging company in Côte d’Ivoire, by a consortium of investors led by Advanced Finance and Investment Group (“AFIG Funds”), a leading African private equity fund manager.

The objective of AFIG Funds and its consortium partners is to acquire and develop an already leading manufacturing company in Côte d’Ivoire with the intention of deploying an ambitious strategic plan to drive local and regional growth.

AFIG Funds has secured all the funds for this acquisition through equity and bank debt arranged by the Bridge Group with other financial partners.

Mr Ehouman Kassi, Managing Director of Bridge Bank Group CI said:

“We are very pleased to have been involved in this innovative transaction, both in terms of its structure and the nature of the parties involved. It will be one of the first major LBOs in our region.

The completion of the acquisition, and the disbursement of the bank financing in particular, are subject to the usual closing conditions for this type of transaction and is expected to be completed in the second quarter of this year.

I am proud that our teams have been able to structure a financing product that is suitable for a still developing legal and regulatory framework for corporate acquisition financing. The success of this transaction will have required close collaboration and perseverance on the part of all parties involved to create the creative framework necessary for a final structuring acceptable to all.

In addition, the quality of our decades-long relationship with the management of AFIG Funds and the mutual trust between us were key to the successful completion of this transaction.”

Mr. Papa Madiaw Ndiaye, Managing Director of AFIG Funds, said:

“We are delighted with this proposed acquisition of Target, which represents a landmark transaction in French-speaking West Africa and hope that it will pave the way for many other successful LBOs in our region.

We are therefore proud to continue to make our modest contribution to the transformation of the regional financial system.

This project would not have been possible without the support and patience of our investors, nor the trust and openness of the vendors with whom we have been privileged to develop a strong relationship over the past years.

We look forward to beginning to implement our strategic vision for the next phase of the company’s growth as an important contribution to Africa’s development.”


The following actors contributed significantly to the signing of this agreement:

  • Ernst & Young Côte d’Ivoire, financial advisor to AFIG Funds and its co-investors in connection with the financial review and due diligence of the company
  • KeysFinance Partners Limited, financial advisor to the seller, in connection with this transaction
  • ASAFO & Co, legal advisor to AFIG Funds


About AFIG Funds (www.afigfunds.com)

Advanced Finance & Investment Group (“AFIG Funds”) is a leading investment fund management company that manages two funds, Atlantic Coast Regional Fund and AFIG Fund II. AFIG Funds makes growth equity investments in various sectors in West, Central and East Africa. AFIG Funds is registered in Mauritius and has its headquarters in Dakar, Senegal.


About Bridge Bank Group Côte d’Ivoire (www.bridgebankgroup.com)

BBG CI started operations in Côte d’Ivoire in 2006 as an SME-focused bank and has since expanded to serve large local private and public sector companies, financial institutions, and the middle and upper class in consumer banking. BBG CI is in the process of revamping its business model towards a new customer and product niche, supported by a compelling customer service, equity base and strengthened governance. Its main objective has always been customer satisfaction through innovative and tailor-made products and services, for which it has been named the best bank in Côte d’Ivoire for customer service for four consecutive years and the best bank in Côte d’Ivoire by Global Finance Magazine three years in a row. Today, the Bridge Group offers, in addition to banking products and services through banks in Côte d’Ivoire and Senegal, brokerage and structured finance products (Bridge Securities), Asset Management (Bridge Asset Management) and financing of the informal sector and meso-finance (Bridge Micro-finance)


About d’ASAFO & Co. (www.asafoandco.com)

ASAFO & Co. is an international law firm, offering a unique and integrated range of legal services in relation to the African continent. With experienced teams on the ground in the main hubs of the African continent and a unique pan-African coverage, ASAFO & Co. is positioned as the leading international law firm dedicated to Africa. Our teams work on large-scale and complex legal transactions in a wide range of industry sectors such as energy (conventional and renewable), infrastructure, natural resources, telecommunications, and financial services. ASAFO & Co. regularly advises governments, states, private investors, developers, commercial and development banks, development finance institutions and investment funds.


About KeysFinance Partners (www.keysfinance.com)

Founded in 2014 with the support of African investors, KeysFinance Partners is a leading investment bank and corporate finance advisor specialising in sub-Saharan Africa. Drawing on a team of experienced finance professionals, the firm provides top-notch M&A, strategic advisory, capital restructuring, and fundraising services to international and regional shareholders, institutions, governments, and individual investors. KeysFinance Partners is headquartered in Mauritius and has a main office in Abidjan.