Impaxis Capital, on behalf of Subsidiary Entities, closes USD 14 Million Financing from AFIG Funds

Watch this video presentation of SENBUS Industries (in english). Scroll down to view the french version and to read the investment details.

SENBUS INDUSTRIES, An AFIG Funds Portfolio Company from AFIG Funds on Vimeo.

SENBUS INDUSTRIES, Une Société du Portefeuille d’AFIG Funds from AFIG Funds on Vimeo.

PRESS RELEASE - Dakar (February 21, 2013) – Impaxis Capital (“Impaxis”), a principal investment and financial advisory firm based in Senegal, announced today on behalf of three subsidiary entities (Elton Senegal, Elton Gambia, and Senbus) it had reached agreement for an investment of up to USD 14 million by the Atlantic Coast Regional Fund (“ACRF”), a private equity investment vehicle managed by Advanced Finance & Investment Group (“AFIG Funds”).

The entities, which are held through Impaxis’ wholly owned subsidiary Société d’Interventions Financières (“SIFI”), will receive immediate investments totaling USD 10 million in a combination of equity and quasi-equity securities, with an additional USD 4 million earmarked for follow on financings in line with their business plans.

Elton Senegal and Elton Gambia are engaged in the marketing and distribution of petroleum products through their combined retail network of over 30 service stations. Both companies, each with over a decade of operational experience, have grown to occupy significant positions in their respective markets, with increasing profitability and brand recognition. The partnership with ACRF will enable the companies to accelerate their retail expansion within the region and to develop capacity to better serve marine, industrial and aviation customers.

Senbus operates the sole automotive assembly plant in Senegal (and in the Francophone West Africa region), manufacturing buses geared towards the public transportation industry in partnership with Asian manufacturers. The partnership with ACRF will enable the company to execute on a robust pipeline of assembly projects over the next few years.

Commenting on the investments, Mr. Momar Ndour, the Managing Director of Impaxis Capital said: “We are very pleased with our decision to partner with AFIG Funds, an experienced investor with an outstanding reputation and excellent knowledge of our regional markets. Our companies have grown significantly over the last few years, and we expect to build on this momentum to deliver value to our customers and shareholders.”

Following on this, Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “We are excited to have the opportunity to collaborate with Impaxis Capital, and provide the necessary resources and capabilities to the related entities to drive strong financial and operating performance going forward. The Elton affiliates and Senbus enjoy wide customer support and brand recognition, and we look forward to assisting them in their ambitious expansion plans. Our investment further demonstrates our commitment to partnering with leading local companies in strengthening their operations and expanding their footprint in our target region.”


About Impaxis Capital (

Impaxis Capital (“Impaxis”) is a principal investment and financial advisory firm based in Senegal. Impaxis provides the full range of financial advisory services to a roster of clients with particular expertise in performing complex high-value M&A transactions. Impaxis became the beneficial owner of Elton Senegal, Elton Gambia and Senbus through its acquisition of Société d’Interventions Financières (“SIFI”), a Senegal based holding company in early 2012.

About Advanced Finance & Investment Group (

Advanced Finance and Investment Group LLC (“AFIG Funds”) is a Mauritius private equity fund firm with offices in Dakar, Johannesburg, and Washington, DC. Atlantic Coast Regional Fund LLC (“ACRF”), the maiden fund of AFIG Funds, is a USD 72 million regional fund focused on 29 countries in West and Central Africa. ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.

For further information, please contact:

Impaxis Capital: Mr. Patrick Brochet  T: +221 33 869 3140

AFIG Funds: Mr. Patrice Backer  T: +221 33 865 0515