Africa Capitalworks Seals Investment with Dorman Long Engineering
Dr Timi Austen-Peters, Chairman, Dorman Long Engineering Ltd; Eng Simbi Wabote, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB) and Nana Sao, Managing Partner, Africa Capital Works (ACW) at the Dorman Long and AfricaCapital Works Investment Ceremony in Lagos on Tuesday, 14th September, 2021
By Charles Okonji
As part of efforts towards strengthening its expansion drive in Nigeria and beyond, Dorman Long Engineering Limited (“DLE”) of Nigeria, has finally sealed its investment deal with the Africa Capitalworks (“ACW”), a Sub-Saharan Africa-focused private equity company in a ceremony in Lagos on Tuesday.
In his opening remarks, Dr. Timi Austin Peters, Chairman, DLE noted the foremost indigenous market leading company, which provides high value engineering services, fabrication, asset management and galvanising services to a range of high quality international and domestic customers has moved to a higher level of operations through the investment.
Peters pointed out that 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, stressing that the company has over 400 professionals on its employment pay roll.
“DLE has successfully executed major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria, including 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.
“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,” he expressed.
Also speaking, Nana Sao, Managing Partner of ACW, affirmed that the partnership with DLE take the company’s activities to the next phase of growth.
“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. 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.” Sao emphasized.
