ECP Spices It Up With Salt Investment
Emerging Capital Partners acquires a controlling stake in the invests $30 million investment.
July 16, 2008
Emerging Capital Partners, a Washington, DC-based private equity firm has acquired a controlling stake in Salt Investment S.A., a Djibouti-based salt production company.
The $30 million investment, which was made through a special purpose acquisition vehicle in Mauritius, will finance Salt Investment’s operations, specifically for equipment purchases and renovations.
Salt Investment plans to develop and export salt extracted from Lake Assal in Djibouti.
Emerging Capital chief operating officer Hurley Doddy said, “The salt industry is attractive because growth in the Middle East and Asia is resulting in a shift toward high-quality production that is required for chemical manufacturing. Economic conditions in Djibouti are also favorable. GDP growth is high, inflation is low, and the government is supportive of economic growth and job creation.”
Emerging Capital is focused on investments within Africa, having raised about $1.2 billion to invest in companies in the region. The firm’s Africa Fund II was created in December 2005.
In June, the firm made a $15 million investment in Blue Financial Services Ltd., a micro lender for sub-Saharan Africa countries.
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