PARIS, France, October 17, 2024 – Africa’s largest mezzanine fund manager, Vantage Capital, announced the closure of a €66 million mezzanine investment in Camusat Holding S.A.S.
The funds will be used to refinance debt and support the capital expenditure required for the expansion of Camusat’s AktivCo division, which focuses on sustainable telecom infrastructure.
Vantage Capital’s investment forms part of a broader €81 million financing package, provided in partnership with Eurazeo, a leading European investment group.
Camusat, a key player in the telecommunications industry, manages the deployment and maintenance of telecom infrastructure while promoting the decarbonization of mobile network operators (MNOs). The company aims to position itself as a leading “Infrastructure as a Service” (IaaS) partner for MNOs, particularly in emerging markets like Africa. With operations in 20 countries, including 15 across Africa, Camusat operates through two synergistic divisions:
AktivCo: Focuses on long-term infrastructure contracts with an emphasis on low-carbon solutions, enabling MNOs to modernize and expand their telecom networks.
OpCo: Provides telecom services, designing, building, and managing infrastructure with technical expertise and operational excellence.
Camusat has benefited from the growing global trend of MNOs outsourcing non-core operations to specialized service providers, a trend particularly strong in Africa. With regulators pushing MNOs to increase network coverage, especially in rural areas, companies like Camusat are playing a critical role in the rapid roll-out of telecom infrastructure.
The company has established itself as a key partner for telecom giants like Orange, MTN, Vodafone, Airtel, and Moov Africa, delivering long-term solutions that promote connectivity, digitalization, and sustainable access to technology.
Richard Thomas, CEO of Camusat, expressed satisfaction with the deal, saying, “We are very pleased to have concluded the transaction with Vantage Capital. This partnership comes at a time when we are expanding our presence in Africa, and Vantage Capital’s network and expertise will be instrumental in achieving our goals.”
Luc Albinski, Executive Chairman at Vantage Capital, added, “We are proud to partner with Camusat, a leading group in the telecom industry. Their commitment to increasing connectivity in underserved regions of Africa aligns with our investment objectives.”
Camusat’s Deputy CEO, Thibaut de Rodellec, emphasized the strategic fit between the two firms, noting that they share common values and visions. “We are confident this partnership will bring success to all stakeholders involved,” he said.
Driss Benabdeslam, Partner at Vantage Capital, highlighted Camusat’s commitment to environmental, social, and governance (ESG) standards, saying, “Camusat has integrated best-in-class ESG practices, and we are excited to support their efforts in creating value and generating a positive social impact.”
This marks Vantage Capital’s 39th investment across 11 African countries as part of its ongoing strategy to back businesses engaged in high-growth sectors.
Legal and financial advisers for Vantage Capital included Clifford Chance (Morocco), KPMG (France), and Webber Wentzel (South Africa). Camusat was advised by Goodwin Procter and Marlborough Partners, both based in France.
Vantage Capital’s investment is part of a global financing package of €81m provided in consortium with Eurazeo, a leading European investment group.
Camusat is a leading telecommunications player managing fully integrated and sustainable business models for the deployment and management of telecom infrastructure whilst championing the decarbonization of mobile network operators (MNOs). Partnering with major investment funds that support green investments, Camusat is pursuing its ambition to become the leading “Infra as a Service” partner for the mobile telecom industry, with a broad presence in emerging markets, especially in Africa. The group operates across twenty countries (including fifteen on the African continent) and through two synergistic divisions, AktivCo and OpCo:
AktivCo is the Infrastructure as a Service business structuring and financing complex transactions under long-term contracts to transform the telecom infrastructure by applying sustainable business models. With a strong focus on low carbon footprint solutions and digitalization of operations, AktivCo accelerates the expansion and modernization of MNOs’ infrastructure and reshapes the telecom world for cleaner communications; and
OpCo is a telecom service partner that combines technical expertise with operational excellence to design, build, and manage telecom infrastructure.
Since inception, Camusat has been capitalizing on the rapid expansion of the telecom industry, but most importantly the ever-growing need of MNOs to outsource non-core operations to specialized service providers. This trend is observed worldwide but is more prevalent in emerging markets, especially Africa. As network coverage remains relatively low, MNOs are being pushed by regulators to ramp up their infrastructure investment especially to increase coverage in rural areas, where most of the population lives. MNOs therefore need to contract with service providers like Camusat to support the rapid and viable roll-out and management of their tower infrastructure.
In this context, Camusat has established itself as the key strategic partner for telecom operators such as Orange, Moov Africa (Maroc Telecom group), MTN, Vodafone, Airtel and others. The group’s comprehensive offering drives long-term performance for mobile networks and inclusive connectivity, digitalization and sustainable access to technology, making it a one-stop-shop for MNOs. Its multi-decade experience and track record attest to the quality of its performance.
Mr. Richard Thomas, CEO of Camusat, commented, “we are very pleased to have concluded the transaction with Vantage Capital. This financial and strategic partnership comes at a time when we are further expanding our presence in Africa, and we are confident that Vantage Capital’s extensive network and expertise on the continent will be a great support in achieving our objectives.”
Mr. Luc Albinski, Executive Chairman at Vantage Capital, added, “we are proud to partner with such a leading and dynamic group as Camusat. Throughout the process, we have been impressed by management’s deep knowledge of the telecom industry, but also their firm commitment to help increase connectivity in parts of Africa where network coverage remains underdeveloped.”
Mr. Thibaut de Rodellec, Deputy CEO of Camusat, said, “we were convinced from our very first discussions that Vantage Capital and Camusat would be a great fit. We always look beyond the financial aspect when forming new partnerships, and we were glad to discover that our firms share common ethics, vision and dedication. We will ensure this partnership is a success for all stakeholders.”
Mr. Driss Benabdeslam, Partner at Vantage Capital, concluded, “by investing in Camusat, we are backing a group that is engaged in a vital and buoyant industry and constantly strives for operational and corporate excellence. Camusat has incorporated best-in-class ESG practices and implemented various CSR measures directed at supporting local communities and minimizing greenhouse gas emissions from the telecom sector. We are thrilled to support the group in creating more value and generating an even greater positive social impact over the years to come.”
This transaction represents Vantage Capital’s 39th investment across four generations of funds with its portfolio of investments spread across eleven African countries.
Vantage Capital was advised by Clifford Chance (in Morocco) who acted as its legal counsel. KPMG (in France) and Webber Wentzel (in South Africa) provided tax advice, KPMG (in France) was the financial advisor, Emerton (in France) provided commercial advice, and Ibis Consulting (in France) reviewed the environmental impact.
Camusat was advised by Goodwin Procter (in France) who acted as their legal counsel and Marlborough Partners (in France) who acted as financial advisor.
