Private equity firm ECP granted exclusivity over purchase of Addax and Oryx division

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Private equity firm Emerging Capital Partners (ECP) has been granted an exclusivity agreement by Addax & Oryx Group for the purchase of its supply, storage and distribution business.

ECP is the first private equity group to raise more than $1.8bn for investment in companies across Africa having spent more than a decade focusing on the continent.

The division of Addax & Oryx includes the Geneva-based Addax trading unit, which exports crude from Nigeria and other African countries, and the downstream Oryx oil and gas transportation and storage arm.

The company has been looking for a partner for the assets since last year, and it was believed trading giants Trafigura and Vitol were also in the hunt.

Addax & Oryx was founded by Jean Claude Gandur in 1987 and currently employs about 800 people.

He sold Addax Petroleum to China’s Sinopec Group in 2009 in a $7.2bn deal, but kept the upstream Oryx petroleum business, a separate bioenergy division and real-estate investments.

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