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

20 Feb 2012

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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