Cameroon: after its acquisition by Adenia Partners, Air Liquide becomes Erium
The African business landscape has witnessed a significant transformation with the recent acquisition of Air Liquide’s operations in 12 African countries by Adenia Partners, a move that has led to the birth of Erium, a new leader in the industrial and medical gases sector. This strategic acquisition marks a notable shift in the industry, positioning Erium as the first pan-African entity of its kind.
Adenia Partners, a private equity firm with a focus on growth opportunities in Africa, has completed the acquisition, which was first announced in March 2024 and formally closed on July 22, 2024. The acquisition encompasses subsidiaries in countries including Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo.
Erium’s launch is not just a rebranding exercise but a statement of intent. The company aims to leverage its newfound status to accelerate industrial investments, with plans to invest up to 30 million euros over the next five years. This investment will enhance local production autonomy through the construction of air separation and CO2 liquefaction plants, a move that promises to bolster the region’s industrial capabilities.
Furthermore, Erium is committed to prioritizing skill development for its 400 employees, encompassing both sales and technical staff. The company recognizes the importance of human capital and is dedicated to nurturing its workforce to meet the demands of a dynamic market. Erium’s approach to governance is also set to be transformative, with a focus on establishing local governance structures that are close to the field and capable of making quick, impactful decisions.
The rebranding to Erium reflects a deeper change, symbolizing a shift towards a more agile, locally attuned leadership. The name itself, with the [R] sound evoking “air” and the [IUM] suggesting scientific foundations and premium quality, embodies the company’s commitment to excellence and innovation in the industrial and medical gases sector.
The appointment of Georges Decrop as Executive Chairman of the Board is another strategic move by Erium, signalling its dedication to strong leadership and value creation for customers. With the support of Adenia Partners, Erium is poised to navigate the complexities of the African market and emerge as a leader in its field.
This acquisition by Adenia Partners and the emergence of Erium is a clear indication of the growing interest and confidence in the African market by local and international investors. It represents a significant step towards self-reliance and economic growth for the continent, as well as a testament to the potential of African companies to lead and innovate in global industries.
The transition from Air Liquide to Erium is more than a change of name; it’s a new chapter in the African industrial narrative, one that promises growth, innovation, and a brighter future for the continent’s industrial and medical gas needs. Erium stands as a beacon of African enterprise, ready to take on the challenges and opportunities that lie ahead.
The process of selling 12 subsidiaries of Air Liquide, a specialist in the supply of industrial gas, to the investment fund Adenia Partners, which began in March 2024, has just been completed. The new buyer announced in a recent press release that it had finalized the acquisition of Air Liquide’s assets, thus giving rise to Erium. It will replace the Air Liquide brand with immediate effect in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal and Togo.
“The birth of Erium is remarkable in more than one way. It is the culmination of an acquisition project by an African entity from an international player; a large-scale project covering a vast geographical area and involving activities essential to the development of the continent,” said Christophe Scalbert, Partner at Adenia. “But above all, it is the beginning of an exciting future because of the growth prospects it offers; growth that we are committed to fully supporting for the benefit of employees, customers and the local economic fabric,” he added.
Now a 100% African entity, Erium aims to accelerate its industrial investments to 30 million euros over the next five years; and improve local production autonomy by building air separation and CO2 liquefaction plants.
“Our new name, Erium, represents the first essential step in our transformation. While our business, our people, our ethical standards, our quality and our safety remain unwavering, a new era is opening up before us,” said Georges Decrop, Executive Chairman of the Board of Directors of Erium. “I am honoured to lead our 12 countries towards higher levels of service, increased agility and autonomy, responding directly to the needs of our customers and our African continent.” The newly created company is dedicated to maintaining and strengthening commitments to ethics and safety.
No information has yet been released on the amount involved in this acquisition, but Air Liquide notes that the activity of these subsidiaries represents an annual turnover of 60 million euros. The French group’s choice to abandon its African subsidiaries could be justified by a desire to position itself on future markets, especially with its “Advance” strategic plan for 2025, aimed at making growth and a sustainable future inseparable.
At the time of the sale, Air Liquide Cameroon recorded a loss of 1.5 billion CFA francs in 2023, while the Ivorian subsidiary posted a sharp increase in profit to 895.71 million compared to 402.7 million the previous year.
