Ensuring continuity and growth for essential industrial and medical gases in Africa: the divestment of Air Liquide’s 13-country network to Adenia and Oakheirs
A strategic refocus for a global leader with deep African roots
Air Liquide is a world leader in industrial and medical gases, operating in over 60 countries with 65,000 employees and revenues above €27 billion. Present in Africa for more than 90 years, the Group employed 1,600 people across 15 countries, serving both industrial and healthcare clients. As part of its Advance 2025 strategic plan, Air Liquide decided to divest its operations in 13 African countries. The objective was to find investors focused on the continent, able to invest and grow the business while maintaining long-term commercial ties. Air Liquide mandated Enexus as the exclusive M&A advisor to structure and execute this complex process. The transaction led to the sale of 12 subsidiaries to Adenia Partners, a leading pan-African private equity firm, and one subsidiary – Nigeria – to Oakheirs, a Nigerian family-owned investment group.
A complex carve-out across 13 countries
Executing the sale required managing one of the most intricate M&A carve-outs in Africa. The scope covered 13 countries with no pan-African holding structure nor consolidated reporting, six regulatory frameworks, two listed entities (Nigeria, Côte d’Ivoire), a diversity of regulators, hard-to-access jurisdictions, and minority shareholdings. Shared group services across HR, IT, finance, and branding further complicated separation. Finding buyers able to navigate this complexity was demanding. Adenia, although a generalist private equity fund, demonstrated strong commitment to building an African industrial platform and investing for growth. Enexus played a key role throughout this M&A process: structuring a pragmatic phased carve-out plan, coordinating regulatory and stakeholder processes, negotiating with multiple bidders, and mitigating issues from minority shareholdings to operational continuity. This combination of rigorous structuring and hands-on coordination reflects Enexus’ approach to deal execution africa in complex multi-country environments. Ultimately, a dual-sale structure was achieved, balancing Air Liquide’s strategic objectives with buyers’ interests.
A new chapter for industrial and medical gases in Africa
After completion, Adenia rebranded its network as Erium, signaling a new phase of development. It announced an ambitious €30 million investment program to expand production and enhance efficiency, supported by long-term supply and technical cooperation agreements with Air Liquide. The transition ensures continuity for thousands of industrial and healthcare clients while unlocking local growth potential. For Air Liquide, it marks a successful realignment of its African portfolio and the transfer of operations to investors committed to sustainable expansion. Beyond corporate impact, the transaction carries strong economic and social value: improved availability and affordability of essential gases for hospitals and industries, strengthened local employment, and renewed investment capacity across 13 countries. It illustrates how a well-structured divestment can balance global strategy with regional development – guided by Enexus as the M&A advisor, and reflecting the growing sophistication of cross border investment in Africa.
