Nigeria-based private equity firm Travant has made its first investment from its debut fund in Dorman Long Engineering, an oil and gas services company in Nigeria. Financial details were not disclosed.
Dorman, originally a steel fabrication specialist for bridges, warehouses and commercial buildings, has expanded into the energy sector, which until the recent fall in commodity prices has propelled Nigeria’s rapid economic growth.
The company provides hot-dip galvanizing, facilities management, procurement and other energy-related engineering services, as well a design services for oil and water tanks. The company’s turnover grew by 170 percent last year, according to a statement from Travant.
The investment was made in the form of common shares from Travant’s Private Equity Fund I, which held its first close in May on $107 million.
The firm is targeting a $300 million final close while adopting a generalist approach to investment across sectors such as financial services oil and gas, IT, and telecoms.
Travant was founded by Osaze Osifo, former chief executive of Nigerian investment firm Ocean Oil, and former International Finance Corporation officer Andrew Alli.
UK government-backed emerging market fund of funds CDC Group disclosed a $30 million investment in the fund earlier this year.