African Infrastructure Investment Managers (AIIM) has bought a 50% stake in an airport holding company.

AIIM said African Infrastructure Investment Fund 3 (AIIF3) has acquired the stake in Société d’Exploitation et de Gestion Aéroportuaires (SEGAP) for an undisclosed sum.

SEGAP holds interests in 3 concession companies operating 5 airports in Cote D’Ivoire, Gabon and the Republic of the Congo. The company remains 50% owned by the Egis Group, an airport operator.

Francis Brangier, the CEO of SEGAP, said: “We provide operational performance to airports based on our expertise and deep-rooted experience in airport management, completed by best practice sharing and workplace culture of our portfolio of airports, and we are pleased that this has been recognized on an international stage by a strong investor such as AIIM.

“We are delighted to welcome AIIM as a partner today. With its proven track record, industry experience and regional insights, AIIM is the right investor to support SEGAP’s growth plans.”

Romain Py, the head of transactions at AIIM, said: “In recent years, we’ve seen strong economic growth across the region and a rising middle class with a growing appetite to fly, creating an attractive sector with much promise.

“Liberalisation of the air transport market in Africa will provide further opportunities for growth, and we look forward to working alongside the Egis Airport Operations management team as it continues to build on SEGAP’s successes and improve connectivity in Africa.”

AIIM is an infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments.

Including SEGAP, AIIM has made six investments on behalf of the AIIF3 fund.