Adenia Partners “Adenia” has completed the acquisition of Air Liquide's operations in 12 African countries, giving birth to Erium, the first pan-African leader in industrial and medical gases. Effective immediately, Erium will replace the Air Liquide brand in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo. The acquisition, which was first announced in March, formally closed on 22 July. It marks the latest in a series of controlling-stake deals and acquisitions by Adenia, a leading private equity firm which has focused on growth opportunities in Africa for over 20 years.

“The birth of Erium is remarkable in more ways than one. It is the culmination of an acquisition project by an African entity from an international actor; 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. “Above all, though, it is the beginning of an exciting future due to the growth prospects it offers; growth that we are committed to fully supporting for the benefit of employees, customers, and the local economic fabric."

Expressing a New Ambition

The launch of the new Erium brand signifies the beginning of a new era for its assets. Erium leadership, supported by Adenia, aims to deliver value for the full spectrum of stakeholders, including employees, customers, partners, and local communities.

The [R] sound evokes "air," highlighting the essential natural resource integral to many gas solutions. Meanwhile, the [IUM] lettering suggests the scientific foundation of gases and materials, as well as premium quality and optimal solutions. Erium's international name is both serious and robust, yet simple and accessible, embodying historical expertise and new agility.

Better Serving Customers

Now a 100% African entity, Erium aims to position itself as an agile leader, closely attuned to the needs of its customers and their regions.

To achieve these goals, Erium will:

• Accelerate its industrial investments up to 30 million euros over the next five years.
• Enhance local production autonomy by building air separation and CO2 liquefaction plants.
• Prioritize skill development for its 400 employees, including both sales and technical staff.
• Adopt a short, simple, and quick decision-making process.
• Establish local governance that is close to the field and transformative.

Erium is also pleased to announce the appointment of Georges Decrop as Executive Chairman of the Board. Working alongside the future CEO, Decrop will strategically support the Managing Directors of each country, analyzing processes and proposing structural transformations to accelerate value creation for customers.

"Our new name, Erium, represents the first essential step in our transformation. While our business, teams, ethical standards, quality, and safety remain steadfast, a new era is upon us” said Georges Decrop, Executive Chairman of the Board of Erium. “I am honored to guide our 12 countries towards higher service levels, increased agility, and autonomy, directly addressing the needs of our customers and our African continent."

Uncompromising on Ethics, Safety, and Quality

Erium continues a legacy that began more than 90 years ago in Africa. The newly formed company is dedicated to upholding and strengthening the ethical, safety, and quality commitments established by Air Liquide. For example, Erium maintains some of the highest quality standards, including ISO9001 and FSSC22000, and benefits from a technical cooperation agreement with Air Liquide.

Brand Transition Timeline

• March 13, 2024: Announcement of Air Liquide's acquisition by Adenia in 12 African countries
• July 22, 2024: Closing of the transaction
• July 23, 2024: Reveal of the new name Erium
• Mid-October 2024: Unveiling and deployment of the new logo and communication campaign For more information, please visit erium.com and follow us on LinkedIn.

Press Contact: Stephen Fishleigh - BackBay Communications stephen.fishleigh@backbaycommunications.com

About Erium

Erium is the leading pan-African group in industrial and medical gases in West and Central Africa and Madagascar. Formerly part of Air Liquide, Erium has been present in 12 African countries* for over 90 years. Erium offers its 12,000 clients around fifty gas solutions in the mining, oil, agro-food, infrastructure, and health sectors. Its 400 employees are spread across 21 sites and operate 40 plants. Erium is financially and strategically supported by Adenia Partners, a recognised investor in Africa for over 20 years, which is investing up to 30 million euros in the next five years to accelerate the development of its activities. Erium has also signed a technical cooperation agreement with Air Liquide.

*Benin, Burkina Faso, Cameroon, Congo, Côte d'Ivoire, Gabon, Ghana, Madagascar, Mali, Democratic Republic of Congo, Senegal, and Togo.

About Georges Decrop

An expert in business transformation, Georges has actively supported Adenia's teams in acquiring Air Liquide's activities in 12 African countries. His transformation approach focuses on developing industrial and human capabilities to serve the customer, valuing the existing teams. A specialist in the gas sector, he held strategic positions at Air Products for 30 years, including International Marketing and Applied Research Director. By joining Erium as Executive Chairman of the Board, Georges aims to advocate for the challenges of the African continent, a continent that particularly inspires him as he was born and lived there for twenty years.

About Adenia Partners (Adenia)

Adenia Partners is a private markets investment firm which has raised $950 million across five funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with over 30 platform investments executed and 19 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa.

Consulting Agency

The creation of the new name was conducted with the active participation of both Adenia and Erium top management and the creative support of the Nomen agency.