Adiwale Fund I and IPAE2 invest in VRS Africa

Abidjan and Mauritius, February 22, 2023 - Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announce the acquisition of a majority stake in VRS Africa (VRS). The company offers operational car leasing and fleet management services for corporate clients in Cote d’Ivoire, Senegal, and Ghana. It currently operates a fleet of 800 vehicles and is managed by Jérôme de Villard, CEO since 2019.

The transaction consisted in the acquisition of shares held by prior investors, as well as a capital injection, aimed at strengthening the company’s balance sheet. This transaction marks another milestone in the development of VRS Africa, as it will strengthen the company’s activity and support its expansion in its current markets as well as in other West African countries.

The total addressable market of operational car leasing in the company’s markets is estimated at over 15,000 cars, only half of which being currently addressed. Corporate clients represent 75% of new car purchases on the continent, and they increasingly view car leasing as an alternative to acquisitions.

Pierrick Morier, co-Owner of the industrial holding Volta Financière which founded VRS stated: “We are thrilled to continue the partnership with I&P and welcome Adiwale Fund I as our new partner. They share our ambition to grow VRS position to become one of the largest corporate fleet providers in the region.”

Jean-Marc Savi de Tové, Managing Partner at Adiwale Partners commented: “We are delighted to invest in VRS and to support its strong management team on a clearly articulated growth strategy. We look forward to working with like-minded investors as I&P and Volta Financière.”

Sébastien Boyé, I&P co-CEO said: “This investment in VRS is the second from an I&P-managed fund, as we have been strong believers in the company and in the growth potential of the operational car leasing market in the region since 2014. We look forward to continuing to add value to the company and to making a strong impact on the car leasing market in the region.”

EY Cote d'Ivoire advised the funds on the financial, tax, HR and IT due diligence. Joshua’s Capital was consulted on the market, strategic and commercial aspects, while EBS Advisory was involved in the environmental and social due diligence. Asafo & Co. advised Adiwale Fund I and IPAE2 on the legal aspects of the investment.

About de Adiwale Partners
Adiwale Partners ( is an independent private equity fund manager founded in 2016 and based in Abidjan, Cote d’Ivoire. It manages Adiwale Fund I, a 60 million euros fund. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. The fund invests primarily in consumer goods and services, business services and manufacturing.

About Investisseurs & Partenaires
Investisseurs & Partenaires (I&P) ( is a pioneering impact investment group entirely dedicated to financing and supporting small and medium-sized enterprises (SMEs) and start-ups in Sub-Saharan Africa. The group raised over €400m since inception, employs over 160 people located in 12 offices and had financed over 250 companies in equity and seed funding to date.