I&P Afrique Entrepreneurs (IPAE), an impact fund dedicated to small and medium enterprises based in Sub-Saharan Africa, has acquired 48% of the capital in Tincy Boulangerie, a bakery based in Benin.

Thomas Lauruol, Senior Investment Officer at I&P, told Africa Global Funds that IPAE has invested €900,000 in form of capital and shareholder loan for a five-year period.

“Tincy is an existing small industry in Benin with a great growth potential and a dynamic and creative young entrepreneur,” he said.

Created in 2009, Tincy Boulangerie is a semi-industrial bakery that produces and distributes a wide variety of breads in Cotonou and its surroundings.

The company has developed a wide distribution channel in the city and surrounding areas.

Tincy has opened a shop, 24 kiosks “Le Boulanger” and has partnered with shopkeepers and several hostels and airline companies.

Gatien Adjagboni, Founder and Director of Tincy, is determined to structure the bakery sector in Benin.

He was notably elected president of the National Association of Bakery Owners, which gathers a dozen of the sector professionals.

To date, the association is the first and unique syndicate of the bakery sector in Benin.

Tincy is expanding rapidly and is working on new projects, that I&P aims to support: improve the quality and the management of the production, double the production capacity and start a pastry activity to diversify the range of products.

Lauruol said this is I&P’s fourth investment in Benin, with the first dating back in 2009.

Investisseurs & Partenaires already counted three Beninese companies in its portfolio: Bhélix, managed by Narcisse Zolla, Carotech Bénin, managed by Yves Modeste Agbo and Le Nomad, managed by Adédogni Abimbola.

Nevertheless, for the fund IPAE, Tincy is the first investment in the country.

I&P Afrique Entrepreneurs is an impact fund dedicated to small and medium enterprises based in Sub-Saharan Africa with financing needs comprised between €300,000 and €1.5m.

The fund currently supports more than 20 companies in various sectors and aims to close 5 to 8 new investments in West Africa in the next two years.

“We are looking at one more deal for the coming 12 months,” commented Lauruol.

Investisseurs & Partenaires is an impact investment group dedicated to African SMEs.

Since its creation in 2002, I&P has invested in more than 50 companies, located in 15 African countries and operating in various sectors of activity.

These enterprises create local “added value” and long-term employment, and generate important social, environmental and governance impact.

I&P provides capital, technical and strategic support to meet the growth needs of its portfolio companies.
I&P manages three impact funds, IPDEV, IPDEV2 and IPAE, which represent a total of €75m.