Synergy Capital Managers has invested in Africa Terminals, a spin off from DuPort Marine, a trading logistics and maritime company with over eight years’ experience operating in the Nigerian downstream segment.

Africa Terminals as the first independently owned regional Terminal and Storage Company will offer storage capacity to both local and international multi-country petroleum products trading companies across West Africa.

Africa Terminals is seeking to leverage its experience and understanding of the oil & gas value chain in West Africa to secure a leading competitive position in the largely under-served storage segment.

This investment by Synergy will enable the company acquire and develop storage terminals for petroleum products (DPK, AGO, PMS, JET A1 and LPG) in strategic locations across the West African coast including countries such as Nigeria, Ghana, Liberia and Senegal.

Tosin Odusanya, Promoter and CEO of Africa Terminals, said: "Africa Terminals as a pure play storage company is an attractive choice for trading companies in the region and this enhances the forward prospects for Africa Terminals. The company already has confirmed off-take agreements for 60% of its storage capacity per development/acquisition from four international and local operators.”

“We are delighted and also excited to partner with Synergy Capital to roll out the first multi-country petroleum products and gas Storage Company across West Africa. The existing storage capacity shortage will only exacerbate with the on-going deregulation of the industry across the region, as these efforts will result in the revitalization of existing refineries even as new refineries are developed to take advantage of changing regulations. All of these will further boost the demand for storage, as more products are made available in markets across the region," he added.

The investment in Africa Terminals is the fifth investment of Synergy Private Equity Fund LP (SPEF) since its first close in September 2014.

SPEF is focused on making investments in select high growth sectors in Nigeria and Ghana, and the mid stream segment of the oil & gas industry in West Africa is a target sector of the fund.

Synergy is seeking to work with Africa Terminals to roll-out the first independently built storage terminal business across West Africa over the medium term.

Ayodele Arogbo, Partner at Synergy Capital Managers, said: "The CEO’s antecedent in building a strong and profitable business in this sector gives us confidence. We are assured that he and his team coupled with the Manager’s track record possess the requisite experience and capabilities to seamlessly execute the plan for Africa Terminals."

SPEF remains active in sourcing and completing deals in its target sectors both in Nigeria and Ghana.

"We are on track to meet our portfolio allotment for 2016 with planned investments in media/entertainment, financial services and manufacturing in the course of the year," said Arogbo.