Ardova Plc, a leading Nigerian integrated energy company has completed the acquisition of a 100% equity stake in Enyo Retail and Supply Limited.
Enyo Retail and Supply is one of the newest and fastest-growing retail and supply companies in the downstream sector. This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo.
Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country.
Upon completion, Ardova Plc will look to retain Enyo branded stations which will operate side by side with its brand, leveraging on its strengths.
Commenting on the recent acquisition, the Chief Executive Officer of Ardova Plc, Olumide Adeosun, said,
“On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.’’
January 13 2021, Ardova Plc had announced entering into discussions with the shareholders of Enyo, in a bid to take over the assets of the Enyo Retail and Supply. The firm further revealed that the shareholders of Enyo had accepted its offer and acquisition framework in principle, although subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.
Stanbic IBTC Capital Limited and Banwo & Ighodalo are acting as financial and legal advisers respectively to Ardova Plc. On the other hand, Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as financial and legal advisers to Enyo Retail and Supply Limited, and certain of its shareholders.
Ardova Plc’s 2020 Audited results – Key Highlights
- Revenue grew by 3% to N182bn from N177bn in the previous quarter.
- Profit before tax declined by 38% to N2.9bn.
- Profit after tax declined by 53% to N1.9bn.
- Net Assets grew by 12% from N16bn to N18bn.