WASHINGTON (July 26) — Private equity firm Emerging Capital Partners L.L.C. has sold its shares in African natural rubber producer and exporter Societe Internationale de Plantations d'Heveas for $49.8 million.
EPC bought the shares through the AIG African Infrastructure Fund L.L.C. for $14.8 million in March 2005. The company said its sale of the firm — which operates rubber plantations in Ghana and Ivory Coast — shows that African agribusiness is becoming more attractive to private equity investment.
SIPH annually produces more than 92,000 metric tons of NR through majority-owned subsidiaries Ghana Rubber Estates Ltd. in Ghana, and Societe Africaine de Plantations d'Heveas in Ivory Coast.
Michelin is the technical operator of both plantations, and owns a 20-percent interest in SIPH.