This investment will support the growth of PPS Ghana’s operations by increasing stock and product range as well as financing PPS’s expansion to other West African countries.
“This latest round of financing from Jacana demonstrates that a leading investor recognises PPS Ghana’s vision, value and the strength of our team. Thanks to the partnership, we will be able to achieve our business strategy of providing customers with a greater variety of high-quality industrial products and services that we can deliver more quickly and reliably than ever before. We are more determined than ever to become a leader in the industrial distribution market in West Africa,” said Rudolph Matey, CEO of PPS.
The investment is the first project for Jacana’s partnership with EY Enterprise Growth Services (EGS), a non-profit EY programme that provides added value support to SMEs in emerging markets by organizing experienced consulting teams at subsidised rates.
Christian Opoku-Biney, Partner at Jacana said: “The market for industrial consumables is growing rapidly in West Africa and PPS has an opportunity to expand throughout the region as the dominant local supplier for international companies. We have the knowledge and international contact network to support this growth. An example of the value-add Jacana brings to its portfolio companies is the hands-on financial support PPS has received from EY. By reducing the company’s cash conversion cycle, EY’s work will ultimately help PPS to release millions of dollars’ worth of capital back into the business. We are looking forward to working with EY’s EGS team to add value to more of our current and future investee companies in both East and West Africa.”
Jon Shepard, Director of EY’s Enterprise Growth Services programme said: “We are delighted to have partnered with Jacana and I look forward to supporting the important work the firm is doing for the under-served SME sector in Africa. Through EGS, EY is expanding a service that has so far been available only to larger clients. Our objective is to help these vital smaller businesses achieve lasting improvements in their productivity, profitability and growth potential, so they can continue to create jobs and increased access to goods and services in communities where they are most needed.”