Company profile

Rockstone Paving and Concrete Limited is a Nigerian manufacturer of high-quality paving stones and concrete products for the construction industry. Operating an ultra-modern, certified by the Standards Organisation of Nigeria (SON) factory in Lagos, the company produces interlocking paving stones, kerbstones, blocks, and other concrete materials, with a daily capacity exceeding 1,500 square metres of paving stone, 2,000 linear metres of kerbstones, and 5,000 blocks. Partnering with construction companies of all sizes, Rockstone supplies materials engineered to withstand heavy loads and traffic with minimal maintenance, for roads, estates and public and private buildings.

Why we invested

Rockstone makes the unglamorous hard goods that every road, estate and development is built from, and it has been making them well enough, for long enough, to earn a reputation among the contractors and developers who actually pay on time. There is a functioning manufacturing operation with real production assets, real customers, and a track record of supplying residential, commercial, infrastructure and industrial projects, alongside growing revenues and improving profitability. When we lend, that history is very valuable.

What Rockstone needs is not a term loan, but working capital that moves at the speed its business does. A contractor confirms an order, and Rockstone must buy raw materials, run the production, and wait out the receivable cycle before the cash comes back, all against project timelines that do not wait. This is short-term, revolving, transaction-backed financing, drawn against verified orders, repaid as customers pay, drawn again for the next job. It is exactly the kind of facility traditional lenders are slow and reluctant to provide, because it does not fit the neat shape of a long-dated, collateral-heavy loan. That mismatch is the gap we were built to fill, and filling it is what lets a proven operator stop leaving confirmed demand on the table for want of cash conversion timing.

The reason we could lend with confidence is that the facility is secured against things you can touch. The security is the moulding machines, trucks, forklifts, and generators that make the business run, supported by personal guarantees and ongoing financial covenants. This is not a bet on a story. It is capital lent to a profitable, established manufacturer, repaid from verified customer inflows, and backed by the hard industrial assets underneath the whole operation. That combination – a proven business, a self-liquidating structure, and tangible collateral – is close to the core of what good private credit is meant to be.

And the capital does visible work. It buys raw materials in the volumes that larger contracts demand, funds bigger production runs, and lets Rockstone fulfil confirmed orders faster instead of throttling output to manage cash. That means more roads paved, more developments completed, more contractors served on time, and a domestic manufacturer growing the industrial base and the jobs that come with it.