10 African private equity exits during 2020
A selection of African private equity exits that came across our desk in 2020.
AfricInvest, through its Maghreb Private Equity Fund III, exited its investment in Polymedic, a pharmaceutical manufacturing company headquartered in Casablanca, Morocco, which owns a diverse portfolio of over 200 registered products across 12 therapeutic areas. NBK Capital Partners acquired AfricInvest’s stake.
Agri-Vie Fund I, managed by EXEO Capital, announced its exit from South Africa’s InteliChem, a provider of crop protection solutions, specialised plant nutrition and seeds to the agricultural industry and related peripherals. The Agri-Vie interest was sold to investment company Masimong Group Holdings.
Adenia Partners finalised the sale of the 95% equity stake held by Adenia Capital III in Mauvilac to AkzoNobel, the third-largest paint manufacturer worldwide. Mauvilac is the leading paint and coatings manufacturer in Mauritius. Adenia invested in Mauvilac in 2014.
Vantage Capital, Africa’s largest mezzanine debt fund manager, announced that it fully exited its investment in Vumatel, the largest fibre-to-the-home network provider in South Africa. Vantage invested in Vumatel in 2016.
Actis, an investor of private capital into global emerging markets, exited its majority stake in GHL Bank, a full-scale commercial bank in Ghana, to First National Bank Ghana, a 100% subsidiary of South Africa’s FirstRand Group. Actis took over the investment in 2019 when it took over the management of Abraaj Africa Fund III. The fund invested in GHL Bank in 2016.
Alongside Rand Merchant Bank Ventures (RMBV) and other shareholders, Ninety One, via its Africa Private Equity Fund 2, sold a portion of its equity investment in Kamoso Africa to the Botswana Development Corporation (BDC). Ninety One and RMBV acquired a controlling stake in Kamoso in 2017. The BDC is Botswana’s main agency for commercial and industrial development and is 100% owned by the Government of Botswana.
African Infrastructure Investment Managers (AIIM) announced the successful divestment of AIIF2’s 14% stake in Cookhouse, a 139MW wind farm, and 34% stake in REISA, a 75MW solar PV facility. The assets were sold to AIIM’s IDEAS Managed Fund, one of the largest equity investors in South African renewables sector.
DPO Group, an online payments platform in Africa operating across 19 countries, entered into an agreement to be fully acquired by Network International. DPO Group was backed by Apis Partners LLP, a private equity asset manager focused on financial services in the growth markets of Africa and Asia.
Enko Capital Managers, managers of the Enko Africa Private Equity Fund (EAPEF), completed the exit of its investment in AMI Worldwide (AMI), a pan African logistics business, with significant operations in East, Central and Southern Africa. The deal marks EAPEF’s first exit. EAPEF, together with AMI’s founders Marc de Reymaeker and Vincent Hachez, disposed the stake to CEVA Logistics, a subsidiary of global shipping giant CMA CGM.
AfricInvest sold its shares in Hydrosol Fondations, a Tunisian geotechnical and foundation engineering company, to Ginger Group, a French leader in prescription engineering. Ginger Group already owned 30% of the shares in Hydrosol Fondations.
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