17 African private equity exits so far this year
An overview of reported African private equity exits during 2020.
Africa-focused investor AHL Venture Partners exited its investment in the Energy Access Fund, managed by responsAbility. In addition, AHL closed its debt position in Zambian agribusiness company COMACO.
London-based private equity fund 8 Miles is set to exit its 42% stake in Uganda’s Orient Bank, according to a report by The Independent. The shareholders of Orient have entered into an agreement with Kenyan-headquartered banking and financial services group I&M Holdings Plc for the sale of 90% of the issued share capital of Orient.
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 is 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. EAPEF sold its stake to CEVA Logistics, a subsidiary of global shipping giant CMA CGM.
Acumen exited Tanzanian pay-as-you-go technology business KopaGas through Circle Gas’s $25-million acquisition of the company’s technology – the largest-ever pure private equity investment in the clean cooking sector.
Private equity firm RMB Corvest announced the disposal of its investment in South African suede, leather and home care products company Plush Professional Leather Care to Adcock Ingram.
Gulf Capital completed the sale of Metamed, a diagnostic imaging network in North Africa and the Middle East, to Ray Lab, owned by a consortium of international and regional investors. The consortium of buyers includes Mediterrania Capital Partners, Cairo Scan for Radiology and Labs and a number of European development financial institutions including DEG, FMO, Proparco and the European Bank for Reconstruction and Development.
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 assumed the management rights 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. BDC acquired a 24% shareholding in Kamoso and has joined the board. The BDC is Botswana’s main agency for commercial and industrial development and is 100% owned by the Government of Botswana.
Vantage Capital, Africa’s largest mezzanine debt fund manager, fully exited its investment in Vumatel, the largest fibre-to-the-home network provider in South Africa. Vantage invested in Vumatel in 2016.
African Infrastructure Investment Managers (AIIM) announced the 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.
Adenia Partners finalised the sale of the 95% equity stake held by its Adenia Capital III fund in Mauritius-based paint and coatings manufacturer Mauvilac to AkzoNobel, the third-largest paint producer worldwide.
South African venture capital (VC) fund Paper Plane Ventures exited its stake in Bitcoin wallet provider Centbee to Amsterdam-based VC investor Two Hop Ventures.
Agri-Vie Fund I, managed by EXEO Capital, disposed of its shareholding in 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.
Bamboo Capital Partners, the impact investing platform, exited its indirect stake in one of the leading microfinance banks in Nigeria, Accion Microfinance Bank (Accion MfB). Bamboo’s shareholding in Accion MfB will now be held by global nonprofit and financial inclusion pioneer Accion. The financial details of the transaction were not disclosed.
AfricInvest, through its Maghreb Private Equity Fund III, sold its investment in Polymedic, a pharmaceutical manufacturing company headquartered in Morocco, which owns a diverse portfolio of over 200 registered products across 12 therapeutic areas. NBK Capital Partners acquired AfricInvest’s stake.
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