Apis Partners exits financial services company
Apis Growth Fund I has signed binding agreements to sell its full stake in Baobab.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Apis Growth Fund I, a private equity fund managed by UK-based Apis Partners, has signed binding agreements to sell its full stake in Baobab, an African financial services provider specialising in supporting small and medium-sized enterprises (SMEs).
The fund’s position in the company is being acquired by Beltone Capital, a fully owned subsidiary of Beltone Holding, a financial services provider listed on the Egyptian Stock Exchange. With the purchase of Apis’ stake, along with those of its co-investor and other selling shareholders, Beltone will secure a majority stake in Baobab.
Matteo Stefanel, co-founder and managing partner at Apis Partners, said: “Since the inception of the firm, Apis’ funds have invested in businesses that prioritise financial inclusion. We are proud of the role our team has played in helping Baobab leverage technology to promote financial inclusion across Africa, empowering individuals and SMEs who may not have had access to traditional banking systems previously. We are confident that the impact created in these communities during the fund’s investment will continue to thrive under Beltone’s stewardship.”
Udayan Goyal, co-founder and managing partner at Apis Partners, added: “Baobab has been a leader in providing vital financial services to the underserved SME market, which has often faced significant challenges accessing the financing needed to grow. Apis has supported Baobab in successfully bridging this gap, enabling the SMEs to develop, create jobs and support the local economy. We look forward to continuing to follow the Baobab story as it moves forward under the expert guidance of Beltone.”
Dalia Khorshid, group CEO and managing director of Beltone Holding, commented: “This strategic acquisition marks a significant milestone in our data-driven regional expansion into high-growth African and emerging markets, reinforcing our commitment to financial inclusion and impactful product offerings. As one of the fastest-growing financial institutions delivering exponential growth in 2024, we are further expanding our portfolio across diverse platform offerings in Africa. Baobab’s strong market presence enhances our ability to provide innovative financial solutions, fostering its growth, enhancing its digital capabilities, and expanding its client base with scalable, technology-driven services that drive economic empowerment.”
The deal was advised by Enexus Finance and the transaction is subject to regulatory approvals.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here