Enko Capital exits Zambian company to South Africa's Mergence
Enko Capital exits Zambian company to South Africa's Mergence
Enko Capital Managers has sold its investment in Madison Financial Services.
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Enko Capital Managers (ECM), managers of the Enko Africa Private Equity Fund (EAPEF), has exited its investment in Madison Financial Services, an insurance and microfinance services group in Zambia.
EAPEF’s exit of Madison is by way of the sale of its entire equity and debt investments in the company to subsidiaries of Mergence Investment Managers, a Cape Town-based asset manager of several funds spanning specialist equity, fixed income, multi-asset, infrastructure, debt, and private equity funds.
Founded in 1992 as the first private insurance company in Zambia, Madison operates general and life insurance businesses along with microfinance activities in Zambia and a general insurance business in Tanzania. Following its listing on the Lusaka Stock Exchange, EAPEF invested in Madison in 2015.
ECM managing partner Cyrille Nkontchou, who led the deal, said: “We are thrilled to have successfully completed the Madison exit, which was the first investment made by EAPEF, and represents the sixth exit of the fund. This follows hard on the heels of two other exits completed in Q4 2023. Having successfully exited six out of a total of seven investments in EAPEF, we are now fully geared up and focused on achieving the first close of EAPEF II – our successor fund, which is expected in the second half of 2024.”
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