Five African private equity moves in October 2024
Five PE transactions and announcements in the month of October, as featured in our Dealmaker’s Log.
We highlight five African private equity transactions and announcements in the month of October, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. AfricInvest health fund surpasses $100m target
AfricInvest and The Health Finance Coalition have announced the final close of the pan-African Transform Health Fund (THF). The blended-finance fund aims to bolster healthcare systems in Africa by scaling proven and innovative healthcare models.
Under the management of AfricInvest – a pan-African investment platform active across private equity, venture capital and private debt – in collaboration with the Health Finance Coalition – a group of global health funders – the Transform Health Fund exceeded its initial target, raising $111 million, through commercial, public, and private donor investments. Read the full article
2. Phatisa and partners sell 100% interest in Rolfes
Phatisa, through its Phatisa Food Fund 2, along with Masimong Chemicals and Sabvest Finance and Guarantee Corporation, have agreed to sell their combined 100% stake in Rolfes Holdings – a South Africa-based provider of food ingredients and diversified chemicals – to Solevo, a pan-African speciality chemicals distributor. Solevo will also sell a 12.5% interest in Rolfes to Afropulse Group, a long-term capital investor, as part of a partnership to continue growing the business. Financial terms of the transaction were not disclosed.
Phatisa, alongside Masimong and Sabvest, delisted Rolfes from the JSE in 2020. Read the full article
3. Helios in $40m food deal
Egypt’s Raya Foods has secured an investment of approximately $40m from Helios Investment Partners.
Through this investment, Helios will acquire 49% of Raya Foods’ shares. The investment aims to boost Raya Foods’ capabilities in the manufacturing and export of frozen foods and expand its global presence. Read the full article
4. Injaro Capital’s Cape Verde subsidiary invests in poultry business
Investment Capital Partners, a subsidiary of Injaro Investments, has announced the successful completion of its second investment in Cabo Verde through the Pro Impacto Fund. The investment was made in AGRA, a poultry and animal feed producer founded in 2019 by a local entrepreneur with extensive industry experience. AGRA aims to become the leading supplier of fresh eggs and animal feed in the country.
Jerry Parkes, CEO of Injaro Investments said, "The completion of this investment transaction by Pro Impacto embodies the shared vision that underlies the creation of the fund, a partnership between the Government of Cabo Verde, via Pro Capital, USAID and Injaro Investments designed to channel much needed capital to deserving SMEs in Cabo Verde. We are delighted to support the growth journey of another Caboverdian business and look forward to supporting even more SMEs in the near future." Read the full article
5. DFC announces investment in Inspired Evolution fund
The U.S. International Development Finance Corporation (DFC) has committed a $25 million equity investment to the Evolution III Fund, managed by Inspired Evolution.
This capital injection will allow the fund to invest in clean energy infrastructure, expand energy access, and promote resource efficiency across Africa. Read the full article
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