Five African private equity moves in November 2024
Five PE transactions and announcements in the month of November, as featured in our Dealmaker’s Log.
We highlight five African private equity transactions and announcements in the month of November, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Gaia Fund Managers acquires AIIM's stake in South African toll road operator
Gaia Fund Managers has acquired a 12.67% shareholding in Bakwena Platinum Corridor Concession (BPCC), toll operator of the N4 and part of the N1 highways in South Africa’s northern provinces.
Gaia bought the stake following African Infrastructure Investment Managers’ exit of the investment held through its African Infrastructure Investment Fund 2. Read the full article
2. LeapFrog announces fundraising close for fourth fund
LeapFrog Investments has announced the close of its fourth fund (Fund IV), with commitments and designated co-investments totalling $1.02 billion. LeapFrog’s initial target for Fund IV was $1 billion.
The fundraise includes $808 million of primary fund commitments and up to $210 million of pre-allocated co-investment to accelerate high-impact healthcare and financial services companies in global growth markets.
Cornerstone investors in LeapFrog’s latest fund include limited partners such as Temasek, AIA, Prudential Financial, and development financial institutions, including the European Investment Bank and the U.S. International Development Finance Corporation. LeapFrog also drew commitments from global asset managers such as Sumitomo Mitsui Trust Bank and Van Lanschot Kempen, healthcare strategic investor Eli Lilly and Company, and foundations and endowments such as the Ford Foundation and the IMAS Foundation. Read the full article
3. Old Mutual Private Equity exits Holdsport to UK-based retail giant
UK-based retail giant, Frasers Group, has acquired South African sporting, outdoor and recreation goods company, Holdsport, from Old Mutual Private Equity and Holdsport’s management.
Holdsport is a diversified business operating across retail, wholesale, manufacturing, distribution, and e-commerce, focused on the sport, outdoor, and recreation sectors across South Africa and Namibia. It is home to Sportsmans Warehouse, a sporting goods chain in the region, and Outdoor Warehouse, an outdoor, camping, hiking, adventure retailer. It also owns Shelflife, a South African sneaker and streetwear store. For Holdsport's financial year ended February 2024, sales generated exceeded ZAR3 billion (£130 million). Read the full article
4. SPE Capital confirms its investment in Dislog Group
Following approval from the Moroccan competition authority, SPE Capital Partners has made a MAD 350 million (about $35 million) investment in consumer goods company Dislog Group through its AIF I Fund. This amount should be complemented by an additional co-investment of MAD 100 million (about $10 million) from an international financial institution, bringing the total investment to MAD 450 million (about $45 million).
Nabil Triki, managing partner and CEO of SPE Capital, stated: “We are pleased to invest alongside our partner in Dislog Group. We were shareholders of H&S between 2019 and 2021 and are delighted to see the group’s progress and growth in recent years. We aim to grow together with the goal of successfully achieving an IPO on the Casablanca Stock Exchange within the next two to three years.” Read the full article
5. Tana Africa Capital exits Ethiopian school group
Private equity firm Tana Africa Capital has sold its stake in Flipper International School in Addis Ababa, Ethiopia, to South African private education company ADvTECH Group.
The school was founded in 1998 by Menna Selamu Bekele and Serkaddis Seifu Yeteshawork. Read the full article
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