Five notable African private equity and venture capital exits
We highlight five African private equity and venture capital exits, as featured in our Dealmaker’s Log.
We highlight five African private equity and venture capital exits over the past 12 months, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Mozambique: Amethis sells stake in agribusiness company
In 2018, a consortium led by Amethis and its partners Proparco and Kibo Capital Partners made a strategic investment in Merec, a dominant player in flour milling and secondary processing in Mozambique.
Amethis recently exited its investment in Merec, following a 100% sale of the company to Dubai-based Invictus Plc. The founder of Merec, along with co-investors Proparco and Kibo Capital, also sold their shareholding. Read the full article
2. Adenia Partners exits Cresta Paints to Uhuru Investment Partners
Adenia Partners has exited its entire stake in Cresta Paints to Uhuru Investment Partners, a middle-market private equity firm focused on investing in West Africa. Cresta Paints, headquartered in Ghana, is a leading player in the automotive refinish and protective coatings sector.
Founded in 2002, Cresta Paints has developed a comprehensive product range that includes paints, clear coats, hardeners, thinners, and more. The company has established a leading market presence in Ghana, Nigeria and key francophone West African markets including Côte d’Ivoire, Benin, and Togo. Read the full article
3. DPI disposes of shareholding in International Facilities Services
Development Partners International (DPI) announced the sale of International Facilities Services (IFS). DPI has signed a binding agreement with a consortium comprising of ES-KO, a global provider of integrated facility support services, Phatisa, a Mauritius based private equity firm, and IFS’s management, to sell 100% of its shares in the company.
Established in 2000, IFS is an African integrated facilities management business that supports blue-chip customers operating in remote sites. IFS specialises in facilities management services that encompass catering, camp management, laundry, cleaning and housekeeping, maintenance, waste management, and hygiene services. DPI made its investment in IFS from its African Development Partners II fund in 2019. Read the full article
4. Morocco: Mediterrania completes exit from TGCC
Mediterrania Capital Partners has completed its exit process from TGCC, a construction and civil engineering company based in Morocco.
Founded in 1991 by Mohammed Bouzoubaa, TGCC has grown to become Morocco’s biggest construction and civil engineering company. With Mediterrania’s guidance, TGCC has expanded into Gabon, Côte d’Ivoire and Senegal and increased its projects in other sub-Saharan Africa countries managed from Casablanca. Read the full article
5. Saviu Ventures divests from African eyewear company
Saviu Ventures, a venture capital firm in Francophone Africa, has fully exited its equity investment in Lapaire, a pan-African eyewear company, to new strategic investor Creadev.
Saviu initially invested in Lapaire in 2018 and participated in two follow-on funding rounds over the years to support the company’s growth, ultimately securing a 22% stake. With this exit, Saviu Ventures returned several times the investment cost to its own investors. Read the full article
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