Five notable East African private capital deals
We highlight five East African private capital deals, as featured in our Dealmaker’s Log.
We highlight five East African private capital deals 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. BII exits East African banking group to AfricInvest
British International Investment (BII), the UK’s development finance institution and impact investor, sold its 10.1% stake in I&M Group, the Eastern African banking group, to AfricInvest. The acquisition was made through East Africa Growth Holding, a special purpose vehicle entirely controlled and formed by AfricInvest.
I&M Group has a presence in Kenya, Mauritius, Tanzania, Rwanda and Uganda. It offers financial services to individuals, micro, small and medium-sized enterprises, and corporates across the region. It is listed on the Nairobi Securities Exchange, with its Rwandan subsidiary, I&M Bank Rwanda, listed on the Rwanda Stock Exchange. Read the full article
2. Admaius Capital Partners makes investment in Rwandan telecom towers operator
Admaius Capital Partners, an Africa focused private equity investor operating across several growth markets, announced a majority equity investment into TRES Infrastructure, the only locally licensed tower owner, operator, and developer of shared telecommunications infrastructure in Rwanda.
TRES’ tower infrastructure is used by the two local mobile network operators, MTN and Airtel, while also benefitting other local network service providers such as KT Rwanda. Read the full article
3. Ascent Rift Valley Fund II buys stake in Kenyan packaging business
Dune Packaging, a packaging solutions provider in Kenya, announced a significant minority equity investment in its business by the Ascent Rift Valley Fund II.
The transaction was led and managed by Tradeways, the specialist advisory boutique with a focus on the Middle East and sub-Saharan Africa. Read the full article
4. Goodwell makes first investment in Uganda
Goodwell Investments acquired a stake in the Agent Banking Company of Uganda (ABC), a technology-focused financial services firm with a mission to “improve lives by facilitating access to quality and affordable financial services”.
Goodwell invested in ABC through uMunthu II, its €150 million fund providing venture capital to impact-driven companies throughout Africa. The funding will enable ABC to pursue ambitious goals for growth, including expanding its client base, increasing agent coverage, and deploying new services. Read the full article
5. Ethiopia: Affordable building materials company raises $5.2m
Kubik – an Ethiopian company using plastic waste to make affordable buildings – raised a $5.2 million seed funding round.
Investors in the round include African Renaissance Partners, Endgame Capital and King Philanthropies. Read the full article
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