Five noteworthy African private equity exits in 2023
Here are summaries of five prominent African private equity exits from last year.
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Here are summaries of five prominent African private equity exits from last year.
1. Affirma Capital exits African beverage can manufacturer to Oppenheimer Partners
Affirma Capital (formerly Standard Chartered Private Equity) exited its investment in the GZI Group to Oppenheimer Partners.
GZI is a manufacturer and producer of aluminium cans for global blue-chip beverage brands in Africa. The group supplies beverage cans into key regional markets across sub-Saharan Africa.
Affirma first invested in GZI in 2012, increasing its stake to 37.5% during its ownership period. Affirma led GZI’s expansion in Nigeria, launching the group’s second plant.
2. Sanlam PE to exit Absolute Pets to Woolworths
South African retailer Woolworths announced its intention to acquire 93.45% of the shares in pet retailer Absolute Pets, from Sanlam Private Equity and the company’s management.
Absolute Pets was established in 2005 and has become one of South Africa’s largest pet care retailers, with over 150 stores nationwide.
3. Helios exits chemicals distributor to DPI-led consortium
Solevo Group, an African distribution platform for specialty chemicals, announced its acquisition by Development Partners International (DPI), an investment firm focused on Africa, alongside minority co-investors South Suez and European development finance institution, DEG. The group of investors, led by DPI, are acquiring 100% of the business from Africa-focused investment firm Helios Investment Partners. All regulatory approvals for the transaction have been granted and the deal closed on 18 April 2023.
Helios, along with global investor Temasek, acquired Solevo in 2017 through the corporate carveout of Louis Dreyfus Company’s (LDC) African inputs business.
4. Tana Africa Capital exits education group
Tana Africa Capital exited its investment in Morocco’s International Education Group (IEG). In its place, Globeducate, with its portfolio of over 60 bilingual and international schools across 12 countries, has secured shares in IEG, following regulatory approval from Morocco.
IEG, established in 2015, is a network of schools with more than 4,500 students across three schools in Morocco (Lycée Français Guy de Maupassant in Casablanca, Lycée Français Sophie Germain in Rabat, and École Trilingue Internationale in Casablanca) and one school in the Netherlands (International French School in Amsterdam).
5. Apis Growth Fund I fully exits position in Sun King
Apis Growth Fund I, a private equity fund managed by Apis Partners, has fully exited its remaining position in off-grid solar energy company Sun King, formerly Greenlight Planet. This follows the announcement on 27 April 2022, in which the fund divested a partial stake in the company.
Sun King announced a $70 million series D extension capital raise, with the investment round being led by Leapfrog. As part of this transaction, the fund divested its remaining stake in the company.
The fund initially invested in Greenlight Planet/Sun King in 2017.
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