Five noteworthy African private equity exits in 2024
We highlight five notable private equity exits this year, as featured in our Dealmaker’s Log.
We highlight five private equity exits this year, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Actis exits to AIIM-led consortium
A consortium led by African Infrastructure Investment Managers (AIIM), and also comprising STOA and Thebe Investment Corporation acquired Octotel, a South African fibre network operator. The consortium bought Octotel from Actis, a global investor in infrastructure. In addition, the consortium, led by AIIM, acquired a minority stake in RSAWeb, a South African internet service provider. Both transactions are subject to customary regulatory approvals and closing conditions.
Since its inception in 2016, Octotel has emerged as a key player in the fibre-to-the-home and fibre-to-the-business markets, significantly contributing to the digital infrastructure of the Western Cape. The company's open access fibre network passes approximately 350,000 homes and caters to over 110,000 homes and businesses, up from 195,000 and 56,000 respectively when Actis acquired the platform in 2020. Read the full article
2. Old Mutual Private Equity exits Holdsport to UK-based retail giant
UK-based retail giant, Frasers Group, 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
3. Adenia Capital sells African payments industry player to SPE Capital
Private equity firm Adenia finalised the sale of its 100% equity stake in OMOA Group to SPE Capital, a private equity firm focused on the Middle East and Africa.
Founded in 1999, OMOA is an integrated service provider for the payments industry in West and Central Francophone Africa. The sale of OMOA is the eighth and final exit from Adenia’s €96 million Adenia Capital III fund, which is now fully liquidated. Read the full article
4. DPI exits International Facilities Services to a consortium comprising ES-KO, Phatisa, and IFS's management
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 (ADP II) fund in 2019. Read the full article
5. Morocco: Mediterrania completes exit from TGCC
Mediterrania Capital Partners 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
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