Five private equity deals in Africa's manufacturing sector

We highlight five African manufacturing-related private equity transactions, as featured in our Dealmaker’s Log.

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We highlight five African manufacturing-related private equity transactions, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising closes. Subscribe to this service here

1. Uhuru Investment Partners invests in Cresta Paints

Uhuru Investment Partners, a middle-market private equity firm focused on investing in West Africa, has acquired Adenia Partners' entire stake in Cresta Paints. 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

2. Ascent Rift Valley Fund II buys stake in Kenyan packaging business

Dune Packaging, a packaging solutions provider in Kenya, has 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

3. Mubadala Investment Company acquires KELIX bio

Africa-focused private equity firm Development Partners International (DPI) together with British International Investment (BII) and the European Bank for Reconstruction and Development (EBRD), announced the sale of 100% of their shareholding in KELIX bio, a biopharmaceuticals platform, to Abu Dhabi-based Mubadala Investment Company.

KELIX bio was co-founded in November 2020 by investors DPI, BII, EBRD, and executives Hocine Sidi Said and Alhadi Alwazir, to create the first pan-African biopharmaceutical platform committed to broadening access to vital specialty generic drugs. Read the full article

4. Injaro joins AFIG Funds as shareholder in Ivorian packaging company

Injaro Investment Advisors, a Ghanaian private capital fund manager, has announced a €2 million equity investment in Nouvelle Mici Embaci, a packaging company in Côte d'Ivoire. This marks the second investment of the Injaro Ghana Venture Capital Fund (IGVCF), and the fund’s first investment in Côte d'Ivoire.

IGVCF is joining an existing consortium of private equity investors comprising Advanced Finance and Investment Group (AFIG Funds) and Norfund, which completed a 100% acquisition of NME last year. Read the full article

5. Ethiopia: Affordable building materials company raises $5.2m

Kubik – an Ethiopian company using plastic waste to make affordable buildings – has 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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