Minet Group and Africa Lighthouse Capital acquire Aon’s operations in Botswana
Minet Group and Africa Lighthouse Capital have announced their intention to acquire Aon’s shareholding in Aon Holdings Botswana, subject to regulatory approval.
Minet Group is a pan-African risk advisory firm and Aon’s largest Global Network Correspondent. Minet Group has been rapidly expanding its African footprint since 2017 through the acquisition of Aon’s operations in Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda and Zambia.
Aon, a global professional services firm providing a broad range of risk, retirement and health solutions, operates through correspondent arrangements in a number of countries on the African continent and globally. This transaction will further enhance Aon’s comprehensive correspondent network on the continent, backed by an African-owned company. The new entity in Botswana will have the benefit of consistency in leadership and staffing, with Barnabas Mavuma, currently MD of Aon Botswana, continuing to lead the business supported by the local management team.
Africa Lighthouse Capital (ALC) is a Botswana citizen-owned private equity firm focused on investing in Botswana companies and propelling them into regional champions, with over BWP 500 million (about $45.7 million) in funds under management.
On the occasion of the announcement, Joe Onsando, CEO of Minet Group said, “The African continent presents great opportunities for growth and this transaction reiterates our positive investment outlook for the continent, anchored in sound long-term fundamentals. This transaction will enable us to be even more responsive to the needs of our clients and will undoubtedly have a positive impact on both product development and client service delivery. The combination of global, pan-African and in-country expertise will continue to help us lead the market in risk management on the continent.”
Bame Pule, founder and CEO of Africa Lighthouse Capital said, “Africa Lighthouse Capital is delighted to invest in the leading company in Botswana’s insurance brokerage and pension fund administration sectors. We look forward to working with the company’s existing management team to reposition for growth by emphasising its local ownership, knowledge, and relationships. We will work actively to create value by focusing on business development and increasing efforts in targeted sectors.”
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