The 5 most popular stories on Africa Private Equity News the past week
Here are summaries of the five most widely read stories last week on Africa Private Equity News.
Here are summaries of the five most widely read stories last week on Africa Private Equity News.
1. BII exits East African banking group to AfricInvest
British International Investment (BII), the UK’s development finance institution and impact investor, has sold its 10.1% stake in I&M Group PLC, 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.
BII made its investment in I&M in 2016. Read the full article
2. South Africa: Admaius Capital Partners in mining supplier deal; Ethos spin-off exits
Admaius Capital Partners, an Africa focused private equity investor, has acquired a stake in The Particle Group (TPG), a supplier to the mining industry.
TPG is headquartered in Johannesburg, South Africa but has operations globally. TPG manufactures and sells specialist chemical products called certified reference materials that are used in mineral laboratories to ensure accuracy and precision in all analytical data required for mining processes.
Admaius is investing alongside TPG’s senior management, led by chief executive Raksha Naidoo, via a transaction that will see the company leave parent Synerlytic Group Holdings. Synerlytic is a portfolio company in the mid-market fund managed by Infinite Partners. Read the full article
3. AgDevCo backs West African cashew business
Specialist agriculture investor AgDevCo has made an investment into Cashew Coast, a cashew nut processing business in Côte d'Ivoire which employs 750 people and sources from more than 7,000 smallholder farmers.
AgDevCo’s mezzanine loan of €9 million will finance the expansion of the company’s processing capacity and the construction of new warehouses, alongside farmer productivity programmes. Read the full article
4. DPI exits International Facilities Services
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 fund in 2019. Read the full article
5. Renew Capital in beauty deal
Renew Capital has announced an investment in Zuri, a company, that seeks to transform the African beauty industry with high-end, beauty products designed by Africans.
Established in 2016, Zuri is a growing brand in the booming African beauty industry. The company has a business model that integrates physical hair salons, an e-commerce platform and social media communication channels in three East African countries: Democratic Republic of Congo, Uganda and Rwanda. Read the full article
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