The 5 most popular stories on Africa Private Equity News the past week
Here are summaries of the five most widely read stories the past week on Africa Private Equity News.
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Here are summaries of the five most widely read stories the past week on Africa Private Equity News.
1. Old Mutual Alternative Investments finalises Chill and Inhle Beverages exit
Old Mutual Alternative Investments (OMAI) has announced the finalisation of its exit from Chill and Inhle Beverages, a fully-integrated beverages platform.
The company was sold to a consortium comprising Alterra Capital Partners, South Africa’s Mineworkers Investment Company (MIC) and Admaius Capital. Read the full article
2. Amethis backs North African logistics deal
Morocco-based express courier company Globex, part of private equity firm Amethis’s portfolio, has acquired 100% of Logic Transport, a prominent player in Morocco’s transport and logistics sector.
Amethis made its initial investment in Globex in 2022. Globex operates in express courier services, freight, transit, and storage solutions in Morocco and sub-Saharan Africa (including Senegal and Cameroon), under the FedEx Express brand. Over its 20-year history, the company has become established in the express parcel shipping and logistics sector, providing delivery services to and from more than 220 countries through the FedEx global network. Read the full article
3. Vantage Capital fully exits PickAlbatros Hotels
Africa-focused mezzanine debt fund manager Vantage Capital has fully exited its investment in PickAlbatros Hotels. The Egypt-based hotel owner and operator has a portfolio of four-star and five-star hotels located across the Red Sea area in Sharm El Sheikh, Hurghada, Sahl Hasheesh and Marsa Allam.
Vantage provided the hotel group with $18.4 million in December 2020, in the midst of the Covid-19 pandemic when Egypt’s hospitality industry was under severe strain. The funds were used to cover working capital requirements as well as renovation work on some newly acquired hotels, enabling the group to continue operating smoothly despite a sharp reduction in tourist numbers. Read the full article
4. Salt Capital announces further close for its Salt Equity I fund
Salt Capital, a private equity fund manager focused on the Southern African Development Community region, has announced a further close of its SME focused fund, Salt Equity I, securing capital commitments totaling $83 million.
Jan Bosch, managing partner of Salt Capital commented: “We are very honored to have secured further support from a strong mix of LPs ranging from prominent DFI investors, including Dutch Good Growth Fund (DGGF), managed by Triple Jump, through to more commercially structured investors, some of whom have a long and established track record of investing in Africa, and who have chosen Salt Equity I to be their first point of entry to the SME asset class in the Southern Africa region.” Read the full article
5. Electric bus company secures $42m in funding from Africa50, BII, others
BasiGo, a provider of electric bus solutions in sub-Saharan Africa, has raised $42 million in new capital.
The funding round consists of $24 million in Series A equity funding along with $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC). The equity funding round was led by Africa50, together with co-investments from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. Read the full article
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