The 5 most popular stories on Africa Private Equity News this week

Here are summaries of the five most widely read stories this week on Africa Private Equity News.

Here are summaries of the five most widely read stories this week on Africa Private Equity News.

1. Pepkor to sell building materials unit to Capitalworks

Pepkor, a listed South African retail group, announced it is selling its entire stake in The Building Company (TBCo) to Capitalworks Private Equity and some of TBCo's management team for approximately R1.2 billion ($62.4 million). TBCo, a Pepkor subsidiary, owns several brands such as Buco, Timbercity, and Tiletoria. The deal is pending regulatory approval.

The total consideration payable on closing of the proposed transaction will be c. R1.2 billion subject to an escalation rate of 8.5% per annum from 1 October 2023 until the proposed transaction’s closing date. Read the full article

2. Universal acquires Nigerian music label; TPG exits

Universal Music Group has announced a majority investment in independent record label Mavin Global. The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.

In 2019, Kupanda Holdings – a joint venture between Kupanda Capital and TPG Growth (a division of American private equity firm TPG) – announced a multimillion dollar investment in Mavin. TPG has fully exited the business, while Kupanda Capital will remain a minority investor and strategic advisor. Read the full article

3. Adenia acquires South African delivery company The Courier Guy

Private equity firm Adenia Partners has acquired 100% of The Courier Guy, a last-mile delivery and express parcel services company in South Africa, alongside co-investors DEG, Proparco, and South Suez. This acquisition marks the second investment of Adenia’s fifth flagship fund, Adenia V. Financial terms of the transaction were not disclosed.

The Courier Guy has an extensive network of delivery partners, kiosks, and more than 1,200 smart lockers across the country. Read the full article

4. British International Investment announces new appointments

British International Investment, the UK’s development finance institution and impact investor, announced the appointments of Samir Abhyankar as Managing Director, Head of Financial Services Group, and Maria Smith as Managing Director, Chief Impact Officer.

Read the full article

5. Acasia Ventures invests in Kenya’s Tappi

Egyptian venture capital firm Acasia Ventures joined a $1.5 million pre-seed funding round for Kenyan digital commerce startup Tappi. The round was led by Mercy Corps Ventures and Chui Ventures and joined by international VC firms and angel investors, as well as advisors from Google and Salesforce.

Founded in 2022 by CEO Kenfield Griffith and co-founder Louis Majanja, Tappi is a SaaS platform set to digitise the millions of micro, small and medium-sized enterprises (MSMEs) in Africa through solutions for lead generation for marketing. Read the full article

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