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.
1. Rwanda: Arise sells bank stake to Kenya’s KCB
African investment company Arise has sold its shareholding in Banque Populaire du Rwanda Plc (BPR) to KCB Group in Kenya. This development comes on the back of securing all the regulatory approvals in Kenya and Rwanda, and has resulted in KCB becoming the majority shareholder in BPR, Rwanda’s second largest bank.
According to Deepak Malik, Arise chief executive officer, since inception Arise was fortunate to be able to contribute to the growth trajectory of BPR and believes that the future merger of BPR and KCB Rwanda will provide an even stronger foundation for expanded growth in the Rwandan banking sector and contribute to advancing financial inclusion on the African continent. Arise, through its predecessor shareholder, Rabobank, initially facilitated the creation of BPR with the merger between BRD Commercial Bank Limited and BPR.
2. Amethis completes first close of its MENA Fund II
Private equity firm Amethis has announced the first close of its Amethis MENA Fund II (AMF II) at $101 million (€85 million).
The fund, which will target majority and minority investments ranging from €5-15 million in fast-growing small-to-medium sized enterprises in Morocco, Egypt, Tunisia and Jordan, is Amethis’ second SME MENA fund and fifth overall fund. It succeeds AMF I, formerly known as CNAV II, a Maghreb SME fund that Amethis took over in 2018 and successfully turned around.
AMF II has benefited from the support of leading development finance institutions: the European Investment Bank (EIB), Proparco via FISEA+ (the AFD Group fund advised by Proparco and part of the Choose Africa initiative), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). It has also gathered a large range of qualified private investors, together with its partner the Edmond de Rothschild Group, representing altogether one third of the first close.
3. Nigerian agribusiness company raises $17.5m in funding
Agricorp International, a Nigerian based spices producing, processing, and exporting company has raised $17.5 million in series A funding to increase its processing capacity up to 7,000 metric tonnes.
The funding was raised from Vami Nigeria, One Capital LLC and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company. Ernst & Young (Nigeria) served as transaction advisors while Elisio Law Office and Pavestone Legal served as legal advisors.
4. Swiss LP invests $10m in Metier fund
The Swiss Investment Fund for Emerging Markets (SIFEM) has invested $10 million in Metier Sustainable Capital International Fund II. The fund will be focused on climate mitigation and adaptation through investments in renewable energy generation as well as in resource efficiency.
At least 35% of commitments are expected to be in least developed countries (LDCs), and geographically, the fund is expected to allocate 40% to Southern Africa, 30% to Eastern Africa, and 30% to Western Africa.
SIFEM’s regional partner in this investment, Metier Sustainable Capital Private Equity International, is a private equity firm in Africa with three decades of experience. The overall size of the fund is $156 million.
5. Amethis exits to African Infrastructure Investment Managers
Amethis has sold its 22% stake in Sodigaz APC, the leading gas bottle (LPG) distributor in Burkina Faso, to African Infrastructure Investment Managers.
Sodigaz APC has a market share exceeding 60% and a unique distribution network of 2,200 gas resellers.
Amethis invested in Sodigaz APC in July 2017 and has since supported the company and its management team, led by Lala Bolly, in strengthening its governance, in its regional expansion, in enlarging its products offer and in the implementation of a solid health and safety policy.
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