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. Actis exits to AfricInvest
Actis has announced its successful exit from AutoXpress, an importer, distributor and retailer of tyres, auto parts and accessories serving retail and corporate customers in the East African market. Actis has sold its stake in the company to AfricInvest, a pan-African mid-cap-focused private equity firm.
Since Actis’ investment in AutoXpress in 2014, the business has more than doubled the number of branches to 56, grown retail sales contribution from 15% to 35%, opened two new country headquarters in Uganda and Tanzania, forged partnerships with auto vehicle and parts manufacturers ranging from Goodyear to Honda, and now counts more than 900 well-trained professionals as part of its workforce.
2. 1K1V and Crossfin complete Sybrin acquisition
Private equity capital fund One Thousand & One Voices (1K1V), in partnership with diversified fintech investment holding company Crossfin and investor Isaac Mophatlane, announced the completion of the Sybrin Group of Companies transaction. All conditions precedent and approvals for the transaction were fulfilled on 31 March 2022.
Sybrin is a software solution provider helping predominantly financial services providers digitally transform and automate their business processes. The company also integrates its software solutions into the core line of business systems of middle-market and large enterprises, with current clients such as Microsoft, ABSA, MTN, Bidvest Bank, Kenya Bankers Association, Nedbank and Old Mutual. The industry giant has a footprint across 17 countries in Africa, the Middle East, the United Kingdom, Asia and Eastern Europe.
3. IFC commits $15m to VC fund
The IFC announced an investment in the second fund from venture capital firm Algebra Ventures.
IFC’s $15 million investment in Algebra Fund II will help support the growth of roughly 20 technology start-ups, primarily in Egypt but also in Africa more broadly. The fund, which has a target size of $90 million, will have a special focus on women-led businesses and those serving rural communities.
4. Ghana: IFU and Norfund invest in cement producer
Danish development finance institution IFU and Norfund have invested $27.9 million in Continental Blue Investments Ghana Limited (CBI). The company is a producer of cement in Ghana and operates a 550,000 tonnes per annum facility outside Accra. The cement is sold under the brand name Supacem for commercial, industrial and residential construction projects, as well as complex infrastructure.
IFU’s investment is made on behalf of the Danish SDG Investment Fund, which is backed by large Danish pension funds and private investors.
5. Egypt: Endure Capital leads $19m investment in smart energy platform
Pylon, the infrastructure management platform transforming electricity and water companies in emerging markets, announced a $19 million seed funding round.
The seed round for the rapidly-growing start-up – which is profitable and grew by 3.5x in 2021 – began with initial funding from US technology start-up accelerator, Y Combinator, and attracted a diverse group of investors from North America and MEA.
This funding round, comprising equity and debt, was led by Endure Capital, which is backed up by CDC, the UK Government’s development finance institution. Also participating were Cathexis Ventures, Khawarizmi Ventures, Loftyinc Ventures, and various high profile angel investors.
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