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. Final close for Amethis MENA II fund
Alternative fund manager Amethis and Edmond de Rothschild Private Equity announced the final close of the Amethis MENA Fund II (AMF II) on target at €120 million.
AMF II is the second fund of the Amethis franchise focused on the MENA region, its fifth fund in total, and targets majority and minority investments ranging from €5-15 million in fast-growing small-to-medium sized enterprises in Morocco, Egypt, Tunisia and Jordan.
AMF II has benefited from the support of development finance institutions such as the European Investment Bank (EIB), Proparco/FISEA, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Bpifrance and British International Investment (BII). It has also gathered, with its partner the Edmond de Rothschild Group, a large range of qualified private investors, representing altogether more than 40% of total commitments.
2. AAIC healthcare fund receives investment from Japan’s Marubeni
AAIC Investment, investment manager of the Africa Innovation & Healthcare Fund (AHF2), announced that AHF2 has received investments from Marubeni Corporation.
The participation of Marubeni – a general trading company that has been in business for 164 years – is expected to bring great synergy to the fund and its investees in creating valuable businesses in healthcare-related fields and contributing to the advancement of Africa and neighbouring regions.
AHF2 will continue to invest in and support the growth of companies in the digital healthcare sector, which due to the Covid-19 pandemic, are undergoing rapid digital transformations, facilitating innovations such as teleconsulting, and artificial intelligence in medical diagnosis, etc. The fund will also invest in other technology companies leading the growth of the African scene in sectors such as fintech and insurtech.
3. Shell-backed fund invests in Nigerian battery sharing platform
All On, a Shell-funded impact investment company, announced a £1 million investment in Mobile Power Limited, to increase the growth of its pay-per-use battery sharing platform in Nigeria.
Mobile Power’s energy distribution platform MOPO offers customers a community-based, agent-led battery-as-a-service product that enables them to rent 50Wh-1000Wh lithium-ion batteries for 24-hour periods.
4. PE firm Ezdehar acquires stake in Egyptian retail chain
Ezdehar Management, through the Ezdehar Mid-Cap Fund II, has acquired a controlling stake in retail supermarket chain Zahran Market for an undisclosed amount. Compass Capital acted as the exclusive sell-side advisor to the selling shareholders of Zahran. Ezdehar will own 60% of Zahran Market after the closing of the transaction.
Zahran Market which was founded by Eng. Mamdouh Zahran as a family business in 1987 in Alexandria, was one of the first movers to the North Coast in 1997 and has now grown to operate 16 branches in seven governorates across Egypt. In 2016, the second-generation family members, Karim Zahran and Omar Zahran, kicked off a transformation programme and embarked on an expansion and institutionalisation plan. This included the opening of eight new branches with a focus on the Delta region, rebranding and renovation of legacy branches, and the set-up of strategic partnerships, among other initiatives. The company has an ambitious expansion plan to increase its footprint across the regions its already operating in, in addition to exploring other regions in Egypt.
5. Knife Capital backs South African gym management platform
South African gym management software platform Octiv has closed a series A funding round from venture capital firm, Knife Capital. The start-up previously raised seed capital from prominent South African angel investors and this round also included an angel investment from an executive at BVNK.
This investment will allow Octiv to fast-track its global expansion drive, add innovative product enhancements, and scale customer service levels to keep up with aggressive growth.
Get the most from the Africa Private Equity News app by creating a free membership account. Go to the app home screen, tap the round orange icon in the top-right of your screen and follow the prompts.