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. Vantage Capital exits Cap Tamarin
African mezzanine debt fund manager Vantage Capital has fully exited its investment in Cap Tamarin, a smart city development located in the town of Tamarin on the west coast of Mauritius, managed by Trimetys Group. Vantage’s exit was financed by an equity and bond raise that also provided funds for further expansion of the development.
Vantage provided $10 million to Cap Tamarin in Jul 2018 to fund the infrastructure and amenities of the development which included civil works, telecom works, electrical works and construction of the park and bridges. Whilst banks were unwilling to fund the early-stage construction risk, Vantage recognised the potential of Cap Tamarin, a mixed-use development project in a prime coastal location that combines an aspirational island village lifestyle with a strong developmental impact on surrounding communities.
2. Metier-backed Africa REN restructures solar plant ownership
Africa REN, a renewable energy company, has announced a change in the shareholding of the Senergy 2 solar power plant in Senegal. Originally held by Africa REN Invest (ARI), the company’s first investment vehicle, the plant has now been acquired by Africa REN Energy (ARE) and the Senegalese Caisse des dépôts et consignations (CDC).
ARE, a new investment vehicle set up by Africa REN in 2021 with support from Metier Sustainable Capital and the Dutch development bank FMO, has finalised the acquisition of 60% of the plant’s shares from the historical shareholders. Meanwhile, the CDC has acquired the remaining 40% in exchange for the shares it held in ARI.
3. Mediterrania, DEG, Proparco and FMO invest €75m in pharma company
Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs and mid-cap companies in Africa, announced its acquisition of a stake in Laprophan – a pharmaceutical company in Morocco – through its fund MC IV, alongside DEG, Proparco and FMO.
Founded in 1949 by Abderrahim Bennis, Laprophan distributes its own branded products and imported finished products from large international laboratories, providing patients and healthcare professionals with a wide range of medical drugs covering over 40 specialties. Laprophan also exports products to more than 30 countries across Africa and the Middle East.
4. Mineworkers Investment Company backs Quro Medical
South Africa’s Mineworkers Investment Company (MIC) has announced an investment in healthcare technology company Quro Medical.
Through its venture capital initiative, Khulisani Ventures, MIC has invested R25 million (c. $1.4 million) in the startup, which is changing the way healthcare is delivered in South Africa.
5. Egypt: Acasia Ventures backs remittance platform
Egyptian venture capital firm Acasia Ventures led the USD seven-figure pre-seed investment round in Cairo-based, remittance-focused fintech startup Balad. The round was joined by Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices.
Founded in 2022, Balad is a remittance-driven financial service provider catering for migrants and their families. The startup offers reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards.