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. South Africa: Completion of Carlyle exit
AgroFresh Solutions Inc., a global agtech company specialising in post-harvest produce freshness and quality solutions, has announced the completion of its acquisition of Tessara. In July 2023, private equity firm Carlyle announced that it agreed to sell its majority stake in Tessara to AgroFresh.
South African based Tessara is a provider of intelligent packaging solutions for preserving fresh produce.
The transaction was completed following clearance by the South African competition authorities.
2. Acumen, Alitheia, Sahel Capital, others in $10.4m agtech round
Ghana-based Complete Farmer, an end-to-end digital agricultural marketplace, has raised $10.4 million in a pre-Series A funding round of equity and debt.
The equity portion of the round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital via its uMunthu II Fund in partnership with Goodwell Investments. They were joined by Proparco, Newton Partners and VestedWorld Rising Star Fund. Debt financing was provided by Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group through its Alpha Jiri Investment Fund, and Global Social Impact Investments, to fund both CAPEX and working capital investments in support of short and long-term growth.
3. Metier announces first close of mid-market equity fund
South Africa-based private equity firm Metier announced the first close for its Metier Capital Growth Fund III, raising just over $182 million. Further commitments are expected by the final close, positioning Metier to exceed its targeted fund size of $200 million.
The fund has a geographic focus on sub-Saharan Africa and is expected to make eight to 12 equity and equity-related investments into mid-market companies with high growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation.
4. European LP commits €30m to Mediterrania fund
Mediterrania Capital Partners has announced that the European Bank for Reconstruction and Development (EBRD) will be investing up to €30 million in its new MC IV fund.
With one investment already fully executed (investment in Moroccan pharmaceutical company, Laprophan), MC IV aims to invest up to €350 million in African businesses to help them reach their full operational potential and generate financial returns for investors.
5. Rwanda: Incofin exits investment
Incofin Investment Management has sold the 28% equity stake that its Rural Impulse Fund (RIF II) had in Rwanda’s Unguka Bank to LOLC Holdings.
The LOLC group is a diversified financial services business with a presence in 23 countries across Asia, Africa and Australia.
RIF II invested in Unguka Bank in 2012.
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