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. Carlyle spins out Africa team to Alterra Capital – Bloomberg report
Global private equity group Carlyle is spinning out its sub-Saharan African team to a new firm, called Alterra Capital Partners, formed by the managers of its regional fund, according to a report by Bloomberg.
In 2014, Carlyle closed its Sub-Saharan Africa Fund with $698 million in committed capital. A few years ago, the fund revamped its strategy to concentrate on majority stakes and expand its geographic focus to include North Africa. The fund seeks control investments in upper-mid-market companies valued at $100 million to $200 million.
2. South Africa's PIC invests $50m in Aradei Capital
The Public Investment Corporation (PIC), on behalf of its client, the Government Employees Pension Fund (GEPF) of South Africa, has acquired a 13% stake in Aradei Capital for $50 million.
Aradei Capital is a real estate platform headquartered in Morocco that specialises in commercial real estate assets. It has a presence in 15 cities across Morocco. Through this investment, the PIC joins other investors in Aradei Capital that include the European Bank for Reconstruction and Development (EBRD), Label’Vie (LBV), a leading food retailer and franchisee of the Carrefour brand in Morocco, SANAM Holding and Best Financière which has interests in large and medium retail properties in Morocco.
3. Zoscales Partners makes first investment in Ethiopia's healthcare sector
Zoscales Partners has made an investment into Pioneer Diagnostics Center (PDC), a diagnostic imaging service provider in Ethiopia.
Fredd Kambo, the principal who led the deal for the East African private equity firm said, “Ethiopia currently has the lowest penetration of diagnostic imaging capacity per capita in East Africa. The demand for diagnostic services is growing due to the increasing population, health consciousness, life expectancy rates and incidents of non-communicable diseases like heart disease, stroke, cancer, and diabetes. The Covid-19 pandemic further demonstrates the need for investment in healthcare, and it is of vital importance that the private sector plays its part in provision of services.”
4. Old Mutual's UFF Agri backs Malawian farming business
UFF Agri Asset Management has invested in Jacoma Estates Limited and its Malawian subsidiary Tropha Estates Limited.
Cape Town-based UFF Agri Asset Management is the agricultural fund advisor within the Old Mutual Investment Group.
Jacoma Estates Limited was founded in 2007 by a group of private investors. In 2008, Jacoma’s Malawian subsidiary, Trophy Estates Limited was incorporated and started operations. In 2014, the company, realising the need for irrigation, partnered with Pearl Capital Partners, through the African Agriculture Capital Fund, and AgDevCo, through its Malawian operation, to invest in irrigation and accelerate the development of the company and its social impact through the farming networks it had developed. 2017 has marked another milestone in the business with a second funding round which has seen CDC Group plc invest $8 million alongside a further $3.5 million from AgDevCo and $0.5 million from AACF.
5. Nairobi-based Apollo Agriculture raises $6m
Apollo Agriculture, the financing and products platform empowering small-scale farmers to maximise their profits, has raised $6 million in series A financing. The round was led by Anthemis Exponential Ventures, with participation from Leaps by Bayer, Flourish Ventures (a venture of The Omidyar Group), Sage Hill Capital, to Ventures Food, Breyer Labs, and existing investors Accion Venture Lab and Newid Capital, among others.
Based in Nairobi, Apollo uses machine learning and automated operations technology to help small-scale farmers access everything they need to maximise their profitability, from financing and insurance, to farming products and optimised advice. The Apollo team brings together technology and operations experience from The Climate Corporation, Tesla, and One Acre Fund. The investment allows Apollo to continue rapidly scaling by partnering with more farmers, expanding its product offerings, and growing its team. Apollo has already partnered with about 25,000 farmers so far in 2020.
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