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. PAPE Fund 3 acquires stake in DDS Group
PAPE Fund 3, the mid-cap South African private equity fund, has announced the successful acquisition of 45% of the equity in the DDS Group of companies, a leading African beverage dispensing and refrigeration services provider.
The DDS Group of companies provide beverage dispensing and refrigeration services on behalf of the multinational distributors, as illustrated by the servicing of draught beer installations and coffee machines found in bars and restaurants. DDS also specialises in the sale, installation and servicing of refrigeration systems, ventilation systems, cold rooms and air conditioning units, as well as the sale and distribution of spare parts.
PAPE Fund 3 has also provided loans to key members of the management team to increase their equity stakes in the business.
2. TPG Growth portfolio company acquires South Africa’s Okuhle Media
African music and entertainment company Trace has acquired a majority stake in Okuhle Media, a leading player in the production of audiovisual content for South Africa, Africa and global markets. Trace is majority-owned by TPG Growth, a platform of global investment firm TPG. TPG Growth invested in Trace in 2018, alongside Evolution Media and Satya Capital.
Founded in 2003 by five producers, Okuhle Media is headquartered in Cape Town and employs 78 staff.
3. Endeavor Catalyst III fund reaches final close
Endeavor has announced the closing of Endeavor Catalyst Fund III, a $134 million venture capital fund, which will continue to invest in Endeavor entrepreneurs in emerging and underserved markets globally.
This is Endeavor’s largest fund to date, surpassing the $120 million target. It also brings Endeavor Catalyst’s total assets under management up to $250 million.
4. Naspers Foundry invests in food service industry
Naspers Foundry, Naspers’s R1.4 billion (about $85.2 million) early-stage investment vehicle aimed at boosting the South African tech sector, has closed its third deal, an investment in Food Supply Network (FSN) on undisclosed terms.
FSN is an independent business-to-business marketplace that integrates ordering systems of manufacturers, distributors, and buyers (restaurants, hotels and retailers) of food products.
5. FMO invests in XSML’s third fund
Dutch development financier FMO has signed a $10 million investment in XSML’s third fund, African Rivers Fund III (ARF III). XSML is a fund manager active in Central and East Africa.
ARF III will build on the successful strategy of XSML’s previous funds to employ a mixed mezzanine and equity investment approach to build a diversified portfolio of SME investments.
Reach Africa’s private equity community by publishing a Showcase Article, Job Opportunity or Event on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.