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: Vuna Partners acquires 80% stake in logistics company
Vuna Partners Fund I, managed by Vuna Partners, announced its acquisition of an 80% equity stake in 4PL Group, with the remaining 20% shareholding held by the management of 4PL Group.
Headquartered in Pretoria, 4PL Group is an integrated supply chain company with a national and international footprint, providing end-to-end logistics solutions that span specialised and bulk road, rail, sea and air freighting, import/export clearance and forwarding, crossborder services, warehousing, tracking and reporting technology. 4PL Group’s 260-strong team are responsible for the transportation of more than 240,000 tonnes of cargo per month, servicing over 450 clients with a fleet of owned and subcontracted vehicles.
The fund is acquiring its equity stake from the Mergon Group, which has served as 4PL’s investment partner since the company was founded 13 years ago.
2. Greenlight Planet secures $90m from CDC, ARCH Africa Renewable Power Fund, others
Greenlight Planet Inc., a provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its pay-as-you-go (PAYG) solar consumer financing business and consolidate its debt portfolio. Akira Partners and Orrick Herrington & Sutcliffe advised Greenlight Planet.
The new debt and equity investments were provided by European development finance institutions CDC Group, FMO, and Norfund, along with impact investors ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships, and private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund. Of the total $90 million in committed funding, $69 million has been disbursed to the company, with the balance to be drawn down as the company delivers additional solar-powered home energy systems, with end-consumer financing, to homes in Africa.
3. Helios backs African reinsurance business
Helios Investment Partners has announced the launch of Africa Specialty Risk Group (ASR) in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. ASR is a reinsurance business focused on becoming the partner of choice to corporations through the provision of comprehensive and bespoke risk mitigating insurance solutions.
Helios identified an unmet need in the reinsurance space to expand the continent’s long-term domestic capacity beyond its current capabilities. Having previously founded market-leading businesses such as Helios Towers, the firm took a similar pioneering approach in partnering with Mikir Shah and Bryan Howett to develop and increase domestic reinsurance capacity.
4. Nigeria: Platform Capital invests in digital media publisher
Lagos-based Platform Capital has announced an investment in Big Cabal Media (BCM), a digital media publisher operating out of Nigeria.
BCM currently publishes TechCabal and Zikoko, while working with brands through its Cabal Creative Studio. TechCabal provides insight into startups, innovation and technology in Africa through its reporting, data and events. It serves a global audience of business professionals, investors, entrepreneurs and those curious about the impact of technology in Africa’s evolution. Zikoko creates high-engagement content around youth culture in and around Nigeria and West Africa.
5. Maris subsidiary Agris invests in Kenyan herb farm
Agribusiness investor Agris has expanded Kenya-based Evergreen Herbs Ltd with an investment in Kajiado Farm.
Evergreen Herbs, one of East Africa’s leading producers of fresh-cut herbs, has commenced operations at a farm that was set to close in Kajiado, Nairobi. Evergreen Herbs Kajiado adds 15 ha of greenhouses and 6 ha of open field production to the company’s existing 25 ha site at nearby Athi River.
Agris, a subsidiary of African investment group Maris Ltd, acquired Evergreen Herbs in March just as the global lockdown devastated Kenya’s herb industry.
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