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. Development Partners International announces landmark African agri deal
Development Partners International (DPI), a pan-African private equity firm, has announced the signing of Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP) landmark combination with Comptoir Agricole de Souss (CAS), creating a major new player in the Moroccan and African agricultural industry with combined sales of MAD 1.6 billion ($175.6 million).
CMGP is an African provider of irrigation solutions and water infrastructure headquartered in Morocco, with operations across Morocco and West Africa.
CAS is one of the leading players in the agri-supply sector in Morocco, operating in three segments: irrigation, crop protection, and seeds and fertilisers. Founded in 1967 by Phillipe Alleon, current CEO Jacques Alleon has spearheaded the expansion of the business across Morocco since joining in 1994.
2. Jeff Bezos invests in African fintech startup
African fintech startup Chipper Cash has raised $30 million in a series B funding round led by Ribbit Capital with participation from Bezos Expeditions, Jeff Bezos’ personal venture capital fund, according to Quartz Africa.
Chipper Cash builds software to enable free and instant peer-to-peer cross-border payments.
The company, founded in 2018, has operations in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
3. DOB Equity invests in East Africa’s largest commercial fish farm
DOB Equity, a Dutch family office, is investing in Victory Farms, East Africa’s largest commercial fish farm to allow the firm to scale up its production capacity and expand its reach across the Kenyan market.
By investing in Victory Farms, the private equity fund with offices in Kenya and the Netherlands will be seeking a slice of the estimated $500 million Kenyan fish market.
4. A.P. Moller Capital invests in grain logistics infrastructure in Africa
A.P. Moller Capital, through the Africa Infrastructure Fund 1, has completed the acquisition of a 49% shareholding in Casablanca-based grain terminal operator Mass Céréales al Maghreb (MCM). Holding Marocaine Commerciale et Financiere (HOLMARCOM) will retain 51% ownership of MCM.
MCM has, for more than a decade, provided handling and storage services for grain bulk cargoes at the ports of Casablanca and Jorf Lasfar. The company handles nearly half of all grain bulk imports each year, contributing to an efficient logistics chain for key food supplies in Morocco.
5. Goodwell commits $1.5m to Mozambique’s Chicoa Fish Farm
Chicoa Fish Farm, a Mozambican-based company addressing the critical challenge of a lack of affordable protein in Southern Africa, announced that it closed its series A equity funding round totalling $1.5 million from Goodwell Investments.
Chicoa Fish Farm was founded by Gerard McCollum and Damien Legros in 2015 with the vision to provide a blueprint for a sustainable aquaculture industry across Africa. Since its inception, Chicoa has focused on securing its supply chain through primary production of tilapia, establishing a breeding programme, and developing sales and distribution channels in Mozambique, Malawi, South Africa and Zambia.
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