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. Sanlam Private Equity acquires stake in meat company
Sanlam Investments through its private equity business, Sanlam Private Equity (SPE), has acquired a majority stake in the Cavalier Group of Companies, a supplier of premium red meat products and the largest employer in the Cullinan region of Gauteng for an undisclosed amount.
Cavalier Group of Companies specialises in creating the shortest and most cost-effective route for red meat products from farm to fork. The Group consists of five entities: Cavalier Foods, Cavalier Livestock, Cavalier Abattoir, Cavalier Feeders and the holding company.
This deal is the first to close from the Investors Legacy Range’s Private Equity Fund, one of three impact funds launched in June 2020 with a collective goal of creating or preserving 27,000 South African jobs – while still delivering value for investors.
2. Apis Growth Fund II invests in Tyme bank
Tyme, a digital banking network for emerging markets, announced its $110 million series B capital raise from its new Singapore headquarters, bringing foreign investment into South Africa for TymeBank and laying the foundation for Tyme’s expansion across ASEAN, starting with the Philippines.
The new investors in Tyme are Apis Growth Fund II, a private equity fund managed by Apis Partners, and the Gokongwei-led JG Summit Holdings of the Philippines. Both these investors are experienced in financial services in emerging markets. Apis is a private equity asset manager that supports growth stage financial services and financial infrastructure businesses. The Gokongwei family owns and operates one of the largest and best-known conglomerates in the Philippines, JG Summit Holdings, through which they have invested in Tyme.
3. Emerging Capital Partners increases stake in cleaning products company
Emerging Capital Partners (ECP), a pan-African private equity firm, announced on 3 February 2021 that it had crossed a capital threshold of 5% in the Tunisian group Société d’Articles Hygiéniques (SAH), better known as the brand Lilas, a Tunisian champion of hygiene and cleaning products.
The partnership between ECP and SAH Lilas began in 2008, when the company created by Jalila Mezni and Mounir El Jaiez opened its share capital to ECP up to 48.99%. The year 2013 marked the IPO of SAH Lilas – then the biggest since the creation of the Tunis market – and the exit of ECP, which was the first for a financial investor via the BVMT.
4. South Africa: Michael Jordaan-backed Hlayisani Growth Fund announces first close
Hlayisani Growth Fund (HGF) has announced its first close at R350 million (about $23.9 million) to invest into high-growth, high-impact businesses. The funding round was led by Standard Bank and prominent South African family offices.
Focused on the SME ecosystem, the HGF tackles the existing SME funding gap between early-stage venture capital and more traditional private equity in South Africa. The fund offers strategic support and capital to high-growth, highly scalable SMEs with a proven track record, and specialises in growing these SMEs into large, successful enterprises that operate across multiple territories, create jobs and generate export revenue domestically.
The HGF is the first fund offered by Hlayisani Capital, an investment manager founded by a team of venture capitalists, private equity investors and entrepreneurs that include Dr Reuel Khoza and Michael Jordaan, who serves as investment committee chairperson.
5. Nigerian plant-based food company raises pre-seed funding
VeggieVictory, Nigeria’s first plant-based food company, has successfully closed a pre-seed round attracting investments from European and American venture capitalists. Sustainable Foods Ventures, Capital V, Kale United and Thrive Worldwide are the latest investors. Three of the four VCs are solely investing in vegan companies.
The young Nigerian vegan food company had an angel investment round last year. One of the early investors then was Ryan Bethencourt, CEO of Wild Earth (USA). ”This is our second investment in VeggieVictory and Sustainable Food Ventures is proud to be the lead investor. The plant-based revolution is even more crucial in emerging markets and Nigeria being one of the biggest ones,” says Ryan Bethencourt, founder of Sustainable Food Ventures.
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