TLG Capital exits Uganda investment at over 30% IRR

TLG Capital announced today it is exiting its investment in BAJ Stations Uganda, after nearly four years, at 30+% IRR in USD. TLG invested in BAJ Stations through its Credit Opportunities Fund (COF). This is COF’s eighth exit and its third in Uganda.

TLG first invested in BAJ in 2017 when the business had five operating fuel stations. Through TLG’s investment, strategic guidance and support of BAJ’s management team, led by Norman Batuma, the business transformed into a significant fuel retailer in Uganda with over 40 fuel stations spanning the length and breadth of Uganda.

BAJ focused on providing fuel to the lesser developed communities across Uganda by strategically building stations along highways and busy commuter belts – away from large cities.

Saad Sheikh, principal at TLG Capital said, “Norman is an outstanding and visionary entrepreneur who built the largest locally owned fuel retail enterprise – BAJ Stations. We are proud to have worked with Norman and his team and to have been part of BAJ’s journey. As Norman and the team embark on the next phase of their journey, I am confident that the enterprise would further grow its network to serve lesser-developed communities where otherwise people walk/travel for miles to access fuel for motorbikes or fishing boats – which in most cases the only source of income for the household.”

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