We revisit eight of PE firm Helios' major moves during 2020
We look back at Africa-focused private equity investor Helios Investment Partners’ major deals and announcements during 2020.
10 December: Helios invests in discount grocery retailer
Helios Investment Partners has announced a partnership with BİM BİRLEŞİK MAĞAZALAR (BIM), the leading discount grocery retailer in Turkey listed on the Borsa İstanbul, to invest in BIM’s Moroccan business (BIM Morocco) through the acquisition of a 35% stake valuing the company over $200 million.
BIM Morocco was established in 2009, and has grown into the largest discount grocery retailer in Morocco with over 500 stores across the country. The company provides consumers with essential products at competitive prices, leveraging its well-known brand, BIM, its high-quality private label offering as well as its strong logistics platform.
16 September: Helios backs African reinsurance business
Helios 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.
8 September: Helios leads $60m funding round for cross-border payments company
Singapore-based fintech startup Thunes, which operates a global B2B cross-border payments network, has attracted a $60 million series B funding round led by Helios. Additional investors include Checkout.com as well as existing investors GGV Capital and Future Shape.
Launched in 2016, Thunes’ global network connects mobile wallet providers, banks, technology companies and money transfer operators, enabling seamless cross-border payments to and from emerging economies in a fast and secure manner.
Tope Lawani, co-founder and managing partner of Helios commented, “The African fintech space, and payments in particular, remains a key focus area for Helios and we continue to look for opportunities to back high-growth companies building key infrastructure for the financial ecosystem in Africa. Thunes is a great example of a firm leading this. The unique network built by the company enables its partners to process cheaper and faster cross-border payments of all types. We are delighted to be supporting Thunes in their plans to connect multiple payment ecosystems across often challenging markets in Africa and other emerging markets and thus, foster further financial inclusion.”
18 August: Helios hires ESG director from Carlyle
Helios has appointed Phil Davis as Director of Environmental, Social & Governance (ESG). Davis has over 14 years of experience, most recently as Head of Sustainability for the EMEA region at The Carlyle Group. He joins Helios’ Portfolio Operations Group, contributing to value creation through the lifecycle of Helios investments, and supporting the firm in further advancing and expanding the scope of its ESG framework and policies.
10 July: Helios and Fairfax Africa to combine businesses
Fairfax Africa, an investment holding company traded on the Toronto Stock Exchange, has entered into a definitive agreement with Helios Holdings Limited for the combination of their complementary businesses on one unified platform.
The Helios Holdings Group will contribute certain economic streams (from the management and performance fees arising from current and future Helios funds) to Fairfax Africa in exchange for a 45.9% equity and voting interest in the pro forma share capital of Fairfax Africa. Fairfax Financial Holdings Limited will retain voting control of the combined entity.
On closing of the transaction in December 2020, Fairfax Africa was renamed Helios Fairfax Partners Corporation (HFP) and continues to be listed on the Toronto Stock Exchange.
7 July: Helios fund lands $100m commitment from LP
CDC Group, the UK’s development finance institution, has committed $100 million to Helios Investors IV, the fourth private equity fund raised by Helios.
The pan-African generalist fund will invest in and build market-leading companies across the continent. With a well-established local presence in Lagos and Nairobi, offices in Europe and strong networks across the continent, Helios has grown significantly since its establishment in 2004 and has invested in businesses that operate in over 30 African countries.
20 January: Helios-backed property developer Acorn dual-lists green bond programme
Acorn Holdings Ltd., the largest purpose-built student accommodation property developer in Kenya, has dual-listed its KES 4.3 billion green bond programme on the International Securities Market of the London Stock Exchange.
In November 2015, Helios entered into a joint venture with Acorn. The partnership established a development platform, primarily focused on the youth housing segment in Nairobi, Kenya.
The medium-term note (MTN) programme will be used to finance the construction of green-certified student properties developed by Acorn, to create clean, safe, and affordable accommodation for 5,000 students in Nairobi.
13 January: Helios gains B Corp status
Helios Investment Partners announced that it has become a Certified B Corporation (B Corp). Helios is the world’s largest emerging markets-focused private equity company to achieve B Corp status.
The B Corp certification, awarded by B Lab, a global sustainability organisation, recognises that the firm adheres to the highest standards of corporate governance, transparency, accountability, and social and environmental performance – including its investment strategy and activities.
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