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Industry News

Old Mutual-Backed UFF Agri Invests in Malawian Agribusinesses Jacoma Estates and Tropha Estates

UFF Agri Asset Management, a specialty advisor for agricultural investments in Africa backed by Old Mutual Investment Group, has invested in Malawi-based agribusiness and macadamia producer Jacoma Estates and its

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Mediterrania-Led Consortium Acquires Egyptian Diagnostics Imaging Company MetaMed for ~

A consortium of investors led by Africa-focused growth equity fund manager Mediterrania Capital Partners has acquired Egypt-based diagnostics imaging company MetaMed from Middle East- and Africa-focused alternative investment firm Gulf

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DPI Invests USD56m in Tunisian Tomato Processor SICAM

Africa-focused private equity firm Development Partners International (DPI) has invested USD56m in Tunisia-based tomato processor Société Industrielle des Conserves Alimentaires (SICAM) through African Development Partners III (ADP III). Read more

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Anthemis Exponential Ventures Leads USD6m Series A for Kenyan Agtech Apollo Agriculture, Accion Venture Lab and Others Join

Anthemis Exponential Ventures, a partnership between Anthemis Group and Exponential Ventures, led a USD6m Series A for Kenya-based Apollo Agriculture, a financing and products platform for small farmers, with participation

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Actis Exits Ghanaian Commercial Bank GHL Bank

Actis has exited its majority stake in Ghana-based commercial bank GHL Bank to FirstRand Group subsidiary First National Bank Ghana. Read more

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FMO Invests USD13.5m in African Microfinance Group COFINA

Dutch development finance institution FMO has invested EUR12.5m (approximately USD13.5m) in African microfinance group Compagnie Financiere Africaine (COFINA) via two transactions: a EUR7.5m (approximately USD8.1m) investment in Cofina’s subsidiary in

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Cepheus Growth Capital Partners Invests in Lion Brands

Ethiopia-focused fund manager Cepheus Growth Capital Partners has made an undisclosed investment in Ethiopia-based fast-moving consumer goods manufacturer East African Lion Brands Manufacturing Share Company. Read more

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ECP-Backed Mukura Acquires Malawi Assets of South African Fintech Zoona

Emerging Capital Partners-backed money transfer operator Mukura has acquired the Malawian assets of South Africa-based fintech Zoona. The details of the transaction are undisclosed. Read more

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Ninety One and Rand Merchant Bank Ventures Partially Exit Consumer Goods Platform Kamoso Africa to Botswana Development Corporation

Ninety One, formerly known as Investec Asset Management, and Rand Merchant Bank Ventures have sold partial stakes in Botswana-based consumer goods supplier and distributor Kamoso Africa to Botswana Development Corporation

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Novastar Ventures Africa Fund II Reaches USD108m Final Close

Africa-focused venture capital fund manager Novastar Ventures has reached a USD108m final close for its second fund. The vehicle targets early and growth stage startups in East and West Africa.

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Convergence Partners Acquires Vodacom Business Africa’s Operations in Nigeria, Zambia, and Cote D’Ivoire

Africa-focused TMT investment management firm Convergence Partners has acquired Vodacom Business Africa’s operations in Nigeria, Zambia, and Cote d’Ivoire via its pan-African digital service provider platform inq. (formerly known as

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Capitalworks Private Equity Fund III Reaches ~USD275m Final Close

Sub-Saharan Africa-focused private equity firm Capitalworks has reached a ~USD275m final close for Capitalworks Private Equity Fund III, according to Africa Capital Digest. Morgan Stanley Alternative Investment Partners is among

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Vantage Capital Exits South African Optical Network Operator Vumatel

Africa-focused private credit fund manager Vantage Capital has fully exited South Africa-based optical network operator Vumatel. Vantage Capital originally provided financing to the company in 2016 and recently achieved the

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AIIM’s AIIF2 Exits South African Renewable Energy Projects Cookhouse and REISA to AIIM’s IDEAS Fund

African Infrastructure Investment Managers (AIIM) has successfully divested AIIF2’s 14% stake in Cookhouse, a 139MW wind farm, and 34% stake in REISA, a 75MW solar PV facility, via sales to

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EBRD Makes USD4m Follow-On Investment in Egyptian Online Marketplace Developer BasharSoft

EBRD has made a USD4m follow-on investment in Egypt-based online platform and marketplace developer BasharSoft. EBRD previously led the company’s USD6m Series B in 2018. Read more

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Mangwana Capital to Invest in Australian Oil & Gas Company Invictus Energy to Develop Muzarabani Project in Zimbabwe

Zimbabwe-based private equity firm Mangwana Capital has agreed to invest in Australian oil & gas exploration company Invictus Energy to develop the Muzarabani Project, an oil & gas exploration project

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Global Ventures and AAIC Japan Lead USD7m Investment in Nigerian Healthtech Helium Health

UAE-based VC Global Ventures and Africa-focused asset manager AAIC Japan led a USD7m investment in Nigeria-based electronic medical records provider Helium Health. Read more

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Proparco Commits USD20m to SPE AIF I to Invest in Africa

Development finance institution Proparco has invested USD20m in SPE AIF I, a fund managed by Africa- and Middle East-focused private equity firm SPE Capital Partners. The fund targets investments in

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Crystal Stream Capital Invests in Pre-Series A for Egyptian B2B E-Commerce Platform MaxAB

TMT-focused VC Crystal Stream Capital, also known as Qingliu Capital, has invested in a multi-million dollar pre-Series A for Egypt-based B2B e-commerce platform MaxAB. Read more

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TLcom Invests USD1m Pre-Seed Round for Nigerian Fintech Okra

Telecom, media, and technology-focused venture capital fund manager TLcom Capital has invested USD1m in a pre-seed round for Nigeria-based fintech and API developer Okra. Read more

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Old Mutual to Acquire South African Footwear and Apparel Distributor Crick

Old Mutual Private Equity, a division of South Africa-focused asset manager Old Mutual Alternative Investments, has received approval from the Competition Commission of South Africa to acquire footwear and apparel

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Phatisa, DEG, Mbuyu Capital, and Norfund Acquire Malawian Agtech Farming and Engineering Services

Phatisa Food Fund II and a group of co-investors including DEG, Mbuyu Capital, and Norfund, have acquired Malawi-based agtech Farming and Engineering Services (FES). The consortium bought the FES stake

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Mediterrania Capital Reaches USD310m Final Close for Fund III

Africa-focused growth equity fund manager Mediterrania Capital Partners has reached a EUR286m (approximately USD310m) final close for its third Africa fund. The vehicle targets SMEs in North, West, and Central

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DEG Invests up to USD10m in Kenyan Retailer Naivas

German development finance institution DEG has agreed to invest up to USD10m in Kenya-based grocery retail distributor Naivas, along with co-investors Amethis Finance and IFC. Read more

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DEG Provides Financing to Kenyan Macadamia Producer Limbua

German development finance institution DEG has provided financing to Kenya-based macadamia nut producer Limbua to support the expansion of its production. Read more

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Africa’s Alitheia IDF Reaches USD75m Second Close

Alitheia IDF, a joint venture fund between Nigeria-based Alitheia Capital and South Africa-based IDF Capital, has reached a USD75m second close. The vehicle targets women-led SMEs in high growth sectors

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Adjuvant Capital Leads USD15m Series A for Nigerian Genomics Company 54gene

Adjuvant Capital, a health-focused investment firm backed by IFC and the Bill & Melinda Gates Foundation, led a USD15m Series A for Nigeria-based genomics company 54gene, with participation from Raba

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IFC to Commit up to USD20m to SPE AIF I

IFC has agreed to invest up to USD20m in SPE AIF I, a fund managed by Africa- and Middle East-focused private equity firm SPE Capital Partners. The fund targets investments

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SPE Capital and Proparco Acquire Morocco’s Pharmaceutical Company Saham Pharma

Africa- and Middle East-focused private equity firm SPE Capital Partners has acquired Morocco-based antibiotics manufacturer and hospital provider Saham Pharma through SPE AIF I. Development finance institution Proparco joined as

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DEG to Provide USD40m in Financing to Kenya’s ETG Group

German development finance institution DEG has agreed to provide USD40m in financing to Kenya-based agricultural commodity trader and supply chain manager ETG Group. Read more

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A.P. Moller Acquires Kenya’s IberAfrica from Naturgy

A.P. Moller Capital has acquired Kenya-based thermal power plant IberAfrica from energy sector-focused multinational group Naturgy. Read more

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Kibo Capital Partners Acquires Majority Stake in Mozambican Tertiary Education Group Transcom

Africa-focused private equity fund manager Kibo Capital Partners has acquired a majority stake in Mozambique-based tertiary education group Transcom for an undisclosed amount. Read more

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Finnfund Invests USD1m in Rwandan E-Commerce Startup Kasha

Finnish development finance institution Finnish Fund for Industrial Cooperation has invested USD1m in Rwanda-based female-focused e-commerce startup Kasha. Read more

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IFC Provides USD2.5m in Financing to I&P-Backed New Crystal

International Finance Corporation has provided USD2.5m in financing to New Crystal, a Ghana-based health care group providing medical services to lower-middle-income and low-income patients. Read more

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Adenia Partners Exits Mauritian Paint Manufacturer Mauvilac via Sale to AkzoNobel

Africa-focused private equity fund manager Adenia Partners has completed the sale of its 95% stake in Mauritian paint and coatings manufacturer Mauvilac to paint manufacturer AkzoNobel. Read more

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FMO Commits USD25m to DPI’s African Development Partners III

Dutch development finance institution FMO has invested USD25m in DPI’s African Development Partners III, a pan-African fund targeting established and growing consumer-focused companies. FMO previously invested in DPI’s first fund.

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GreenTec Capital Partners Invests Undisclosed Amount in Ivory Coast’s Coliba

Africa-focused VC GreenTec Capital Partners has invested an undisclosed amount in Ivory Coast-based waste recycling startup Coliba. Read more

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STANLIB to Acquire South Africa’s AFGRI Grain Silo Company

STANLIB Asset Management has received authorization to acquire South African grain management business AFGRI Grain Silo Company from AFGRI Agri Services via two of its PE funds, namely Infrastructure Yield

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Golden Square Equity Partners to Acquire 99% Stake in Casa Mining from ARC Minerals for USD50m

Golden Square Equity Partners has entered into an agreement to acquire a 99.43% stake in gold mining company Casa Mining from London-listed ARC Minerals for USD50m. Golden Square will also

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Newly Launched Azur Innovation Fund Reaches USD35m First Close

The Dutch Good Growth Fund (DGGF) has entered into a partnership with Azur Partners for the launch of the Azur Innovation Fund (AIF), to target innovative high-impact startups in Africa.

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27four Investment Managers Reaches USD40m Second Close for Black Business Growth Fund II

South African fund of funds 27four Investment Managers has reached a USD40m second close for its Black Business Growth Fund II with commitments from the Consolidated Retirement Fund for Local

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Ninety One Completes Spinoff from Investec Group and Dual Lists on LSE, JSE

Ninety One, formerly known as Investec Asset Management, has completed its demerger from Investec Group and is now dual-listed on the London Stock Exchange and the Johannesburg Stock Exchange. Investec

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ARM-Harith appoints Tariye Gbadegesin as CIO and Managing Director

ARM-Harith Infrastructure Investment has appointed Tariye Gbadegesin to Managing Director and Chief Investment Officer.

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Metier Invests in Hydropower Project in Kenya

Metier has signed a joint development agreement with Tembo Power to develop Kaptis Project, a river hydropower project in Kenya. Read more

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Ninety One-Managed EAIF Signs Master Cooperation Agreement with IFC for Funding of African Infrastructure Project

The Emerging Africa Infrastructure Fund (EAIF), a joint public and private investment fund owned by the Private Infrastructure Development Group and managed by Ninety One (formerly Investec Asset Management), has

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AfricInvest Acquires Minority Stake in Rwanda’s I&M Bank

Pan-African private equity fund manager AfricInvest has acquired a minority stake in Rwanda’s I&M Bank through its AfricInvest Financial Inclusion Vehicle (FIVE). The fund invests in the financial services sector

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AfDB’s Facility for Energy Inclusion Reaches USD160m First Close

The African Development Bank’s Facility for Energy Inclusion fund has reached a USD160m first close. The African Development Bank provided USD90m, the European Commission and the German Development Bank KfW

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1K1V Partially Exits SanLei, Mergence Investment Managers Acquires Significant Minority Stake

Private investment fund manager One Thousand & One Voices (1K1V) has announced a recapitalization of Lesotho-based aquaculture company SanLei. As part of the transaction, Mergence Investment Managers has acquired a

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Sparkmind.vc, Finnfund, and Others Lead USD3.86m Series A for Kenyan HRtech Fuzu

A group of investors including Sparkmind.vc, Finnfund, Cornerstone Enterprises, Aucfan Incubate, Seedstars International, Kepple Africa Ventures, and Barona invested USD3.86m in a Series A for Kenyan HRtech Fuzu. Read more

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Blue Haven Leads USD3.6m Series A for Nigerian Healthtech Field Intelligence

Impact investor Blue Haven Initiative led a USD3.6m Series A for Nigerian healthtech Field Intelligence with participation from Newtown Partners (via the Imperial Venture Fund), Accion Venture Lab, and others.

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Ascent Acquires Kenya’s Plastics Manufacturer Metro Plastics

Nairobi-based PE firm Ascent Capital has acquired Kenyan plastics manufacturing company Metro Plastics. Read more

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Algebra Ventures Leads Seed Round for Egyptian Fintech Khazna with Participation from Accion Venture Lab

Middle East- and Africa-focused fund manager Algebra Ventures led a seed round for Egypt-based fintech Khazna with participation from Accion Venture Lab. The size of the investment remains undisclosed. Read

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IFC Leads USD337.7m Financing Round for Ivorian Power Plant Project

International Finance Corporation is the lead arranger for a EUR303m (approximately USD337.7m) debt financing package for Atinkou, a natural gas-fired power project in Côte d’Ivoire. The African Development Bank (AfDB),

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