Investment and economic advisory firm CrossBoundary has reached a first close on CrossBoundary Energy Fund I with US$8 million in capital commitments. The fund, which plans to invest in Africa-based businesses in the commercial and industrial solar sector, also announced its first investment in a Kenya-based 858 kWp solar installation… Read More
East Africa-focused venture capital firm Novastar Ventures has reached a final close on Novastar Ventures East Africa Fund I with US$80 million in capital commitments. Investors in the fund included development finance institutions CDC, FMO, Norfund and European Investment Bank. Multinational bank JP Morgan, global multi-asset investor AXA Investment Management… Read More
Pan-emerging markets private equity firm Actis has acquired a minority stake in South Africa-based food retailer Food Lover’s Market for ZAR760 million (approximately US$54 million). The company owns more than 120 stores across 11 countries in Africa. Food Lover’s Market intends to use the funding to continue its growth both… Read More
Old Mutual Private Equity (OMPE), a division within Africa-focused investment manager Old Mutual Alternative Investments, has acquired a 70 percent stake in South Africa-based sport, leisure and wellness business MoreCorp for reportedly more than ZAR300 million (approximately US$20.8 million). The transaction was structured through OMPE’s Fund IV. MoreCorp owns golf retailers… Read More
Pan-African private equity firm AfricInvest has purchased a minority stake in Salvador Caetano Auto Africa (SC Africa), a subsidiary of Portugal-based auto retailer Salvador Caetano Group. The transaction was structured through AfricInvest Fund III. With AfricInvest’s backing, SC Africa intends to consolidate its position in its current markets of operation… Read More
Pan-emerging markets private equity firm Actis has acquired a majority stake in Nigeria-based pension fund administrator Sigma Pensions for US$62 million. Actis has partnered with Sigma’s founder and Chief Executive Officer Umaru Modibbo and the company’s current management team in the transaction. Sigma Pensions was founded in 2004 and reportedly… Read More
Global growth markets investor The Abraaj Group, development finance institution International Finance Corporation (IFC) and IFC Asset Management Company (IFC AMC), a wholly-owned subsidiary of IFC, have agreed to sell a combined 30 percent stake in Morocco-based insurance group Saham Finances to Saham Finances’ parent company Saham Group and Johannesburg… Read More
Amethis Finance, a fund manager that provides debt and equity financing to companies in Africa, has acquired a minority stake in Côte d’Ivoire-based healthcare clinic and laboratory provider HMAO Group. Through this transaction, Amethis supported the management’s take-over of HMAO Group, which was previously owned by Morocco-based business conglomerate Saham. Read More
Pan-emerging markets private equity firm Actis, Sub-Saharan Africa real estate investment management and development group RMB Westport and Nigeria-focused investor group Paragon Holdings have sold Nigeria-based retail mall Ikeja City Mall to South Africa-focused real estate investment trust Hyprop Investments and Johannesburg Stock Exchange-listed real estate capital growth fund Attacq. Read More
Sub-Saharan Africa-focused private equity firm Adenia Partners has exited Hôtel du Louvre, a business hotel located in Antananarivo, Madagascar, to a group of undisclosed local investors. The transaction was structured through Adenia Capital I. Adenia originally invested in the company in 2006. Financial details of the transaction were not disclosed. Read More
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