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A selection of private equity deal, fundraising and exit announcements that came across our desk in February 2020.
Emerging Capital Partners (ECP) signed a binding offer with Grand Parade Investments (GPI) to acquire Burger King South Africa. GPI has entered into an agreement to sell 100% of its interest in Burger King South Africa and Grand Foods Meat Plant to ECP. Burger King has more than 90 restaurants across South Africa.
Private equity firm Amethis – alongside its partners DEG, MCB Equity Fund and IFC – has acquired a minority equity stake in Naivas Group, a leading retailer in Kenya with 60 stores throughout the country.
Actis and Westmont Hospitality Group have acquired the 309-key Sheraton Casablanca hotel, Morocco. The hotel was built in 1989 and is well-located in the heart of Casablanca near the Old Medina and harbour. Actis and Westmont will implement a comprehensive business plan which includes a full refurbishment.
Phatisa, through its Food Fund 2 – together with Sabvest, Masimong Chemicals and Rolfes management – have acquired the entire issued share capital of Rolfes Group, thereby delisting the business from the Johannesburg Stock Exchange to unlock new growth opportunities. Rolfes is a supplier of agricultural, food, industrial and water chemical management solutions and services for both the South African and international markets.
Africa Capitalworks Management, a sub-Saharan Africa-focused private equity investment company, acquired a significant minority equity shareholding in Gaselia Industries Group, one of the largest homegrown beverages groups in West Africa.
GreenTec Capital Partners has invested in Ecodudu, a Kenya-based waste-to-value company producing insect-based protein for animal feed and organic fertilisers from recycled organic matter.
The International Finance Corporation (IFC) has disclosed it is considering a $30 million equity investment in the AfricInvest IV fund. The fund is a generalist, closed-end private equity fund domiciled in Mauritius with a target size of $500 million.
Emerging market-focused infrastructure investor Cordiant Capital partnered with Banque Ouest Africaine de Développement (BOAD), also known as the West African Development Bank, to launch a pair of funds focused on private infrastructure investments in member states of the West African Economic and Monetary Union (WAEMU). The two funds, each of which will have BOAD as lead investor, are the Infrastructure Preparation Fund and an Infrastructure Equity Fund.
The SA SME Fund is enabling the commercialisation of technology innovations developed by South African universities through its R150 million (about $10 million) investment into the University Technology Fund.
The I&P Afrique Entrepreneurs 2 fund, managed by impact investor Investisseurs & Partenaires, recently announced its final close at €92 million. Some of the fund’s most recent investors include the African Development Bank, Japan International Cooperation Agency and France 2i.
TLcom, the Africa-focused venture capital firm, secured an additional $31 million for its TIDE Africa Fund, bringing its sub-Saharan Africa-focused fund to $71 million. The latest investment round has attracted international interest, with TLcom confirming participation from the UK based CDC, IFC as well as South Africa’s Sango Capital and Belgium’s BIO.
German development finance institution DEG has revealed an $11 million investment in the Metier Sustainable Capital Fund II (MSC II), the second infrastructure fund managed by Metier. The manager is headquartered in Johannesburg and holds offices in Kenya and Mauritius.
Agri-Vie Fund I, managed by EXEO Capital, has announced its exit from South Africa’s InteliChem, a provider of crop protection solutions, specialised plant nutrition and seeds to the agricultural industry and related peripherals. The Agri-Vie interest was sold to investment company Masimong Group Holdings.
South African venture capital (VC) fund Paper Plane Ventures has exited its stake in Bitcoin wallet provider Centbee to Amsterdam-based VC investor Two Hop Ventures.
Affirma Capital announced the closing of its exit for its investment in Eaton Towers, as part of a 100% trade sale to American Tower Corporation – a publicly listed owner, operator and developer of wireless and broadcast communications real estate. The transaction was signed in May 2019, after the execution of definitive legal agreements. The sale was concluded at an enterprise value of approximately $1.85 billion, and subject to regulatory approval across multiple jurisdictions.