This article is published in association with Africa Private Equity News, a one-stop source for industry-related information. Stay up to date by downloading the free Africa Private Equity News app: Android | iOS | Scan QR code from desktop. Subscribe to the monthly newsletter here.

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A selection of African private equity deal, fundraising and exit announcements that came across our desk in September 2019.

DEALS

Development Partners International (DPI), a pan-African focused private equity firm, has made an investment into Channel VAS, the leading fintech provider of mobile financial and airtime credit services operating in Africa, Asia and the Middle East. Channel VAS provides mobile financial services, big data analytics and airtime credit services to mobile operators and financial institutions.

South Africa-based edtech company, Snapplify, has secured $2 million expansion capital from venture capital firm Knife Capital and the Hlayisani Growth Fund. The funding will boost the company’s continued growth into new markets. Snapplify is at the forefront of edtech innovations in Africa, and specialises in enabling digital learning for individuals and institutions through digital education content.

Verod Capital Management, a West African private equity firm, has received regulatory approvals for its acquisition of 100% of the shareholding of Metropolitan Life Insurance Nigeria, from South African-based Momentum Metropolitan. The transaction, for an undisclosed amount, sees Momentum Metropolitan exit the Nigerian market, in line with its articulated strategy.

Kenya's competition commission has approved Sokoni Retail's 100% acquisition of Kenyan supermarket chain Quick Mart. Sokoni is a special purpose vehicle of private equity firm Adenia Partners. Towards the end of last year, Sokoni also acquired Tumaini, a retailer in Kenya involved in the business of self-service stores, supermarkets and wholesale distribution.

The Yield Uganda Investment Fund, managed by Pearl Capital Partners, has announced a $1.5 million investment in Clarke Farm Ltd, an agribusiness company specialising in the production and processing of washed Robusta coffee.

Private equity firm Ascension Capital Partners has acquired a 40% equity interest in technology distributor Westcon Southern Africa, a subsidiary of JSE-listed ICT company Datatec. Ascension bought the stake from MIC Investment Holdings Proprietary Limited, to become the new black economic empowerment (BEE) partner of Westcon SA.

Tana Africa Capital has invested MAD200 million (€18.5 million) for a minority stake in Morocco-based Palmagri to boost the development of its soft fruits business. Tana Africa Capital is an evergreen Africa-focused investment company founded by E. Oppenheimer & Son and Temasek.

FUNDRAISING

The European Investment Bank has approved an investment in the Metier Sustainable Capital Fund II, promoted by Metier Private Equity International. The investment amount hasn't been disclosed. The fund targets clean energy and resource-efficient infrastructure in Africa, across project finance, growth and replacement capital investments.

The Uhuru Growth Fund I, a first generation fund sponsored by Uhuru Partners Limited, expects its first close in the second half of 2019. The fund will invest in high growth middle-market businesses across West Africa. The African Development Bank has announced an equity investment of up to $20 million in the fund, which has a target capitalisation of $200 million.

Inspired Evolution has successfully secured a further $87.75 million in commitments from CDC Group Plc, Cyane Holdings Ltd, European Investment Bank, KLP Norfund Investments AS, Morgan Stanley Alternative Investment Partners and a US healthcare system to reach total capital commitments of $216 million at final closing of its Evolution II Fund.

The SA SME Fund and the South African government’s Technology Innovation Agency (TIA) has announced a public-private partnership to co-invest R350 million ($23.8 million) across three venture capital funds. The funds are: OneBio Seed Investment Fund, a biotechnology dedicated fund; Savant Venture Fund, a hardware technology incubator and fund manager (in which two deals have already been pre-funded by TIA’s seed fund); and the newly established University Technology Fund (UTF).

The European Investment Bank has revealed it is considering a $14 million equity participation in CardinalStone Capital Advisers Growth Fund LP, a generalist private equity fund. The fund targets growth capital investments in small and medium sized enterprises (SMEs) active in Nigeria and, to a lesser extent, Ghana.

EXITS

Amethis has sold its stake in Compagnie de Distribution de Côte d’Ivoire (CDCI) to Retail Holding, the majority shareholder of the Label’Vie Group, which is the second largest retailer in Morocco. CDCI is a food retailer in Côte d'Ivoire with a network of more than 150 stores.

French multinational electric utility company Engie has acquired Mobisol, a pioneer of off-grid solar solutions. Mobisol has operations in Tanzania, Rwanda, and Kenya and has installed more than 150,000 solar home systems. Mobisol's investors include Investec Asset Management, Finnfund, FMO and the IFC. It is unclear if these investors exited their stakes as part of the acquisition.

Helios Towers, a sub-Sahara African independent mobile telecoms tower company, has announced its intention to list on the London Stock Exchange. The company last year abandoned plans for an initial public offering (IPO), which was expected to value it at $2.47 billion. Helios Towers' investors are private equity firm Helios Investment Partners, Albright Capital Management LLC and RIT Capital Partners plc, among others.

This article is published in association with Africa Private Equity News, a one-stop source for industry-related information. Stay up to date by downloading the free Africa Private Equity News app: Android | iOS | Scan QR code from desktop. Subscribe to the monthly newsletter here.

Africa Deal Roundup: 15 noteworthy deals and…