15 May Deal, Fundraiser & Release Announcements

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Helios Fairfax Partners has invested in the African basketball business of the NBA.

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A selection of African private equity deals, fundraising and exit announcements that reached us in May 2021.

Offers

Cepheus Growth Capital Partners made an investment in JP Textile Holding Company Limited, the majority shareholder of JP Textile, Ethiopia’s leading manufacturer of advanced fabrics and a key supplier to Ethiopia’s growing apparel industry.

the National Basketball Association (NBA) announced the formation of NBA Africa, a new entity that will run the league’s affairs in Africa. Strategic investors include a consortium led by Babatunde Folawiyo, Chairman and CEO of Yinka Folawiyo Group, and Helios Fairfax Partners Corporation (HFP), directed by Tope Lawani, co-CEO of HFP.

Reatile Group, an investor in the energy landscape, and African Infrastructure Investment Managers (AIIM), in the name of his IDEAS Fund, entered into a sale and purchase agreement whereby Sasol agreed to sell a 30% stake in Mozambique Pipeline Investments Company at Reatile-AIIM Consortium.

Impact investment fund I&P Africa Entrepreneurs (IPAE) 2, directed by Investors & Partners, invested in a Ghanaian company XpressGas, a distributor of liquefied petroleum gas.

Kasada Hospitality Fund LP, advised by Kasada Capital Management, an investment platform dedicated to the hotel industry in sub-Saharan Africa, announced the acquisition of Safari hotels and conference center, a hotel complex in Windhoek, Namibia.

the Vumela Fund, established by ETF Company and Edge Growth, signed an investment in Kombo king, a South African supplier of kitchen equipment focusing on the niche fried food market.

SolarX Africa, a solar company based in Mali, attracted additional funding from Energy access projects (EAV), a start-up fund that invests in decentralized energy companies in sub-Saharan Africa. The company develops, finances and provides operations and maintenance services to solar assets, focusing on commercial and industrial customers through a leasing model.

Homzmart, an Egyptian furniture and homeware market platform, closed a $ 15 million Series A fundraiser led by MSA Capital and The capital of Nuwa, with the participation of other investors, including Rise Capital, Impact46, EQ2 Ventures and Outliers Venture capital.

Fund raising

Uhuru Investment Partners, a mid-sized private equity firm, revealed the first closing of the Uhuru Growth Fund I to $ 113 million, with capital support from CDC Group, with commercial investors Africa and Kuramo Capital as well as DFIs, including European Investment Bank, DEG, SIFEM and Finnfund. With a target final close of $ 200 million, the first generation fund will invest across the West African region, including Nigeria, Ghana, Cote d’Ivoire and other French speaking markets.

the IFC disclosed an equity investment plan of up to $ 25 million Vantage Mezzanine IV Pan-African Sub-Fund Partnership, a fund that, along with two other separate limited partnerships, has a target size of $ 350 million. The Pan-African Compartment will be managed by Advantageous capital and aims to stimulate the growth of Africa’s nascent mezzanine finance industry by providing capital to mid-sized African businesses.

Acre Impact Capital, an impact-focused investment manager, announced the closing of a catalytic capital investment by the Rockefeller Foundation and the Private Infrastructure Development Group through his company GuarantCo. Acre Impact Capital invests in growing, climate-appropriate infrastructure in emerging markets by partnering with leading commercial lenders and export credit agencies.

FinDev Canada proposes an additional investment of $ 10 million in the African Development Partners (ADP) III funds, a private equity fund managed by International development partners. FinDev Canada has a current commitment of $ 20 million in ADP III, which will bring the total commitment to $ 30 million.

The head of financing Ascension confirmed the first rolling fence of its Ascent Rift Valley Fund II (ARVF II) to over $ 100 million, surpassing its original goal of $ 80 million. The final closure of ARVF II, with a target of $ 120 million, is expected in December 2021. ARVF II will invest equity in small and medium-sized enterprises in East Africa, seeking to acquire minority stakes or majority.

the IFC announced an investment of up to € 9 million in equity in Adiwale Fund I, directed by Adiwale Partners, which will make equity / quasi-equity investments of 3 to 8 million euros in growth-oriented SMEs in French-speaking West Africa. The fund achieved a first closing of 50.5 million euros in October 2019.

Exits

8 miles, a pan-African private equity firm, leaves Uganda Orient Bank after a six-year holding period which supported the company for the first time in 2015. The transaction was structured by 8 Miles Fund I. I&M Holdings Plc signed an agreement in July 2020 to acquire Orient Bank’s 90% stake from 8 Miles and other vendors, including the founders. The acquisition was completed on April 30, 2021.



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