AfricInvest, the pan-African mid-cap private equity firm, has completed the acquisition of a minority stake in Salvador Caetano Auto Africa (SC Africa), an auto distributor and retailer in a number of high-growth African markets since 1990, which is a subsidiary of Portuguese auto retailer, the Salvador Caetano Group. Terms of the transaction were not disclosed.
Commenting on the transition, Hakim Khelifa, Senior Partner at AfricInvest said, “AfricInvest is excited to be partnering with one of the leading European auto groups with nearly 70 years of experience in the automotive sector, including more than 20 years of experience in Africa, as it establishes even stronger market positions across the continent.”
The investment is expected to give AfricInvest the opportunity to consolidate the SC Africa’s brands and market position as well as to capture a higher share of the significant growth expected in the auto retail sector across African markets. AfricInvest intends to use its deep ties with African financial institutions to explore opportunities to provide auto financing and leasing opportunities for SC Africa’s customers.
AfricInvest manages more than $1 billion across 14 private equity funds.