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DPI acquires $100mln stake in Atlantic Business International

Africa-focused private equity fund Development Partners International is investing $100 million in Atlantic Business International, the financial services partnership established in 2012 between West Africa’s Atlantic Financial Group and Morocco’s Banque Centrale Populaire.

According to Jeune Afrique, the deal sees Development Partners International (DPI) acquiring between an 18% and 20% stake in Atlantic Business International from the group’s largest shareholder, Banque Centrale Populaire, which has a 75% holding in the company currently. Atlantic Financial Group will retain its 20% stake while private equity investors Cauris Management and Equator Capital are expected to sell their combined 5% holding to Banque Centrale Popularie by the end of the year.

The investment is being made through African Development Partners II, which at $725 million was one of the larger private equity funds to close in 2015, and will be used to buttress the group’s capital as well as support the group’s expansion plans throughout the West Africa Economic and Monetary Region (or UEMOA).

The transaction is the second investment for DPI this year following the private equity firm’s $35 million investment in B.TECH, an Egyptian home appliance and electronics retailer, in July.  The firm, which manages over $1 billion, invests in opportunities across Africa that benefit from the expansion in the continent’s middle class.

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