Fanisi Capital, the East Africa-focused private equity and venture capital investor, has acquired a significant minority stake in Live Ad, the Kenyan outdoor advertising firm. Terms of the deal were not disclosed.
The firm currently operates over 200 billboards in Nairobi as well as other towns in Kenya, and the capital will be used to expand the number of billboards it owns in new locations in towns in which it already has a presence as well as in new towns in the country. Demand for the company’s services is expected to grow as more and more businesses set up in the region.
The deal marks Fanisi’s first investment in the outdoor advertising space. The $50 million fund targets opportunities in a number of sectors, including Healthcare, Agribusiness, Education, Retail and Consumer, investing in profitable firms with a clear expansion plans. The Live Ad stake is the latest addition to a varied portfolio of Kenyan assets, joining retail pharmacy Haltons, Hillcrest International Schools and Ngare Narok Meat Industries.