Africa-focused private equity firm, Helios Investment Partners, completed the deal to acquire two financial services units from international development company, Crown Agents. The transaction to take a 100% interest in Crown Agents Bank, which has $1.1 billion in assets, and Crown Agents Investment Management, which manages $1.5 billion in assets, was first announced in August last year. Financial terms of the transaction remain undisclosed.
The two units, which provide payments, trade finance, foreign exchange and investment management services primarily in Africa, the Caribbean and South East Asia count governments, development organizations, donors, central banks, pension and investment fund managers and corporations operating in emerging and fragile markets among their clients. It’s expected that existing client relationships will be unaffected by the change in ownership, which will provide the investment capital needed to better meet the growing needs of both business’s markets.
In comments made in the press release announcing the completion of the deal, Tope Lawani, Co-Founder and Managing Partner of Helios who led the transaction welcomed the opportunity to partner with the firms’ management teams and outlined a strategy to transform Crown Agents Bank into a significant wholesale bank for small-and medium-sized countries and grow Crown Agents Investment Management to become the leading investment management company for clients operating in the those operating in frontier and emerging markets.
Echoing his remarks, Richard Jones, Managing Director of CAB and CAIM, said “The acquisition brings together our trusted reputation and longstanding experience in small- and medium-sized countries with Helios’ deep knowledge of African markets and strong track record in adding value to its portfolio companies. A stronger capital base will allow us to enhance our services to existing and new clients during a time of widespread retreat by mainstream banks from emerging markets, enabling us to help our clients maximize their commercial opportunities.”