During the first quarter, Africa Capital Digest covered the following portfolio company asset disposals. Here they are, ranked from largest to smallest (actual or probable) in size.
1) TPG and Kupanda Capital/Mavin
Deal Type: Trade Sale Value: $150 million to $200 million Date: March 2024
Universal Music Group (UMG) is acquiring a majority stake in Mavin Group, a Nigeria-based music label behind many of the continent’s Afrobeats artists. The shareholders selling their holdings to UMG include TPG, which is fully exiting its investment in Mavin, and Kupanda Capital, which is retaining a partial interest in the business.
Coverage in Africa Capital Digest: UMG buys majority stake in Mavin, giving TPG an exit
2) British International Investments/I&M Bank
Deal Type: Exit Value: $45 million Date: March 2024
British International Investment can go ahead and sell its 10.1% stake in East African banking group I&M to East Africa Growth Holdings, a platform backed by two AfricInvest private equity investment vehicles. The proposed deal won regulatory approvals from Kenya’s competition authorities last week..
Coverage in Africa Capital Digest: BII sells stake in I&M to AfricInvest-backed vehicle
3) The Carlyle Group/Amecor
Deal Type: Trade Sale Value: Undisclosed Date: February 2024
Carlyle‘s $700 million sub-Saharan Africa Fund has pulled off its latest exit as its adviser, Alterra Capital, continues to realize the assets in the fund’s portfolio. The business, which Carlyle’s fund first backed in 2019, is being acquired by ASSA ABLOY Group for an undisclosed sum
Coverage in Africa Capital Digest: Carlyle fund exits security equipment business in trade sale
4) Gulf Capital/AmCan
Deal Type: Trade Sale Value: $Undisclosed Date: January 2024
Gulf Capital has realized the first exit for GC Equity Partners III, its 2016-vintage buyout fund, selling its 100% holding in AmCan, the MENA region’s largest distributor of branded sports nutrition products. The strategic acquirer, who remains confidential, is a business with operations in the food and household sectors across the Middle East and Africa.
Coverage in Africa Capital Digest: Gulf Capital sells MENA region’s largest sports nutrition distributorl
5) The Carlyle Group/CMC Networks
Deal Type: Trade Sale Value: $Undisclosed Date: January 2024
CMC Networks, a networking services provider backed by Carlyle‘s $690 million Sub-Saharan Africa Fund, has been acquired by Center3, a subsidiary of Saudi Arabia’s telecom company, STC Group.
Coverage in Africa Capital Digest: Alterra sells Carlyle’s SSA Fund’s CMC Networks to Saudi group
6) STOA and IBL Energy/Equator Energy
Deal Type: PE Secondary Sale Value: $Undisclosed Date: February 2024
Inspired Evolution Investment Management‘s third fund has acquired a significant minority stake in the entity holding the majority interest in Equator Energy, one of East Africa’s largest commercial and industrial solar providers. The $400 million Evolution Fund III is acquiring the stake from STOA and IBL Energy who set up the special purpose vehicle when they jointly acquired a controlling interest in the business from NVision Energy and Maris Africa last year
Coverage in Africa Capital Digest: Inspired Evolution funds buys into Equator Energy’ cap table
7) CardinalStone Capital Advisers/i-Fitness
Deal Type: PE Secondary Sale Value: $12 million Date: February 2024
CardinalStone Capital Advisers has sold the stake it acquired in West Africa’s largest fitness chain in 2019 to fellow private equity firm Verod Capital Management. While the terms of the deal have not been disclosed, it’s been reported that Verod’s second growth fund paid $12 million for the 65% stake in i-Fitness, valuing the business in the $18 million to $19 million range
Coverage in Africa Capital Digest: CardinalStone exits fitness chain in secondary buyout deal
8) Gaia Impact/upOwa
Deal Type: Trade Sale Value: $Undisclosed Date: February 2024
Gaia Impact has sold its stake in a Cameroon-based solar home systems company to global energy company Électricité de France (EDF). The impact investment firm first backed the business, upOwa, in 2017, helping develop and expand the business and increase access to electricity across the country.
Coverage in Africa Capital Digest: Gaia Impact exits interest in solar kit firm to EDF
9) Injaro Investments/Agricare
Deal Type: Trade Sale Value: $Undisclosed Date: March 2024
Injaro Investments has sold Agricare, an animal feed producer it first backed in 2015. to Flour Mills of Ghana, realizing a full exit for the Accra-headquartered fund manager’s private equity investment vehicle, Injaro Agricultural Capital Holdings. The terms of the sale have not been disclosed.
Coverage in Africa Capital Digest: Injaro sells animal feed business to trade buyer
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