AfricInvest has fully exited its 23% stake in Alios Finance, the French holding company with majority stakes in a group of non-banking financial services companies operating across several countries in sub-Saharan Africa. The private equity firm originally invested in Alios in 2006 and is exiting the stake as many of the goals it originally set for the investment have now been achieved. The acquirer of the AfricInvest’s stake is TLG Finance, a holding company controlled by Tunisie Leasing. The major shareholders of TLG Finance are Amen Bank, Proparco, Credit Suisse’s Microfinance Fund Management Company and ResponsAbility SICAV.
The deal is part TLG’s acquisition of a total of 59.34% of Alios Finance’s equity from a number of other stakeholders, including development finance institutions FMO and Finnfund as well as Bank of Africa Group and Gras Savoye, the French insurance broker. Financial terms of the sale were not disclosed.
Over the course of its investment in Alios Finance, AfricInvest and its partners have all played an active role in the expansion of the group into new African countries while strengthening the management team and governance, both at the level of the holding company and its affiliates. This growth has helped to lay the groundwork for further potential expansion into other promising countries in the continent.
Eversheds provided the buying consortium with legal advisory services for the deal, while AfricInvest and its partners were advised by Scemla Loizon Veverka & de Fontmichel. The sale was monitored by Oddo Corporate Finance and Integra Bourse.