Capitalworks, an Africa-focused private equity firm managing more that $515 million in assets, is acquiring insurance giant Aon’s shareholding in 10 employee benefit, insurance and reinsurance brokerage operations in several sub-Saharan African countries. Terms of the deal, which will become effective once all necessary regulatory approvals have been granted, were not disclosed.
Once established, the new entity will be Aon’s largest exclusive global network correspondent on the continent, with operations in Angola, Kenya, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia. Joe Onsando, the current CEO of Aon’s businesses in sub-Saharan Africa, will continue to lead the business with the support of the existing teams in each country.
‘’We are excited about investing in a world-class operation which is one of the leading players in Africa,’’ stated Garth Willis, principal at Capitalworks. “We will be working with management to build on the Aon heritage as a trusted partner to clients in protecting the future of their people and assets in Africa.”
Based in Sandton, Capitalworks manages three private equity funds holding diverse portfolios of assets. These include majority interests in Rhodes Food Group and South African boat builder Robertson & Caine, and most recently, the acquisition of a significant interest in IQ Business, a South African Management Consultancy.