Kibo Capital Partners is backing General Cargo Group, a Kenya-based logistics services company in an undisclosed deal. The investment is being made through Kibo Fund II, a private equity fund that looks to make growth equity investments in SME and mid-market companies across a number of sectors in East and Southern Africa as well as the Indian Ocean islands. The fund held a $58 million second close in January this year.
Kibo is partnering with Velogic, a regional logistics provider, on the transaction in order to leverage the Mauritius-based company’s operational systems and best practices to accelerate value creation in the new portfolio company.
Kibo Capital Partners, a venture between Ciel Finance, the financial services arm of the CIEL Group, and Kibo’s management team, has offices in Mauritius and Kenya.