Oasis Capital Ghana is making an undisclosed private equity investment in Everpure Holdings, a water bottling company with operations in Ghana. The deal is being made on behalf of the Oasis Africa Fund, a planned $50 million vehicle that targets small and medium-sized investment opportunities in Ghana and Côte d’Ivoire.
Everpure, which was founded in 2008, produces, markets and distributes purified drinking water. The firm operates two factories in Ghana and has plans to establish a third, west of the country’s capital, Accra. The capital will be used to complete the construction of the new plant as well as acquire additional equipment and support working capital.
“This transaction underscores our strategy to invest in businesses on the cusp of significant growth and operating in essential service sectors,” said Richard Kwame Siaw, an Investment Manager with Oasis Capital. “Our expectation is that this transaction will improve the supply of clean drinking water to the populace, since more than 70% of the Company’s product is targeted at lower- income earners. The project will also generate more than 1,000 direct and indirect jobs through the creation of formal water vendors and distributors”
Oasis Capital held a first close of $27 million for the Oasis Africa Fund in September last year. It’s anticipated that the fund will pursue a similar strategy to its predecessor fund, the $11 million Ebankese venture Fund, which makes equity, quasi-equity and debt investments in transactions ranging from $500,000 to $5 million in size.