The
weekly roundup of Africa's Private Capital news
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Here's this week's wrap of the most interesting Africa-related private equity, infrastructure and venture capital deal stories, market opinion articles and information pieces for our review. Thank you for being a reader and we hope you continue to find the newsletter useful.
A minor admin note for your attention. Next Monday, September 7th is a public holiday in the United States. We'll be publishing next week's newsletter a day later than usual as a result.
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This week's issue supported by...
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The week in brief...
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In an otherwise quiet week for deals,
Actis added to its portfolio of South African retail assets by taking a "significant" minority stake in home furnisher
Coricraft Group. The company has a number of subsidiaries, including
Volpes, the linen, towel and curtain retailer and
Dial-a-Bed, which it acquired from
Ellerines late last year. Terms of the transaction went unreported, and the deal is subject to regulatory approvals from the competition authority.
In exit news, West African private equity fund manager
Cauris Management announced that it has sold its stake in water and drinks company
Eau Technologie Environnement (ETE) to Moroccan company
Les Eaux Minerales d'Oulmes (LEMO). The deal earns Cauris Croissance, the firm's second fund, a 3.4x return on its initial investment in ETE in 2007.
Meanwhile
African Infrastructure Investment Managers or AIIM announced that it is linking up with
Hydroponeo Afrique, a subsidiary of French
power plant manufacturer MECAMIDI,
to establish a 50/50 joint venture that will develop, finance, build, own and operate a number of small hydro
power plants in Africa. With a total investment of approximately US$500 million, these projects are expected to represent an installed capacity of 200 MW over the next five years.
In portfolio company news,
HTN Towers, backed by
Helios Investment Partners has signed a
management services and co-location agreement with SWAP Technologies and Telecomms, securing the
rights to manage up to 702 sites owned by SWAP in Lagos, Ab
uja and 32 other states in Nigeria. The agreement boosts the number of towers in HTN's portfolio by 58%. Under the terms set forth in its existing customer tenancy agreements, HTN will contract directly with SWAP's customers and earn additional revenues from co-locating new customers onto the SWAP towers.
And finally, a couple of interesting pieces published by the Africa Growth Initiative at the Brookings Institution which are worth taking a look at. Firstly, a review of the current state of digital and financial inclusion in Sub-Saharan Africa, taking stock of progress in 21 countires and secondly, a new research which shows that some of the West's biggest concerns about Chinese investment in Africa - its size, sector focus and weak governance - are ill-founded.
You can review these and other stories by
scrolling
down and reviewing the headlines, abstracts and links.
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Private Equity
Leading emerging market private equity firm Actis has taken a significant minority stake in Coricraft Group, one of South Africa's leading home furnishing retailers. The firm is investing alongside majority shareholders Westbrooke, a local investment group as well as Coricraft Group management.
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Private Equity
Cauris Management has exited its stake in Eau Technologie Environnement (ETE) to Moroccan Company Les Eaux Minerales d'Oulmes (LEMO), earning its second fund Cauris Croissance a 3.4x return on its initial investment made in 2007. Additional terms of the deal were not reported.
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Private Equity
Helios Investment Partners is the latest bidder to approach Orange Group and offer to acquire the French telecommunications group's stake in Telkom Kenya. Helios is thought to be eyeing a 51% stake, with the country's government retaining a 29 % stake, with Orange keeping the balance.
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Infrastructure
African Infrastructure Investment Managers is partnering with Hydronoe Afrique, a subsidiary of French power plant manufacturer MECAMIDI to develop a pipeline of small hydro power plants in a number of African countries.
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Venture Capital
WhereIsMyTransport, the Cape Town-based transportation platform startup, has announced raised $900,000 in an oversubscribed seed round in July from local and international investors, including Infotech, Horizen Ventures and Goodwell Investments. The capital will be used to fund the firm;s expansion plans, which include opening an office in London.
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Private Equity
Jerome Booth, one of Ashmore's co-founders has launched a new asset management firm focused on emerging markets. New Sparta Asset Management is planning to raise a new investment fund which will initially target renewable and conventional projects in Africa.
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Private Equity
The Bank of Industry (BoI) has partnered Grow Africa Equity Partners Limited to raise a $60 million Venture Capital Fund for small and medium enterprises. Specifically, the VCF aims to provide equity capital, along with strategic and operational support to early stage and fast growing businesses involved in technology, agriculture, consumer goods and services sectors.
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Actis takes "significant" minority stake in Coricraft Group, owners of Dial-a-Bed.
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Projects & Portfolio Companies...
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Private Equity
HTN Towers, the telecommunications tower company backed by Africa-focused private equity firm Helios Investment Partners, has boosted its tower portfolio by 58% by striking a management services and co-location agreement with SWAP Technologies and Telecomms. The deal secures HTN's rights to manage up to 702 sites owned by SWAP in Lagos, Abuja and 32 other states in Nigeria.
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Policy, Regulation & Compliance...
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Private Equity
With merger control increasingly coming under the spotlight, a look at some of the key trends in Africa's competition law landscape and how they are evolving. Tamara Dini and Joanna Pickering from Bowman Gilfillan review the shifts taking place.
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Real Estate
In a recent research paper published by JLL, the commercial property financial services and professional services firm, found that the levels of liquidity in global capital markets is pushing investors to seek new opportunities, with some capital now beginning to find its way into Sub-Saharan real estate markets.
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This week's issue supported by...
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Perspectives - Digital Inclusion
A review from the Brookings Institution's Africa Growth Initiative of the current state of financial and digital inclusion in Sub-Saharan Africa, taking stock of the progress towards digital financial inclusion being made in 21 countries.
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Perspectives - China
New research shows that some of the West's biggest concerns about Chinese investment in Africa - its size, sector focus and weak governance - are ill-founded. The authors of a recent paper titled "Why is China investing in Africa? Evidence from the firm level" find that the concerns are not always well-grounded.
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Companies, People & Profiles... |
Company News
Deloitte announced last week that it has acquired Frontier Advisory, the Johannesburg-headquartered research, strategy and investment advisory firm outright for an undisclosed amount. The deal strengthens Deloitte's offering to multinational corporations and investors looking to establish and grow their footprint in Africa.
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Vice President, Africa-focused Merchant Bank
Based in London, UK
Read more...
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Governance Advisor and Country Head Roles at AGI
Based in London, UK
Read more...
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Associate for Phatisa's AAF fund
Based in Johannesburg, South Africa
Read more...
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Senior Associate, Africa-focused Private Equity firm
Based in London, UK
Read more...
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Principal, Investment Facilitation at CrossBoundary
Based in Bamako, Mali
Read more...
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Associate, Investment Facilitation at CrossBoundary
Based in Bamako, Mali
Read more...
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Energy Investment Associate at CrossBoundary
Based in Nairobi, Kenya
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Vice President, East Africa at VestedWorld
Based in Nairobi, Kenya
Read more...
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Senior Associates and Associates at QGIAM
Based in Port Louis, Mauritius
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TMT Finance & Investment World 2015
London, December 1st, 2015
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Cape Town, September 14th to September 15th, 2015
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Ai CEO Institutional Investment Summit
New York, September 24th to September 25th, 2015
Read more...
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Africa Infrastructure and Power Forum
Beijing, October 15th to October 16th, 2015
Read more...
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Private Equity in Africa 2015
London, October 28th, 2015
Read more...
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Powering Africa: the Finance Options
Cape Town, November 5th to November 6th, 2015
Read more...
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Agrique Africa Investment Summit
Accra, November 17th to November 18th, 2015
Read more...
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13th Annual African Capital Markets Conference
Cape Town, November 26th to November 27th, 2015
Read more...
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The Global African Investment Summit
London, December 1st to December 2nd, 2015
Read more...
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We hope you found the digest to be a useful summary of the major happenings in Africa's private capital markets last week. We'd love it if you shared it with colleagues and business partners. They can sign up for free
here.
Best wishes for a productive week - if you have any tips, suggestions, questions or comments, please get in touch.
All the best,
- Allan
Allan Cunningham
Editor & Publisher
AfCD | Africa Capital Digest
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Africa Capital Digest is a product of Rowayton Press
Rowayton, CT 06853, USA
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