The
weekly roundup of Africa's Private Capital news
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Here's the latest wrap of Africa's key private equity, infrastructure and venture capital deals and industry news which was reported over the past 7 days. W
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This week's issue supported by...
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North Africa's private equity firms provided a trio of deals last weeks. Two were exits, while one forms part of a much larger renewable energy initiative in Egypt. In the first of the two exits,
CDG Capital Private Equity announced it has fully exited its remaining holding in
Jet Contractors, a Moroccan construction company, earning 3.3x its original investment.
The sale was executed via the Casablanca Stock Exchange, on which the company was listed in 2011. CDG originally backed Jet Contractors in 2009, when the firm posted revenues of approximately $25 million. Today that number stands at about $126 million.
In Egypt, SPE Capital has sold its entire holding in Orchidia Pharmaceuticals to the Egyptian American Enterprise Fund, earning its investors 3x money. SPE first backed the Egyptian ophthalmic generics manufacturer in 2013, acquiring a significant minority stake. Since then, the firm has become one of the fastest growing pharmaceutical companies in Egypt with increased market share and solid export revenues helping turnover rise by over 400% in the last 4 years.
BPE Partners announced they'd has reached financial close with Infinity Solar Energy and IB Vogt to develop three solar power plants for the Benban Solar Park located near Aswan in Egypt. The total investment cost for the three projects in $190 million, which is being provided as a mix of equity and debt. Exact terms of the deal were not disclosed.
In South Africa, meanwhile, Capitalworks and Mineworkers Investment Company have agreed to sell their stakes in Much Asphalt to AECI, a listed South African explosives and chemical company. The agreed price is R2.272 billion or approximately $160 million.Both private equity firms teamed up with the company's management team acquired Much Asphalt from Murray & Roberts in 2013.The deal is expected to close in the first quarter of next year, once the necessary approvals have been secured.
Assala Energy, an oil and gas exploration and production company established by Carlyle has completed the deal to acquire Royal Dutch Shell's onshore assets in Gabon. The $628 million acquisition, which was first announced in March, was transacted on behalf of two of the alternative investment giant's private equity funds - the $2.5 billion Carlyle International Energy Partners Fund and the $698 million Sub-Saharan Private Equity Fund. The deal represents one of the largest foreign direct investments in Gabon and marks the first energy investment for Carlyle's Sub-Saharan Africa fund.
Apis Partners has once again invested in
Direct Pay Online, the online payments processing firm it first backed in late 2016. The $5 million investment. which follows the $10 million investment made on behalf of Apis's $287 million Fund I in September last year, will further help the company execute its strategic growth plan. Over the past year, Direct Pay Online has finalized the acquisition of four companies and is in the final stages of acquiring an additional company which will be announced shortly.
A staggeringly large fund launch was announced last week.
Milost Global will start fundraising for the planned multi-billion dollar Isolo Fund I in mid-to-late November. In total, the fund is targeting $5 billion, and will approach investors in Africa, Europe, Asia and the Middle East for commitments. If successful, it will be the largest dedicated Africa private capital fund by a considerable margin.
Synergy Capital is also on the fundraising trail, chasing $250 million for its second fund.
IFC is mulling a $20 million commitment to the generalist fund, which is targeting opportunities in Nigeria, Ghana, Liberia and Sierra Leone.
And finally for this week,
IFC Asset Management Company has a new CEO. Marcos Brujis, who helped found the fund management arm in 2009 is back, this time assuming the role from Gavin Wilson, who is stepping down as his two-term tenure has come to an end.
As always, you can review these and other stories by scrolling down and clicking through to them below.
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Capitalworks and MIC agree to sell Much Asphalt in $160mln deal
Image Credit: Much Asphalt
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Private Equity
Capitalworks and MIC ink Much Asphalt sale deal
Capitalworks and Mineworkers Investment Company have agreed to sell their stakes in Much Asphalt to AECI, a listed South African explosives and chemical company.
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Private Equity
Orchidia exit returns 3x to SPE Capital
SPE Capital has sold its entire holding in Orchidia Pharmaceuticals to the Egyptian American Enterprise Fund, earning investors three times the amount invested in US dollars.
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Private Equity
BPE Partners back Benban Solar Park projects
BPE Partners has reached financial close with Infinity Solar Energy and IB Vogt to develop three solar power plants, part of the planned Benban Solar Park located near Aswan in Egypt.
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Private Equity
CDG earns 3.3x money on Jet Contractors exit
CDG Capital Private Equity has announced it has exited its remaining holding in Jet Contractors, a Moroccan construction company, earning 3.3x money on its investment.
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Private Equity
Apis backs DPO in follow-on round
Apis Partners has once again invested in Direct Pay Online, the online payments processing firm it first backed in late 2016.
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Venture Capital
Knife Capital backs Swedish IoT company
Knife Capital has made its first investment outside its home country, backing
Stockholm-based Mobile and Sensory Technology.
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Venture Capital
Usawa VC backs Ghanaian fintech company
For its first investment, Usawa Venture Capital is backing Logiciel, a Ghanaian fintech company, in an undisclosed equity deal
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This week's issue supported by...
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Private Equity
Milost Global seeks billions for Isolo Fund I
Milost Global, an Africa-focused private equity firm based in New York, announced it is will start fundraising for its planned multi-billion dollar Isolo Fund I in mid-to-late November.
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Private Equity
Synergy's second fund in line for IFC commitment
West-Africa focused private equity investor Synergy Capital is in line for a capital commitment for its second fund from IFC.
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Projects & Portfolio Companies...
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Private Equity
Assala Energy completes deal for Shell's Gabon assets
Carlyle-backed Assala Energy has completed the deal to acquire Royal Dutch Shell's onshore assets in Gabon.
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Private Capital
TPG's Coulter sees a new era for the world's private markets
In an interview with Bloomberg Businessweek, TPG's Jim Coulter sees a new era for the globe's private markets
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Healthcare
Investing to deliver better healthcare in Africa
Quantum Global's CEO tells Forbes which investments will help deliver better healthcare to Africa.
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DFI
Norfund shifts focus to West Africa
According to Reuters, Norfund is shifting its focus away from the continent's eastern and southern regions to start investing in West Africa from is new office in Accra.
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DFI
OPIC plans $200mln of investments in overseas venture funds
Recode reports that OPIC plans to commit $200 million over the next few years to between 10 and 15 venture funds that focus on delivering social impact in emerging economies.
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Sovereign Wealth
Saudi Arabia's PIF Fund sets its sights on Africa
Saudi Arabia's sovereign wealth fund is looking for 8% to 9% returns, implying a focus on emerging markets. Devex looks at what that could mean for Africa.
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This week's issue supported by...
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Companies, People & Profiles...
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People
Brujis takes over as head of IFC AMC
Marcos Brujis, one of the founding executives of IFC Asset Management Company, assumed the position of CEO at the development finance institution's fund management arm last week.
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People
RenCap taps Younis to lead Egypt office
Renaissance Capital has appointed Mohamed Younis to head up the investment bank's new office in Egypt.
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This week's featured jobs...
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Based in Casablanca, Morocco
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Based in Casablanca, Morocco
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Investment Officer at African Development Bank
// afdb.org
Based in Abidjan, Cote d'Ivoire
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Based in Casablanca, Morocco
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Senior Manager. Transaction Diligence at EY
// ey.com
Based in Cairo, Egypt
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Relationship Manager, Institutions at Cytonn Investments
// cytonn.com
Based in Nairobi, Kenya
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Investment Associate, Financial Institutions, Equity Investments at CDC
// cdcgroup.com
Based in London, United Kingdom
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Based in London, United Kingdom
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Based in Johannesburg, Abidjan or Mauritius
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Based in Casablanca, Morocco
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Cape Town, December 4th to December 6th, 2017
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International Islamic Banking Summit Africa
Djibouti, November 8th to November 9th, 2017
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Sub Saharan Africa Power Summit
Lusaka, November 8th to November 10th, 2017
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Bonds, Loans & Sukuk Nigeria Briefing Day 2017
Lagos, November 20th, 2017
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African Agri Investment Indaba 2017
Cape Town, November 20th to November 22nd, 2017
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9th Africa Public Private Partnership Conference
Cape Town, November 23rd to November 24th, 2017
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Gas Options North & West Africa
Marrakech, November 29th to November 30th, 2017
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Africa Renewable Energy Forum
Casablanca, November 30th to December 1st, 2017
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Sharm El Sheikh, December 7th to December 9th, 2017
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SAVCA 2018 Annual Conference
Stellenbosch, February 21st to February 22nd, 2018
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New this week...
Bonds, Loans & Sukuk Africa
Cape Town, March 13th to March 14th, 2018
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New this week...
2nd Annual Pension Funds and Alternative Investments Africa
Balaclava, Mauritius, March 15th to March 16th, 2018
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New this week...
London, May 2nd to May 4th, 2018
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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 a free trial, for the moment,
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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Copyright © 2016 Rowayton Press, LLC. All Rights Reserved.
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