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
e'd be delighted if you shared it with any interested colleagues and/or business partners. If they would like to receive their own weekly copy, they're more than welcome
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Many thanks for being a reader. If you have any tips, suggestions or questions, please reach out to Allan Cunningham at [email protected]
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This week's issue supported by...
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Big names and decent-sized deals characterized last week's private capital transactions in Africa last week. It's likely the biggest came to us courtesy of
Ethos Private Equity who sold the 72% stake in promotional clothing and accessory company
Kevro the bought for $108 million in 2012 to a consortium made up of
RMB Corvest, RMB Ventures, Kevro's management and, you guessed it, Ethos. This time the deal was for their year-old Mid Market Fund, giving their 2011-vintage Fund VI and exit.
Towards the end of the week,
The Carlyle Group announced that it is acquiring
NOSA Group from
MICROmega Holdings, a JSE-listed investment holding company, on behalf of its $698 million sub-Saharan Africa private equity fund. The fund is paying approximately R750 million or $56.5 million for the company which sells occupational health, safety and environmental risk management services and solutions to clients across multiple industry sectors. The deal, which will be the ninth for the fund, is expected to close early next year.
Pan-African venture capital investor
CRE Venture Capital has led the $40 million Series C funding round for
Andela, a company that recruits, trains and places software developers in corporations across all sectors. The capital will be used to fund Andela's expansion plans. The firm plans to open offices in two more African countries and double its developer base from the current level of 500 over the next 12 months. Investors in this and prior rounds include the
Chan Zuckerberg Initiative, Omidyar Network and
Spark Capital. The deal brings the total amount invested in Andela to $80 million so far.
M-KOPA announced it has secured $80 million in debt from a group of lenders to support its ongoing expansion plans. The commitments have been secured from several institutions including
CDC, FMO, Norfund, Stanbic Bank, responsAbility, Symbiotics and
Triodos Investment Management. M-KOPA will use the capital to finance the installation of 1 million pay-as-you-go solar systems over the next three years.
A trio of venture investors and several fintech-focused angel investors in the United States are backing Lendable's Series A. Between them, the group are investing $6.5 million in the round, which was led by KawiSafi Ventures. The other backers include
Omidyar Network, Fenway Summer Ventures
and Larry Rosenberger, Fair Isaac Corporation's former CEO. As the firm uses the new funds to scale up its operations, roll out new products and expand into Tanzania and Rwanda, it expects to ramp up the pace of transactions to ten per quarter next year.
In fundraising news, the European Investment Bank has approved a $10 million commitment to the Cepheus Growth Capital Fund, the maiden private equity fund for Ethiopian fund manager, Cepheus Growth Capital. The fund, which is looking to raise a total of $100 million at final close, will target SME opportunities in Ethiopian manufacturing and services businesses.
That's it for this week. As always, you can review these and other stories by scrolling down and clicking through to them below.
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M-KOPA secures $80 million in debt from a syndicate of lenders Image Credit: M-KOPA
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Private Equity
Ethos sells Kevro in secondary deal
In a secondary deal, a consortium of private equity firms based in South Africa has teamed up with the management of Kevro to acquire the company from Ethos Private Equity's 2011 vintage Fund VI.
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Private Equity
M-KOPA lands $80mln of debt from syndicate
M-KOPA Solar announced it has secured $80 million in debt from a group of lenders to support its ongoing expansion plans.
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Private Equity
Carlyle buys NOSA Group in $56.5mln deal
The Carlyle Group is acquiring NOSA Group from MICROmega Holdings on behalf of its $698 million sub-Saharan Africa private equity fund.
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Venture Capital
CRE Venture Capital leads Andela's $40mln Series C
CRE Venture Capital has led the $40 million Series C funding round for Andela, a company that recruits, trains and places software developers.
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Venture Capital
KawiSafi, Omidyar, Fenway back Lendable's Series A
A trio of venture investors and several fintech-focused angel investors in the United States are backing Lendable's Series A.
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This week's issue supported by...
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Private Equity
EIB approves $10mln for Cepheus' maiden fund
The European Investment Bank has approved a $10 million commitment to the Cepheus Growth Capital Fund.
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And carry on reading what's being read by the who's who involved in Africa's private capital deal markets.
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Technology
Silicon Valley missing out Africa's opportunity
According to
TechCrunch, Silicon Valley is passing up on opportunities to Africa's innovative technology-based businesses.
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Solar
Building tomorrow's grid today
Today's grid cannot deliver power to the 1 billion people who go without electricity. That'll require the grid of the future.
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ESG
ESG-readiness of Africa's unlisted companies?
KudosImpact Pulse, a
groundbreaking survey assessing and analyzing the extent to which Africa's unlisted companies are adopting ESG best practices, is inviting you and your private portfolio companies to take part, in confidence. The results, to be published in December in association with
Africa Capital Digest, will be eagerly anticipated. To take part in this year's survey,
click here today.
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Trends
PPP projects in MENA surge 116%
New research from MEED finds that the value of PPP projects planned or underway in the MENA region has seen a 116% increase in the past 12 months
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Perspectives
A report on a survey conducted among senior executives about their deal making experiences in Nigeria over the past 4 years.
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This week's issue supported by...
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Companies, People & Profiles...
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Companies
GuarantCo and InfraCo open Nairobi office
GuarantCo and InfraCo, both part of London-based Private Infrastructure Development Group, have opened a joint office in Nairobi, their first on the continent.
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People
Goodwell taps De Bleecker as IR Director
Goodwell Investments has appointed Berg De Bleecker as Investor Relations Director for the Dutch impact investment firm.
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This week's featured jobs...
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Regional Vice President, MENA & Africa at IFC
// ifc.org
Based in Washington, DC, USA
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Based in Austin, United States
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SVP, Sustainable Finance at World Wildlife Fund
// wwf.org
Based in Washington, DC, United States
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Based in London, United Kingdom
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Based in London, United Kingdom
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Based in Johannesburg, South Africa
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Investment Analyst, Infrastructure at IFC
// ifc.org
Based in Johannesburg, South Africa
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Opportunities in Addis Ababa, Casablanca, Lagos and Nairobi
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Based in Johannesburg, South Africa
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Bonds, Loans & Sukuk Nigeria Briefing Day 2017
Lagos, November 20th, 2017
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4th Agrique Africa Investment Summit
Frankfurt, October 24th to October 25th, 2017
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Dubai, November 1st to November 2nd, 2017
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Finnovation Africa: Ethiopia 2017
Addis Ababa, November 3rd, 2017
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Cape Town, November 6th to November 7th, 2017
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Cape Town, November 7th to November 9th, 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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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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Cape Town, December 4th to December 6th, 2017
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Sharm El Sheikh, December 7th to December 9th, 2017
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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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