Averroès Africa holds first close, Vantage backs Moroccan healthcare firm, TLG buys Bank stake from MyBucks and more...

October 12th, 2020

The weekly roundup of Africa's Private Capital news

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Welcome to your weekly wrap of deal activity in Africa's private equity and venture capital markets. We hope it helps keep you connected with what's going on in the market, especially since many of you are out of your offices and not able to keep abreast of what's happening in the markets as easily as before.

We thank you for being part of the Africa Capital Digest community and encourage you to contact us with any suggestions on topics and coverage which might be more useful to everyone by emailing me at Allan Cunningham today.

Best wishes to everyone for a healthy, productive week.

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The Week in Brief...

Averroès Africa, the fourth Africa-focused private equity fund-of-funds co-sponsored by Bpifrance and PROPARCO in the past 20 years, held its first close last week. So far the fund-of-funds has 55% of the total amount of capital commitments its aiming for which will be invested in Africa-focused private equity funds.

South Africa-based Vantage Capital announced that it has made its second deal in Morocco, backing a healthcare business with clinics in Rabat, Marrakech and Tangier. The mezzanine fund manager is investing $28 million in equity on behalf of the $288 million Vantage Mezzanine III to take a significant minority stake in Cliniques Internationales du Maroc Group. The fresh capital has been earmarked for the group's development and expansion plans.

In another private equity deal, TLG Capital is buying MyBucks' stake in Opportunity Bank Uganda on behalf of the London-based investment firm's Credit Opportunities Fund. The deal makes the fund the Bank's largest shareholder. The Bank joins a number of Ugandan businesses such as Cipla Quality Chemicals, Vero Foods, and BAJ Service Stations in the fund's portfolio.

IFC is considering an investment in a new platform set up by Eris Property Group, a commercial real estate development and property management firm majority-owned by South African insurer MMI Holdings. The DFI's potential commitment to the Momentum Student Accommodation Impact Fund is under review currently and will come up for approval by the IFC's board towards the end of November.

Tugende, a provider of lease-to-own financing for drivers of "bodas" or motorcycle taxis has completed a Series A round and raised $6.3 million from a group of new and existing investors. The round was led by Mobility 54, a venture investment fund set up last year by Toyota Tshusho. Kampala-based Tugende will use the capital to invest in additional technology development, grow its core financing product for boda owner/drivers, and speed up its plans to offer asset financing opportunities to MSMEs in other sectors such as retail and agribusiness.

Honoris United Universities, an education platform set up by Actis in 2017, has entered into a deal with a provider of advertising, marketing, and business design courses and training in South Africa. The agreement with Cape Town-headquartered Red & Yellow Creative School of Business marks the twelfth institution to be added to the Honoris United network and the first in this particular vertical.

As Harith General Partners' CEO steps back from the role of leading the company he founded 14 years ago, the private equity infrastructure firm announced that his successor has now taken up the reins. The firm told its investors last week that Sipho Makhubela, who has worked with Harith since 2007, took over as Harith's CEO from Tsepho Mahloele as of September 1st. The new CEO and his colleagues will still be able to tap into Mahloele's experience. The firm's founder is not retiring, but taking up a new role as group executive director in charge of strategic initiatives.

And finally, SAVCA elected two senior investment professionals, both women, to its Board at its AGM last week. Natalie Kolbe of Actis and Sthembile Nkabinde of Khulasande Capital join the industry association's governing body as three former directors, two men and a woman, step down at the end of their terms.

That's it for this week. Please scroll down and click through the links for full details on these stories and more.

Vantage Capital backs Moroccan healthcare business Cliniques Internationales du Maroc Group
Image Credit: CIM Holding

Private Equity & Debt Deals...

Private Equity

Vantage Capital makes second deal in Morocco

// africacapitaldigest.com

South Africa-based Vantage Capital has made its second deal in Morocco, backing a healthcare business in the North African country with...