Private equity (PE) exits in Africa reached an eight-year high in 2014, and strong activity is expected to continue, according to data from EY and the African Private Equity and Venture Capital Association (AVCA).
The Ethos-led consortium, comprising Ethos Fund VI, Hamilton Lane and HarbourVest, has contributed $150m into the $350m of new equity raised by Eaton Towers from new and existing shareholders.
Duet Group has signed a partnership agreement with Bouygues Batiment International to establish Duet Africa Hotels, a vertically integrated hotel investment, development and asset management company, with an initial target equity raise of $200m.
Qalaa Holdings, a pan-African infrastructure and industry investment company, has hired CI Capital as adviser to study strategic options for the full exit of Tanmeyah for Microfinance Services, a non-core subsidiary in which Qalaa holds a 70% stake.
The impact investor Vital Capital has existed from two infrastructure investments in Angola, delivering an IRR of over 24% for the fund’s investors in these two projects.
Morocco has emerged as the top investment destination for private equity in North Africa, attracting 51% of all deals and 43% of total capital invested in the sub-region between 2010 and 2014, according to a report by the Emerging Markets Private Equity Association (EMPEA).
Bamboo Finance, a private equity firm specializing in investing in business models that benefit low-income communities in growth markets, has closed its second financial inclusion focused fund at $31m.
Verod Capital has acquired Union Trustees, a fully owned subsidiary of Union Bank of Nigeria.
Atlantic Coast Regional Fund (ACRF), managed by Advanced Finance and Investment Group (AFIG Funds), has completed an undisclosed investment in real estate company Primrose Properties Ghana (PPG).
AfricInvest will acquire a minority equity interest in Elephant Group, a Nigeria-based agricultural commodities company, via an issue of new shares.
Despite the backdrop of significant volatility across all investment markets during 2014, SA private equity funds continued to offer relatively strong performances, according to the fourth quarter 2014 RisCura-SAVCA South African Private Equity Performance report.
CVC Capital Partners has agreed to sell its 51% interest in an international health club operator Virgin Active to South African investment firm Brait, in a transaction that values the business at $1.94bn (£1.3bn).
The Abraaj Group has final closed its Africa Fund III, a third dedicated Sub-Saharan Africa private equity fund, at $990m, receiving support from a diverse range of global institutional investors, pension funds, sovereign wealth funds and development finance institutions.
Private equity firm Fanisi Capital has invested $2.1m in European Foods Africa (EFA), a Nairobi-based pizza maker.
