SAVCA 2017 Case Study Compendium

Exits

Metier exits Inhep and Astrapak

Author: Anna Lyudvig | Date: 2017-06-19

South African private equity firm Metier has partially exited its investment in plastic products manufacturer Astrapak and has agreed to exit Inhep Electronics Holdings (Inhep).

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Qalaa's subsidiaries exit ASEC Ciment Algérie

Author: Africa Global Funds | Date: 2017-05-19

Qalaa Holdings has announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have completed the sale of 100% of ASEC Ciment Algérie (AACC) to an Algerian investor at a deal value equivalent to $60m.

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Investec exits SA Taxi

Author: Africa Global Funds | Date: 2017-04-28

Investec Asset Management has exited from its mezzanine investment in SA Taxi, the first financial services provider to focus solely on the taxi industry in South Africa.

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Actis fully exits Edita via IPO

Author: Africa Global Funds | Date: 2017-04-17

Actis has sold its remaining 7.5% stake in Edita Food Industries (Edita) to 42 blue-chip international investors from the USA, UK, Germany, South Africa, and the UAE.

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AfricInvest and Mediterrania exit SJL to Investec

Author: Africa Global Funds | Date: 2017-04-10

AfricInvest and Mediterrania Capital Partners (MCP) have sold their stakes in Grupo San Jose & Lopez (SJL), a logistics and international road freight transport company with operations in the Maghreb and Europe.

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Centum exits KWA after 40 years

Author: Africa Global Funds | Date: 2017-04-06

Centum has sold its 26.43% stake in KWA Holding East Africa (KWA), one of the foremost manufacturers and distributors of spirits and wines in Kenya, to Distell International Holdings, a subsidiary of Distell Group.

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Injaro exits Nafaso

Author: Africa Global Funds | Date: 2017-02-16

Injaro Investments, the manager of the agricultural impact fund IACHL, has sold its 30% stake in seed producer Nafaso to the founders and other shareholders.

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ADP I Fund exits CAL Bank to Arise

Author: Africa Global Funds | Date: 2017-02-14

ADP I Fund has successfully sold its 27.7% shareholding in CAL Bank in Ghana to Arise BV, a financial services investment company whose major shareholders are Norfund, Rabobank and FMO.

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CDG Capital Private Equity exits Intelcia

Author: Africa Global Funds | Date: 2017-01-13

CDG Capital Private Equity, a private investment fund based in Morocco, has sold its stake in regional outsourcing company Intelcia to Altice Group, a multinational group operating in telecommunications, content and media.

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Actis fully exits Umeme via IPOs

Author: Africa Global Funds | Date: 2016-12-23

Actis has fully exited its remaining 14.3% stake in Uganda’s principal electricity distribution and supply business, Umeme via the Ugandan and Kenyan capital markets.

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Tana exits Promasidor to Ajinomoto

Author: Africa Global Funds | Date: 2016-12-19

Ajinomoto has acquired a 33.33% stake in Promasidor Holdings, a major processed foods manufacturer in Africa, for $532m from Tana Africa Capital and the company’s founding partners.

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Catalyst exits Goodlife Pharmacy to LeapFrog

Author: Anna Lyudvig | Date: 2016-11-23

Catalyst Principal Partners, East Africa focused private equity firm, has sold its controlling stake in Kenya’s pharmaceutical retailer Goodlife Pharmacy to LeapFrog Investments.

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Hermes-Sojitz exits Sinopac

Author: None | Date: 2016-11-23

Hermes-Sojitz, an international direct investments fund, has sold its 60.3% stake in Sinopac, a company involved in exploration and mining of rare earth metals in Africa, for $340m.

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Cauris exits two African banks

Author: Africa Global Funds | Date: 2016-11-16

Cauris Management, a private equity fund manager in Francophone West Africa, has sold its shares in Atlantic Business International (ABI) and Bridge Bank Group Côte d'Ivoire.

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Absa exits RainFin

Author: Africa Global Funds | Date: 2016-11-14

Absa Bank, a wholly owned subsidiary of Barclays Africa Group, has announced that it will sell its 49% stake in RainFin to the company’s founders and management.

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ACEI exits energy investments in Africa

Author: Africa Global Funds | Date: 2016-11-11

American Capital Energy & Infrastructure (ACEI) has exited all of its African energy investments, which it invested in over a three year period.

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AfricInvest’s MPEF II exits Cotugrain Hortimag

Author: Africa Global Funds | Date: 2016-10-28

Maghreb Private Equity Fund II (MPEF II), managed by AfricInvest, has sold its 20.06% stake in the Group Cotugrain Hortimag, a Tunisia-based leader in the production of seeds, fresh vegetables, and young plants for export.

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Qalaa’s cement subsidiaries to sell 100% of Djelfa

Author: Africa Global Funds | Date: 2016-10-28

Qalaa’s cement subsidiaries, ASEC Cement and ASEC Cement Djelfa Offshore, have signed a preliminary agreement to sell 100% of Algerian Cement Plant Djelfa for $60m transaction to a consortium of Algerian investors.

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AfricInvest exits Général Emballage to DPI and DEG

Author: Africa Global Funds | Date: 2016-09-29

AfricInvest’s Maghreb Private Equity Fund II (MPEF II) has successfully concluded its exit from Général Emballage, a leader in the manufacturing and processing of corrugated cardboard based in Algeria, to a consortium of Development Partners International (DPI) and DEG.

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Cauris exits Sodigaz

Author: Africa Global Funds | Date: 2016-09-29

Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund manager, has confirmed the sale of its stake in Sodigaz, to the sponsors and majority shareholders of the company.

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IPDEV1 exits Duopharm and CDS

Author: Africa Global Funds | Date: 2016-09-26

I&P Développement 1 (IPDEV1), Investisseurs & Partenaires’ fund launched in 2002, has realized two new exits in Mauritania and in Senegal.

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Rockwood sells Tsebo to Wendel

Author: Africa Global Funds | Date: 2016-09-20

Rockwood Private Equity-led consortium has entered into an agreement with Euronext-listed Wendel regarding the sale of its interest in the Tsebo Soulutions Group for an enterprise value of ZAR5.25bn ($375m).

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Steinhoff buys Actis’s stake in Tekkie Town

Author: Africa Global Funds | Date: 2016-09-08

Steinhoff International, a South African-based international retail holding company, has agreed to acquire Tekkie Town, South Africa’s largest specialist footwear retailer, from a private equity firm Actis.

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Rockwood and Thebe exit Safripol to KAP

Author: Anna Lyudvig | Date: 2016-08-11

Rockwood Fund I, a R4.5bn South African leveraged buyout fund managed by Rockwood Private Equity, and Thebe Investment Corporation have exited Safripol to KAP Industrial Holdings for an equity value of R4.1bn ($310m).

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Ethos exits Brandcorp to Bidvest

Author: Africa Global Funds | Date: 2016-06-17

South African private equity firm Ethos has announced a divestment from Brandcorp Holdings, a distributor of industrial and consumer products, to the Bidvest Group.

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GEPF exits Pareto to Belani

Author: Africa Global Funds | Date: 2016-06-01

Belelani Capital, a Broad Based Black Economic Empowerment (BEE) company, has acquired a 24% shareholding in Pareto (Pareto Limited and Business Venture Investments No. 1360) from the Government Employees Pension Fund (GEPF).

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Abraaj exits Unimed via IPO

Author: Africa Global Funds | Date: 2016-05-04

The Abraaj Group has successfully exited its investment in a Tunisian pharmaceutical company Unité de fabrication de médicaments (Unimed), through an IPO on the Tunis Stock Exchange.

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MENA Infrastructure exits Egyptian port terminal operator

Author: Africa Global Funds | Date: 2016-03-22

MENA Infrastructure, an infrastructure fund manager focused on the Middle East, North Africa and Turkey region, has sold its 30% stake in Egypt-based port terminal operator Alexandria International Container Terminal (AICT) to global port investor Hutchison Port Holdings.

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Helios, Pembani Group and others exit HTN Towers to IHS

Author: Africa Global Funds | Date: 2016-03-11

Helios Investment Partners, Pembani Group, First City Monument Bank and other minority shareholders have agreed the sale of Helios Towers Nigeria (HTN), a tower company in Nigeria, to IHS Towers (IHS), the largest telecommunications infrastructure provider in Africa, Europe and the Middle East.

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Actis to sell EMP to Network International

Author: Africa Global Funds | Date: 2016-03-02

Actis, a growth markets investor, has confirmed an agreement to sell Emerging Markets Payments (EMP), Africa and the Middle East payments business, to Network International, a provider of payment solutions in the Middle East.

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Qalaa to sell Tanmeyah to EFG Hermes

Author: Africa Global Funds | Date: 2016-02-26

Qalaa Holdings’ Finance Unlimited subsidiary has announced plans to divest its 70% ownership stake in Tanmeyah Microenterprise Services, a private-sector provider of microfinance solutions in the Egyptian market, to EFG Hermes.

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Helios partially exits Equity to Norfund and NorFinance

Author: Africa Global Funds | Date: 2016-02-08

Helios Investment Partners has partially exited its stake in Equity Group Holdings, Kenya’s banking group, to the Norwegian Investment Fund for Developing Countries (Norfund) and NorFinance, a joint venture investment company between Norfund and Norwegian private investors.

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Ethos sells CQS stake for over R200m

Author: Africa Global Funds | Date: 2016-01-27

Ethos, a South African private equity investor, has sold its entire stake in a niche technology company, CQS Investment Holdings (CQS) to JSE-listed Adapt IT, an information technology services and specialised solutions provider, for R216.81m.

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Mediterrania Capital Partners fully exits CEPRO

Author: Africa Global Funds | Date: 2016-01-14

Mediterrania Capital Partners, a private equity firm focusing in growth investments for SMEs in North Africa and Sub-Saharan countries, has fully exited its investment in CEPRO (Cellulose Processing), a manufacturer and distributor of baby diapers and feminine sanitary pads in Algeria.

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Vantage exits TrenStar

Author: Africa Global Funds | Date: 2016-01-12

Vantage Capital, Africa’s predominant mezzanine fund manager with approximately R8bn ($478m) of assets under management, has fully exited its investment in TrenStar, one of Southern Africa’s leading returnable packaging companies.

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Abraaj fully exits its ownership in Saham Finances

Author: Africa Global Funds | Date: 2015-11-25

The Abraaj Group has fully exited its shareholding in African insurer, Saham Finances, to Sanlam Group and the Saham Group, a diversified Moroccan-based conglomerate operating in the insurance, offshoring and real estate sectors in the Middle East and Africa, and the parent company of Saham Finances.

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Ethos to exit Waco via JSE listing

Author: Africa Global Funds | Date: 2015-09-24

Ethos Private Equity has confirmed the intention to partially exit its stake in Waco, a South African industrial services company, through a listing on the JSE later this year.

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ECP exits Continental Re to Saham Finances

Author: Africa Global Funds | Date: 2015-09-22

Emerging Capital Partners along with its investment partners, have announced the sale of a 53.6% share of the Nigerian reinsurance company, Continental Reinsurance, to Saham Finances, the insurance arm of Saham Group.

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AfricInvest exits Brookhouse Schools to Educas

Author: Africa Global Funds | Date: 2015-09-15

AfricInvest, a pan-African SME-focused private equity firm, has announced that its AfricInvest Fund II, along with other shareholders, has successfully exited its investment from Brookhouse Schools to UK-based Educas.

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Actis exits Globeleq Africa to CDC and Norfund

Author: Africa Global Funds | Date: 2015-09-14

Actis has exited its investment in a power generation platform Globeleq Africa to a company owned by Norfund, the Norwegian investment fund for developing countries and CDC Group, the UK government’s development finance institution.

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Cauris exits ETE to LEMO

Author: Africa Global Funds | Date: 2015-09-04

The West African private equity fund manager Cauris Management has confirmed the sale of its stake in ETE to the Moroccan company Les Eaux Minérales d’Oulmès, delivering 3.4x returns on the fund’s initial investment.

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Carlyle sells its stake in Export Trading Group

Author: Africa Global Funds | Date: 2015-07-27

The Carlyle Group, a global alternative asset manager with $193bn of assets under management, has announced plans to sell its current minority stake in Export Trading Group (ETG), an African agricultural commodities supply chain manager, to the company management team/founders.

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ECP divests from NSIA insurance group

Author: Africa Global Funds | Date: 2015-07-16

Emerging Capital Partners has exited la Nouvelle Societé Interafricaine d’Assurance Participations SA through the sale of its equity stake to the National Bank of Canada and Amethis Africa Finance.

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Abraaj exits UAP to Old Mutual

Author: Africa Global Funds | Date: 2015-07-06

The Abraaj Group has sold its 13.6% stake in UAP Holdings, a pan-African insurance holding company, to Old Mutual, a London-listed international investment, savings, insurance and banking group.

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Kibo exits IMG to Ciel and Fortis

Author: Africa Global Funds | Date: 2015-07-02

Kibo Capital Partners has fully exited its 40% stake in Uganda-based International Medical Group to a consortium consisting of the Ciel Group, a conglomerate in Mauritius with growing activities East Africa, and Fortis, a healthcare operator from India.

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Helios sells 2.44% stake in Equity Group to NSSF Uganda

Author: Anna Lyudvig | Date: 2015-06-26

Helios EB Investors II, a wholly-owned subsidiary of Helios Investment Partners, has sold its 2.44% stake in Equity Group Holdings to the National Social Security Fund (NSSF Uganda) at a price of KES 50 ($0.51) per share.

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Qalaa Holdings sees exits in non-core businesses

Author: Africa Global Funds | Date: 2015-04-29

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.

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CVC exits Virgin Active to Brait

Author: Anna Lyudvig | Date: 2015-04-17

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).

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Vantage generates over 2x returns from Safripol exit

Author: Anna Lyudvig | Date: 2015-04-09

Vantage Capital, a Pan-African mezzanine fund manager with over R5bn ($420m) of AUM, and the Dutch development bank FMO have exited their R220m ($32m) investment in Safripol, Southern Africa’s plastic polymer manufacturer.

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Actis partially exits Edita via IPO

Author: Africa Global Funds | Date: 2015-04-02

Actis, a pan-emerging market private equity investor, has sold half of its stake in Edita Food Industries, the largest independent snack food business in North Africa.

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Nigerian Verod Capital exits HFP and partially exits GZI

Author: Africa Global Funds | Date: 2015-03-30

Verod Capital, a Nigeria-based private equity firm focusing on investing equity and equity-linked capital in growth companies, has fully exited ownership of HFP Engineering, and partially exited its stake in GZ Industries.

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Abraaj exits majority stake in ECCO Outsourcing

Author: Africa Global Funds | Date: 2015-03-14

The Abraaj Group, a private equity investor operating in global growth markets, has exited through one of its Funds, an investment in ECCO Outsourcing, a business process outsourcing (BPO) and contact center outsourcing (CCO) company in Egypt.

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AfricInvest, Abraaj exit UAP to Old Mutual

Author: Africa Global Funds | Date: 2015-01-27

AfricInvest, The Abraaj Group and Swedfund, will sell their 37.3% collective stake in UAP Holdings to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual, for KES 14.2bn ($155.5m).

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Abraaj exits Tunisian bakery

Author: Africa Global Funds | Date: 2015-01-05

The Abraaj Group has exited its investment in Moulin d’Or, a leading producer of baked goods in Tunisia, through one of its Funds.

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Qalaa Holdings to exit two metallurgy companies

Author: Africa Global Funds | Date: 2014-12-15

Qalaa Holdings (formerly Citadel Capital) is planing to sell two metallurgy companies to United Foundries Company SAE for around EGP260m ($36.33m) at the current rate of exchange.

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DPI to sell AAH to AXA for more than $245m

Author: Africa Global Funds | Date: 2014-12-01

DPI, an Africa-focused private equity firm, has announced its intention to sell Assur Africa Holding (AAH), which holds a 77% stake in Nigeria’s Mansard Insurance, to the AXA Group (AXA) for a total consideration of approximately €198m ($245.27m).

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Ethos to sell TiAuto to Carlyle and OMPI

Author: Africa Global Funds | Date: 2014-11-26

Ethos Private Equity is set to exit its investment, the Tiger Automotive Group (TiAuto), subject to the fulfillment of certain conditions, including competition approval.

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ADC exits Resolution Health East Africa

Author: Africa Global Funds | Date: 2014-11-20

ADC African Development Corporation has sold its 38.74% stake in Resolution Health East Africa to Peter Nduati, CEO and founder of RHEAL, backed by LeapFrog Investments.

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