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News > Private Equity > Exits

Ninety One exits Kamoso Africa to BDC

Anna Lyudvig
May 18, 2020, 2:43 p.m.
653

Word count: 303

Ninety One, via its Africa Private Equity Fund 2 (91APEF2), along with Rand Merchant Bank Ventures (RMBV) and other shareholders, has sold a portion of its equity investment in Kamoso Africa to the Botswana Development Corporation (BDC).

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Ninety One, via its Africa Private Equity Fund 2 (91APEF2), along with Rand Merchant Bank Ventures (RMBV) and other shareholders, has sold a portion of its equity investment in Kamoso Africa to the Botswana Development Corporation (BDC).

Kobi Sam, Investment Director at Ninety One, said: “We are pleased to bring on board the BDC as a partner on this journey of building the leading diversified FMCG platform in Southern Africa. Given the BDC’s resources and networks, Kamoso expects to reap significant synergies from the partnership with its new shareholder.”

Ninety One and RMBV acquired a controlling stake in Kamoso in 2017, in what was believed to be Botswana’s largest ever private equity investment.

In this transaction, BDC acquired a 24% shareholding in Kamoso and has joined the board.

Founded in 2015, Kamoso has established itself as one of Botswana’s leading diversified fast-moving consumer goods (FMCG) platforms.

Kamoso’s Builders Mart and Liquorama segments are market leaders in DIY and off-premise beverage sales, respectively with a combined 90+ retail outlets.  Operating six manufacturing facilities, eleven warehouses, and a fleet of over 100 delivery vehicles, the FMCG segment supplies value-for-money consumer goods in Botswana, South Africa and Zambia.

Kamoso’s Mediland affiliate is one of the leading suppliers of medical products in Botswana.

The BDC was established in 1970 to be Botswana’s main agency for commercial and industrial development.

With group investment assets worth more than BWP 3.6bn, BDC has invested in debt and equity across a wide range of businesses in all parts of Botswana.  BDC is 100% owned by the Government of Botswana.

Ian Dewar, CEO of Kamoso, said: “The Kamoso Africa Team is excited to welcome the Botswana Development Corporation as one of our key shareholders. With their intimate knowledge of the Botswana Market, their involvement will further enhance our growth strategy.”

 

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