October 16th, 2017
The  weekly roundup of Africa's Private Capital news


  

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 to sign up here.  

Many thanks for being a reader. If you have any tips, suggestions or questions, please reach out to Allan Cunningham at acunningham@africacapitaldigest.com
This week's issue supported by...             
Augentius - Survey Update
The Week in Brief...
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.  

M-KOPA secures $80 million in debt from a syndicate of lenders
Image Credit: M-KOPA
Deals and Deal News...
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.
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.
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.
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.
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.
This week's issue supported by...             
Agri Indaba 2017
Funds & Fundraising...
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.
Sectors & Strategies...
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.
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.
Kudos Image
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.
Trends & Perspectives...
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 .
Perspectives
Doing deals in Nigeria
A report on a survey conducted among senior executives about their deal making experiences in Nigeria over the past 4 years.
This week's issue supported by...             
Finnovation Ethiopia
Companies, People & Profiles...
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.
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.
Current Job Postings...
This week's featured jobs...             
Regional Vice President, MENA & Africa at IFC  // ifc.org
Based in Washington, DC, USA
CFO & CIO at Verdant Frontiers  // verdantfrontiers.com
Based in Austin, United States
SVP, Sustainable Finance at World Wildlife Fund  // wwf.org
Based in Washington, DC, United States
Team Leader, Urban Development Program at McKinsey  // mckinsey.com
Based in Nairobi, Kenya
Investment Executive, Investment Teams at CDC  // cdcgroup.com
Based in London, United Kingdom
Investment Associate, Investment Teams at CDC  // cdcgroup.com
Based in London, United Kingdom
Transaction Advisor, Energy at CrossBoundary  // crossboundary.com
Based in Johannesburg, South Africa
Investment Analyst, Infrastructure at IFC  // ifc.org
Based in Johannesburg, South Africa
Associate, Africa Delivery Hub at McKinsey  // mckinsey.com
Opportunities in Addis Ababa, Casablanca, Lagos and Nairobi
Associate at McKinsey  // mckinsey.com
Based in Johannesburg, South Africa
Upcoming Conferences...
Highlighted Event...             
Bonds, Loans & Sukuk Nigeria Briefing Day 2017
Lagos, November 20th, 2017 
4th Agrique Africa Investment Summit 
Frankfurt, October 24th to October 25th, 2017 
META Projects 2017
Dubai, November 1st to November 2nd, 2017 
Finnovation Africa: Ethiopia 2017 
Addis Ababa, November 3rd, 2017 
AfricArena 2017 
Cape Town, November 6th to November 7th, 2017 
AfricaCom 2017
Cape Town, November 7th to November 9th, 2017 
International Islamic Banking Summit Africa 
Djibouti, November 8th to November 9th, 2017 
Sub Saharan Africa Power Summit
Lusaka, November 8th to November 10th, 2017 
African Agri Investment Indaba 2017
Cape Town, November 20th to November 22nd, 2017 
9th Africa Public Private Partnership Conference 
Cape Town, November 23rd to November 24th, 2017 
Gas Options North & West Africa 
Marrakech, November 29th to November 30th, 2017 
Africa Renewable Energy Forum 
Casablanca, November 30th to December 1st, 2017 
SuperReturn Africa
Cape Town, December 4th to December 6th, 2017 
Sharm El Sheikh, December 7th to December 9th, 2017 
And finally...
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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