September 4th, 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...             
NigeriaCom 2017
The Week in Brief...
We're in the season of public holidays on several continents important to Africa's private capital markets which probably accounts for the lack of volume in deal activity last week. Of the deals that were done, there were certainly a couple of worthy of note.

If you've been following the fortunes of Atlas Mara over the last couple of months, you will have read of their efforts to raise more capital. Fairfax Africa proved to be their knight in shining armour, planning to invest at least $130 million of the $200 million the banking platform sought. The deal completed last week, with the investment entity investing a total of $159 million in the offering, securing it a 42.4% stake in the company. 

Other deals last week were entirely of a smaller scale. CDC was involved in a maiden deal of sorts - namely making its first investment in a permanent capital vehicle, Solon Capital Holdings, who is the beneficiary of $20 million in equity from the UK's development finance institution. The move reflects a shift in the DFIs investment strategy for markets where businesses require longer-term capital than that provided by the traditional 10-year private equity model.

BitPesa, the much talked-about bitcoin payment startup closed a top up round to its Series A last week, garnering fresh funds from most of its existing investors, including Greycroft Partners, who led the round. This latest round of funding brings the cumulative amount of capital raised by BitPesa to $10 million, some $4 million more than the cumulative total that the startup had raised by the time it closed its $2.5 million Series A earlier in the year.

One Thousand & One Voices, or 1K1V, made its third deal last week. The private family capital fund is buying  SanLei, a trout producer located on the shores of Lesotho's Katse Dam. The company produces and processes sushi-quality trout which is primarily sold in the South African and Japanese markets and has struck an exclusive strategic marketing and distribution agreement with Japan's largest joint procurement supermarket chain, GCC Japan, allowing it to sell and market its prodcue through more than 4,000 stores.

In exit news, South African private equity firm Sprirt Capital has sold its majority interest in Tidy Files, a document management and storage business, to Metrofile Holdings, who are paying R75 million to acquire the company. Spirit first backed the firm in 2009. It's the second disposal for the private equity firm in recent months, following its disposal of its majority interest in CHC Resources in June.

Mediterrania Capital seems to be in line for a €35 million commitment to its third fund from the European Bank for Reconstruction and Development. The DFI, which backed Mediterrania's second fund, is considering whether to invest in this, the firm's latest and largest planned fund, which is targeting €250 million come final close. Mediterrania Capital launched the fund in March this year.

And finally, in another potential DFI-related investment, the IFC is mulling whether to make a $3 million loan to Goodlife Pharmacy, a LeapFrog Investment-backed chain in East Africa. The loan would be used by the pharmaceutical chain to help fund its $15 million to $20 million expansion plans which call for the firm to expand its footprint to more than 100 outlets across Kenya and the broader East African region over the next few years.

As always, you can review these and other stories by scrolling down and clicking through to them below.  

Completion of Fairfax Africa's Atlas Mara deal secures the Canadian investment entity a 42.4% stake
Deals and Deal News...
Private Equity
Fairfax Africa's Atlas Mara deal secures 42.4% stake
Fairfax Africa has completed its previously announced transaction for Atlas Mara, ending up with 42.4% of the company.
Private Equity
CDC backs Solon Capital Holdings with $20mln of equity
CDC is investing $20 million in Solon Capital Holdings, an investment holding company based in Sierra Leone.
Private Equity
1K1V backs Lesotho Trout Farm for third deal
One Thousand & One Voices announced its third deal last week, buying an aquaculture business located in the Kingdom of Lesotho
Private Equity
Spirit Capital exits Tidy Files in R75mln sale
Spirit Capital has sold its majority interest Tidy Files, a document management and storage business it first backed in 2009.
Venture Capital
Greycroft Partners leads BitPesa's top up round
Greycroft Partners has lead BitPesa's latest, and oversubscribed, funding round, a follow-up to the pan-Africa bitcoin payment startup's Series A.
This week's issue supported by...             
Finnovation Ethiopia
Funds & Fundraising...
Private Debt
EuroMena seeks $200mln for debut Africa debt fund
As part of its overall strategy to double the value of its assets in Lebanese-owned companies operating abroad, Beirut-based private equity firm EuroMena Funds is planning a $200 million debut Africa debt fund.
Private Equity
EBRD considers €35mln commitment to MCP III
The European Bank of Reconstruction and Development is considering a €35 million commitment to Mediterrania Capital's latest fund, MCP III.
Projects & Portfolio Companies...
Retail
IFC mulls $3mln loan for Goodlife Pharmacy
The IFC is considering a $3 million loan to Goodlife Pharmacy in support of the LeapFrog Investment-backed pharmaceutical chain's expansion plans.
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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...
Renewable Energy
Greenwish Partners solar-powered telecoms tower plans
Renewable energy company GreenWish Partners plans to invest $800 million on solar-powered telecommunications towers across the continent.  
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How ESG-ready are 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.
This week's issue supported by...             
Current Job Postings...
This week's featured jobs...             
Head, Startup Success & Services, Accelerator Africa at Google  // google.com
Based in Lagos, Nigeria
Group Manager at Equinoxe Alternative Investment Services  // equinoxeais.com
Based in Ebene, Mauritius
Account Manager at Equinoxe Alternative Investment Services  // equinoxeais.com
Based in Ebene, Mauritius
Head, Operations, Accelerator Africa at Google  // google.com
Based in Lagos, Nigeria
Investment Associate, Intermediated Equity at CDC  // cdcgroup.com
Based in Johannesburg, South Africa
Investment Professional, International PE at Old Mutual  // oldmutual.co.za
Based in Johannesburg, South Africa
Associate, Project & Infrastructure FInance at Investec  // investec.com
Based in London, United Kingdom
Analyst, Corporate Finance Advisory at JP Morgan  // jpmorganchase.com
Based in Johannesburg, South Africa
Upcoming Conferences...
Highlighted Event...             
SuperReturn Africa
Cape Town, December 4th to December 6th, 2017 
Nigeria Com 2017
Lagos, September 20th to September 21st, 2017 
Bonds, Loans & Sukuk Kenya Briefing Day 2017
Nairobi, October 3rd, 2017 
Powering Africa: Nigeria 2017 
Abuja, October 4th to October 5th, 2017 
New this week...
Africa Private Wealth Forum 
Casablanca, October 4th to October 5th, 2017 
New this week...
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 
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 
Bonds, Loans & Sukuk Nigeria Briefing Day 2017
Lagos, November 20th, 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 
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 free, 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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