October 23rd, 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...             
The Week in Brief...
While there were no fundraising announcements in Africa last week, there were a few private equity deals. And a couple were in some of the more unusual sectors.  Throw in a trio of portfolio company-related deals, and you have the full range of transaction activity for the week.

Quantum Global  Alternative Investment Management announced the completion of  the sale of its stake in Savannah Cement following approvals from Kenya's competition authority. Terms of the deal were not disclosed. Quantum had originally backed the cement company in 2015 via its $1.1 billion Infrastructure Fund, since when it has grown to produce up to 1.5 million tons of cement a year.

Old Mutual Alternative Investments is taking a 50% stake in Faircape Life Right Holdings for an undisclosed sum. The deal is being transacted on behalf of Old Mutual's Retirement Accommodation Fund, a R2 billion investment vehicle launched in May 2015 to target opportunities offered by the growing demand for retirement accommodation in South Africa.

A subsidiary of The Faircape Group, Faircape Life Right Holdings owns and operates six luxury lifestyle villages with 976 residential units with associated healthcare facilities. The villages, which offer a selection of 1,2 and 3 bedroom homes with facilities specifically tailored for active retirees, are positioned in a variety of prime locations in the Western Cape.

In the first of two poultry-related deals announced last week, social impact investor AgDevCo announced it is backing Rwanda's Uzima Chicken with $3 million of debt. The capital will be used to expand the company's capacity to produce between 8 million to 10 million birds per year.

Farther south on the continent, Public Investment Corporation or PIC, the manager of South Africa's Government Employees Pension Fund, has received South Africa's Competition Commission approval to take over troubled poultry producer, Daybreak Farms. According to reports, PIC has a turnaround strategy in place which is already beginning to bear fruit.

In portfolio asset-related deals, Impact Oil and Gas, an Africa-focused exploration company backed, by among others, Helios Investment Partners, has signed two deals with French oil major, Total.  Both deals, which involve selling significant portions of a couple of the firm's assets, raise the number of oil majors with whom the firm has partnered to four, following previous farm-out deals with CNOOC, Exxon and Statoil. 

Ebtikar, a non-banking financial services platform joint venture backed by Egyptian private equity fund manager BPE Partners and MMG Group for International Industry and Trade (MTI), has acquired a 60% stake in TBE Egypt for Payment Solutions and Services, (commonly known as Bee). The transaction, which is reportedly worth EGP156 million (or approximately $8.8 million), is structured as a mix of debt and equity.  Bee provides its customers with the ability to pay their service providers including mobile operators and internet providers as well as other end users through a network of over 35,000 retailers in Egypt.

In the renewable energy sector, ENGIE has acquired  Fenix International, a venture-backed renewable energy company with offices in East Africa and Silicon Valley. The deal makes Fenix the first solar home system provider to link with a major energy provider. The company, which employs 350 people, operates predominantly in Uganda and has recently expanded into the Zambian market.

For our final item this week, Exotix has appointed former Morgan Stanley and FBN Capital banker Chiamaka Ezenwas as Head of Investment Banking in West Africa. Exotix has been expanding its investment banking reach in Africa, particularly in the energy, financial and consumer sectors. Recently, the bank was one of the three deal managers, who with JPMorgan and Morgan Stanley worked on Guaranty Trust Bank tender offer for its $400 million 2018 Eurobond.

That's it for this week. As always, you can review these and other stories by scrolling down and clicking through to them below.  

Quantum Global completes Savannah Cement stake sale
Image Credit: Savannah Cement
Deals and Deal News...
Private Equity
Quantum Global completes sales of Savannah Cement
Quantum Global, the Africa-focused private equity and infrastructure investment manager, has completed the sale of its stake in Savannah Cement.
Private Equity
OMAI buys major stake in Faircape Life Right Holdings
One of Africa's largest private equity and alternative investment managers has acquired a significant stake in Faircape Life Right Holdings.
Private Equity
PIC takes control of ailing poultry firm Daybreak
Public Investment Corporation has received South Africa's Competition Commission approval to take over troubled poultry producer, Daybreak.
Private Debt
AgDevCo backs Rwandan poultry firm with $3mln debt
Social impact investor AgDevCo is backing Uzima Chicken, a Rwandan poultry business, with $3 million of debt.
Venture Capital
Fenix International sold to ENGIE in undisclosed deal
Fenix International, a venture-backed renewable energy company with offices in East African and Silicon Valley, has been sold to ENGIE.
This week's issue supported by...             
Public Private 2017 Cape Town
Projects & Portfolio Companies...
Private Equity
Impact Oil & Gas signs farm-out deals with Total
Impact Oil and Gas, an Africa-focused exploration company backed, by among others, Helios Investment Partners, has signed two deals with French oil major, Total.
Private Equity
Ebtikar takes 60% stake in Egypt's Bee
Ebtikar, a non-banking financial services platform joint venture backed by Egyptian private equity fund manager BPE Partners and MTI has acquired a 60% stake in TBE Egypt for Payment Solutions and Services, (commonly known as Bee).
AfCD Sub image Times running out....only 9 days left

Keep getting Africa Capital Digest every Monday at the best rate...and enjoy the following:

Benefit #1 : The full story on Africa's private equity, venture capital and infrastructure deals and fund raises. Track the investment professionals involved and keep up with their investment strategies and goals. 
Benefit #2: Learn portfolio company news that impacts value and stakeholder participation. 
Benefit #3 : Timely audio content to listen to whether your travelling on business or commuting to work.
Benefit #4:  Regular analysis, charts, tables giving a snapshot of short, medium and long-term trends.
Benefit #5:  Preferential access to live, interactive web discussions with the industry's leading GPs, LPs and their advisors.
Benefit #6:  Exclusive access to Africa Capital Digest's full content archive.

Choose the licence plan today that best suits you from the options below.

Single User                                         Single User
Monthly All Digital                                Annual All Digital
              Save 20%                                             Save 25%
              Click here                                             Click here

Multi-User
Corporate All Digital


And carry on reading what's being read by the who's who involved in Africa's private capital deal markets.
Trends & Perspectives...
Trends
Egypt could be Middle East's IPO hotspot in 2018
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 .
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.
This week's issue supported by...             
SSA Power 2017
Companies, People & Profiles...
People
Exotix appoints West Africa Investment Banking head
Exotix has appointed former Morgan Stanley and FBN Capital banker Chiamaka Ezenwas as the frontier banking firm's Head of Investment Banking in West Africa..
Current Job Postings...
This week's featured jobs...             
Regional Vice President, MENA & Africa at IFC  // ifc.org
Based in Washington, DC, USA
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...             
Sharm El Sheikh, December 7th to December 9th, 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 
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 
SuperReturn Africa
Cape Town, December 4th to December 6th, 2017 
2018 Events...
New this week...
SAVCA 2018 Annual Conference 
Stellenbosch, February 21st to February 22nd, 2018 
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

Africa Capital Digest is a product of Rowayton Press 
Customer Service |  thall@africacapitaldigest.com | P.O. Box 141,
Rowayton, CT 06853, USA