Africa Capital Digest Week 28

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This week, we’re starting with some interesting fund news. Yeelen Capitalannounced that has held a €30 million initial close for the Yeelen Financial Fund, a new private equity investment vehicle fund focused on opportunities in the financial services sector in the WAEMU region.
Yeelen was selected by the West African Development Bank earlier this year to raise, invest and operate the new fund following a competitive bidding process.Ultimately, the fund manager, which is staffed by an investment team from Cauris Management, is seeking to raise a total of €150 million by the end of 2018.
Phatisa announced that it has agreed to buy JSE-listed Torre Industries’ remaining interest in Kanu Equipment. The transaction increases Phatisa’s shareholding to 85%, with the remaining balance being held by Kanu’s management. Pre-deal, Phatisa had a 40% interest, whilst the firm’s management team held a 5% stake.
The deal is being transacted through Phatisa’s $246 million African Agriculture Fund. The fund originally backed Kanu in June 2016, reportedly spending approximately $15 million for a 40% interest in the agricultural and construction equipment supplier.
In other control investment news, Sanari Capital has completed its investment in Fernridge Solutions, taking a 51% stake in the geo-spatial data and solutions provider. The deal was transacted, in part, through Sanari Growth Partners, the firm’s $15 million 12J fund.
As a result of the transaction, Sanari will take three seats on Fernridge’s Board of Directors. In addition to Samantha Pokroy, who led the deal for the investor, Moushmi Patel and Neo Maruatona Ratau will also be representing Sanari on the company’s board.
EXEO Capital, the fund manager that oversees the Agri-Vie family of funds, is selling its interest in Fairfield Dairy to a private investment trust linked to the firm’s founding family. The KwaZulu-Natal-based dairy producer had been part of the portfolio of Agri-Vie’s $100 million first fund, which is now in its harvesting phase.
Agri-Vie Fund I originally invested in Fairfield Dairy in 2009, and was the fund’s first foray into the dairy sector. Since then the firm has expanded considerably, both strengthening its operations and building a reputation as a dynamic, innovative dairy company. According to EXEO partner Izak Strauss, market interest in the asset prior to the conclusion of the sale was considerable.
In the latest of a string of deals, XSML Capital announced yet another investment for the recently closed $50 million African Rivers Fund last week, this time taking an undisclosed stake in Monishop, a well-known supermarket in Kinshasa.
Monishop is African Rivers Fund’s fifteenth investment since it held its first close in May 2016. The fund follows much the same strategy as its $19 million predecessor fund and typically backs well-managed, growing small and medium businesses in the Democratic Republic of Congo, Uganda, Congo and eventually Burundi with debt, equity or mezzanine capital in deals ranging from $100,000 to $5 million in size.
And finally, in an interesting profile, Forbes Africa sat down with father and son Jannie and Piet Mouton and heard how the family built up PSG, the investment giant founded 22 years ago. It makes for an interesting read.
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