The 5 most popular stories on Africa Private Equity News this week

Posted on: 13 June, 2020 at 12:55 PM

Here are summaries of the five most widely read stories this week on Africa Private Equity News.

1. Ethos Mezzanine Partners and Proparco invest in Ethiopian FMCG platform

Ethos Mezzanine Partners and the French development finance institution, Proparco, have announced a $22 million investment into Turaco, a holding company managed by 54 Capital PE Advisors, which holds a portfolio of FMCG assets in Ethiopia. The business manufactures and sells edible sunflower and soya oil under the brand name Tena, as well as soaps and detergents and personal care products, including laundry soaps and perfumed toilet soaps, under the brand names 555 and Aura.

The growth capital raised from Ethos and Proparco will fund the expansion of Turaco’s manufacturing operations in Ethiopia, carried on by Health Care Food Manufacturers SC and ZAK Ethiopia Manufacturing & Trading Plc. Some of the capital will be applied to upgrading these facilities to meet IFC performance standards relating to environmental, health, safety and governance.

2. Àrgentil Capital Partners makes follow-on investment in Nigerian housing company

Àrgentil Capital Partners has provided additional debt and equity investment to support its portfolio company, Tempohousing Nigeria Limited (THN), which specialises in developing flexible and affordable residential and commercial spaces using modern prefabricated technology and cargotecture. The spaces developed by THN continue to disrupt traditional market segments where high building and land costs in the cities makes it difficult for many people to access quality living and commercial workspaces.

The debt was provided to fund working capital to support the execution of on-going projects including renewable energy training centres at universities and healthcare projects, some for Covid-19 interventions across Nigeria. Àrgentil also converted loan notes to increase its shareholding in THN to help position the company’s balance sheet for future growth. The company expects to execute a number of development projects in the near term to deliver shared and co-living spaces for young professionals as well as student accommodation given the significant demand in these sub-sectors.

3. Sun Exchange secures $3m investment from Mauritian PE fund

Sun Exchange, the world’s first peer-to-peer solar leasing platform, announced a $3 million investment by ARPF, a Mauritian private equity fund advised by London-based ARCH Emerging Markets Partners Limited (ARCH). This investment marks the close of a $4 million series A funding round by Sun Exchange.

Sun Exchange will use the funds to:

– Scale its solution and expand into new markets across sub-Saharan Africa, enabling platform users to solar power schools, clinics, farms, cell towers, water plants, businesses and other organisations across the continent.

– Bolster marketing activities and substantially grow the platform’s global user base.

– Make significant software enhancements to extend its platform capabilities and features.

4. Ninety One and Ethos Private Equity launch South African fund

JSE- and LSE-listed investment manager Ninety One has launched an impact investment initiative – the Ninety One SA Recovery Fund, in association with Ethos Private Equity, one of South Africa’s leading alternative asset managers. The fund’s objective is to support the preservation of the country’s productive capacity and economic recovery from the effects of the Covid-19 pandemic, while seeking an attractive return for investors.

With a focus on the urgency of the economic situation in South Africa, Ninety One is targeting a first close of the fund in July 2020. Ninety One will be targeting a fund size of R10 billion (about $597 million), with funding raised via two closes from South African institutional investors.

5. FMO’s Peter van Mierlo steps down as CEO

The chairman of the Dutch Entrepreneurial Development Bank (FMO) Peter van Mierlo has announced that he will step down as the organisation’s CEO.

FMO empowers entrepreneurs in developing countries to build a better world. At his appointment in July 2018, Van Mierlo was tasked to make the organisation future proof. Specific attention was required for the organisation’s compliance and ‘know your customer’ (KYC) processes as well as more transparent reporting and communication around FMO’s investments. Over the course of the past two years, significant progress in this transformation process has been made.

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