AfricInvest sells interest in financial services firm to major shareholder

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AfricInvest is selling its stake in a West African financial services holding company to the firm’s majority shareholder. The private equity firm first invested in the business, Bridge Group West Africa (or BGWA), in 2014 and held its interest in the business in the portfolios of two of its funds – AfricInvest II and the AfricInvest Financial Sector Fund. How much the funds are being paid by Teyliom International for their stakes has not been disclosed.

BGWA has changed significantly since AfricInvest first backed the firm. Originally, it was a single-country commercial banking business based in Côte d’Ivoire, but over the last 8 years, it has grown into a diversified regional financial services group adding operations in Senegal and non-banking financial services such as brokerage, asset management, and microfinance services in its home country.

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