Africa Capital Digest tracked the following large and notable private equity-related deals in Africa during the first quarter of 2024. The 8 deals we highlight are a mix of investments and exits. Here they are, ranked by size.
1) Actis and Royal Bafokeng Holdings/Swiftnet
Deal Type: Buyout Estimated Value: $335 million Date: March 2024
Actis acquired a telecom tower portfolio from Telkom, the largest provider of communications services to homes and businesses in South Africa. The buyout, which Actis is transacting in partnership with Royal Bafokeng Holdings (RBH) as its empowerment partner, values the unit, Swiftnet, at ZAR 6.75 billion (or about $355 million).
Coverage in Africa Capital Digest: Actis leads buyout of South African tower portfolio from Telkom
2) TPG and Kupanda Capital/Mavin
Deal Type: Trade Sale Value: $150 million to $200 million Date: March 2024
Universal Music Group (UMG) is acquiring a majority stake in Mavin Group, a Nigeria-based music label behind many of the continent’s Afrobeats artists. The shareholders selling their holdings to UMG include TPG, which is fully exiting its investment in Mavin, and Kupanda Capital, which is retaining a partial interest in the business.
Coverage in Africa Capital Digest: UMG buys majority stake in Mavin, giving TPG an exit
3) Affirma Capital/Copperbelt Energy Corporation
Deal Type: Equity Investment Value: $145 million Date: January 2024
Affirma Capital has completed a single-asset continuation deal for Copperbelt Energy Corporation (CEC), an independent power transmission and distribution company listed on the Lusaka Securities Exchange. The emerging markets private equity firm led the $145 million deal, investing $95 million alongside Norfund and Norwegian pension fund KLP. The balance of $50 million is being provided as an acquisition finance loan from Standard Bank of South Africa.
Coverage in Africa Capital Digest: Affirma Capital’s continuation deal for CEC completes
4) Ackerley Partners/Win By One (Springboks Rugby)
Deal Type: Equity Investment Value: $75 million Date: February 2024
Seattle-based Ackerley Partners announced an investment in South Africa’s national rugby team, the Springboks, last week. The deal sees Ackerley Sports Group, the private capital firm’s very new sports investment platform, invest $75 million into a new commercial rights corporation called Win by One which will hold all the Springbok’s current and future revenue-generating assets.
Coverage in Africa Capital Digest: US-based Ackerley announces Springboks deal
5) Capitalworks/The Building Company
Deal Type: Buyout Value: $62.5 million Date: March 2024
Capitalworks has agreed to buy a well-established DIY home and building materials retail unit from JSE-listed Pepkor, one of Africa’s largest retailing groups. The South Africa-based private equity firm will pay R1.2 billion (or $62.5 million) for The Building Company, the operator of a chain of 183 retail outlets across South Africa, Namibia, Botswana, and Ezwatini.
Coverage in Africa Capital Digest: Capitalworks to buy DIY and building materials retailer from Pepkor
6) British International Investments/I&M Bank
Deal Type: Exit Value: $45 million Date: March 2024
British International Investment can go ahead and sell its 10.1% stake in East African banking group I&M to East Africa Growth Holdings, a platform backed by two AfricInvest private equity investment vehicles. The proposed deal won regulatory approvals from Kenya’s competition authorities last week..
Coverage in Africa Capital Digest: BII sells stake in I&M to AfricInvest-backed vehicle
7) Africa Finance Corporation/AMCE
Deal Type: Equity Investment Value: $40 million Date: February 2024
Africa Finance Corporation (AFC), one of the content’s key infrastructure investment institutions, is investing equity in a medical treatment and research centre being developed by Afreximbank in partnership with the UK’s King’s College Hospital. The $40 million investment will be used to support the construction of the Africa Medical Centre for Excellence (AMCE), a planned 500-bed healthcare facility planned for Nigeria’s capital, Abuja.
Coverage in Africa Capital Digest: AFC invests equity in medical treatment and research centre
8) BlackRock Alternatives/Lake Turkhana Wind Farm
Deal Type: Equity Investment Value: $31.3 million Date: February 2024
BlackRock Alternatives’ deal to acquire stakes in the Lake Turkhana Wind Power (LWTP) belonging to Vestas, Finnfund, and IFU, appears to have closed. The deal, which we first reported in March last year, secures a 31.25% stake in the wind farm for the BlackRock unit’s Climate Finance Partnership, (CFP), a public-private infrastructure investment vehicle that closed with $673 million in commitments in November 2022.
Coverage in Africa Capital Digest: BlackRock’s deal for Lake Turkhana Wind Farm closes
8) Adenia Partners/Air Liquide
Deal Type: Equity Investment Value: $31.3 million Date: February 2024
Adenia Partners is acquiring 12 of Air Liquide’s subsidiaries in West and Central Africa to establish a new, as yet unnamed, pan-African industrial gases business. The Africa-focused private equity firm is making the deal via its latest fund, Adenia V, which typically invests between $30 million to $50 million in each of its transactions.
Coverage in Africa Capital Digest: Adenia buys 12 Air Liquide subsidiaries to set up new business
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