Last week in brief...Following PepsiCo's deal the week before last in Africa, we found another global consumer brand name featuring in a deal on the continent. This time it was Burger King South Africa, which now has a new majority owner. Emerging Capital Partners is investing $46.5 million and buying a controlling stake in the business on behalf of the private equity firm's fourth fund which closed with $640 million in late 2018.
Staying in South Africa, albeit in a different sector, EXEO Capital announced it is selling its interest in InteliChem. Agri-Vie Fund I made the investment in the agribusiness 6 years ago, acquiring almost 50% of the firm and supporting its growth with additional follow-on investments since then. The buyer is Masimong Group Holdings, a black-owned investment firm that is paying an undisclosed amount of capital for the business.
At the northern end of the continent, a portfolio company deal. Dislog Group, a significant holding of H&S Invest, a platform in which SPE Capital has a stake, has bought Fater Maroc, a bleach producing subsidiary in Mohammedia, Morocco owned by Fater Italy. The deal will support the producer's expansion plans, which involve new products and new markets.
We came across reports of plans for the construction and development of a new cold supply chain in Uganda. Representatives from ARCH Emerging Markets Partners and South Africa's state-owned Industrial Development Corporation have met with Ugandan government ministries and agencies to talk about building temperature-controlled transportation and warehouse facilities in the East African country. Between them, it's estimated they'd be spending upwards of $30 million on the project.
In the venture capital space, GreenTec Capital is backing Kwiks, a digital personnel sourcing platform with operations in Morocco, France, and Belgium in an undisclosed deal. Among the uses the firm will put the capital to work for are its plans to expand more broadly in Africa. Kwiks' management team and the firm's market opportunity were compelling reasons to invest in the firm. The North African region as a whole is appealing to the Frankfurt-based venture capital investor.
We end with a quartet of job changes at important organizations last week. The IFC has a new Director for the MENA Region. She is Beatrice Maser, most recently Switzerland’s Ambassador to Vietnam, who brings three decades of international private and public sector experience to the role.
In the second of the four, the CEO of another development finance institution, this time the recently launched US International Development Finance Corporation or DFC has been named as the Executive Chairman of Prosper Africa. Adam Boehler will coordinate the necessary agencies to underpin the US government’s initiative to boost two-way trade and investment between the USA and Africa.
And finally, Actis has announced two promotions. Susan Wilkins, the investment firm's Chief Financial Officer has been made a Partner, heading up a team of about 100 platform professionals responsible for the business's operations. And Shami Nissan, who heads Actis’s responsible investment unit, is joining the firm’s Executive Committee. She leads a 4-person responsible investing team that is fully integrated into the firm’s investment process from origination to realization.
That's it for this week. As always, you can review these and other stories by clicking through to this week's preview edition of the newsletter.
Allan Cunningham is a senior media executive who has spent the last 15 years of his career working for some of the world’s most respected M&A and Private Equity media companies including Dow Jones’s publications Private Equity Analyst and VentureWire and most recently, The Deal. He has built a number of successful digital and event content businesses, both subscription and sponsor-supported, delivering information and content-marketing services to clients in the M&A and broader deal ecosystem. He recently struck out on his own and launched Rowayton Press, a multi-platform media company focused on the private capital opportunities in emerging and frontier markets. Mr. Cunningham holds a Bachelors degree from Liverpool John Moores University in the UK.
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