The most "eye-catching" of deals this week involved the sale of Eaton Towers Holdings, an owner/operator of telecoms towers in five African countries backed by several high-profile private equity firms which now have fully exited their stakes in the firm. They include Capital Group, which held the largest stake, Development Partners International, which was the firm's founding investor as well as Ethos Private Equity and Standard Chartered Private Equity, who both backed the firm in 2015. Despite us asking, the breakdown of the sale and the IRRs earned by the firm's exiting stakeholders were not made available.
Global private equity giant HarbourVest also featured in a deal this week. They're buying mobile communications group MTN's interest in Amadeus Capital, which, among other things, made its first Africa investment in early 2016, backing Cape Town-based Travelstart with $40 million of growth capital. The move provides the online travel company with a significant new funding partner to support its expansion plans into new geographies and verticals.
Meanwhile one of the MENA region's larger investment firms is taking a significant control stake in health aesthetics company. Gulf Capital is backing Medica Holding, which provides aesthetics, cosmetics, and dermatology equipment and products and services to its customers. The transaction will help the Dubai-based company's plans to strengthen its MENA region footprint as well as support its expansion plans for Africa and Asia.
Apis Partners and Crossfin Technology Holdings have acquired Sureswipe and completed the formation of Crossfin Transaction Solutions, a payments and merchant acquiring platform the two investment companies first announced in July last year. The new platform brings together three South African payment service providers -Innervation Pan African Payments, iKhokha, and Sureswipe - forming South Africa's largest independent payments and merchant acquiring business.
Inside Capital Partners is backing a Malagasy packaging company for its latest deal this year. The Mauritius-based private equity fund manager is investing a mix of equity and quasi-equity in Technopet, a 10-year old business which is Madagascar's only manufacturer of preformed PET (polyethylene terephthalate) packaging products for the local cosmetics and food and beverage sectors.
And finally, DOB Equity is taking an equity stake in a 7-year old Zanzibari waste management firm. Zanrec will use the investment to support its growth and broaden its range of commercial waste collections, recycling and awareness solutions on the Tanzanian island.
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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