DealMakers AFRICA
Nasan Energies Namibia has agreed with Vivo Energy Namibia to acquire 53 Engen and Shell-branded fuel service stations. In May 2024, Vivo Energy completed the purchase of Engen Limited from Petronas, which included the Engen Namibia business. However, as part of the regulatory process, the Nambian Competition Commission determined that Vivo Energy would have to sell a number of its service stations to uphold a fair and dynamic market. Following a thorough evaluation process that assessed both technical expertise and financial proposals, Nasan Energies was selected as the preferred bidder. The value of the deal was not disclosed and is subject to approval by the Namibian Competition Commission.
The Norwegian government’s investment fund for business development in developing countries Norfund, has announced an undisclosed debt investment in Mohinani Group to support the expansion of its rPET (recycled polyethylene terephthalate) initiatives in Ghana and Nigeria. The investment in the form of a loan aims to reduce waste, cut greenhouse gas emissions, and create jobs in two of West Africa’s largest economies. The Mohinani rPET facilities in Ghana and Nigeria, managed by Polytanks Ghana Limited and Sonnex Packaging Nigeria Limited, respectively, have the capacity to produce 15,000 tons of recycled PET resins each annually.
Metier, through its Capital Growth Fund III, has invested with Watu Group, a non-deposit taking microfinance institution focused on financing income-generating assets for underserved communities across sub-Saharan Africa. Founded in 2015, Watu has a strong presence in Kenya, Uganda, and Tanzania, and expanding operations in Rwanda, Sierra Leone, the Democratic Republic of Congo, Nigeria, and South Africa. Watu’s mission is to meaningfully improve employment and economic opportunity for individuals facing the greatest barriers to accessing financial services. Watu provides financing for income-generating assets, supporting access to mobility (2/3-wheeler ICE and electric vehicles) and connectivity (smartphones) assets for underserved and underbanked communities. The company employs over 2,800 people with more than 1.4 million active clients.
Amethis Fund III announced the acquisition of a minority stake in BH Holding, a Moroccan player in the packing and export of high-value fruits. BH Holding is a structured family-owned group with a key position in the sector, thanks to its full integration across the value chain – from production to export – and its distribution under both premium proprietary brands and private labels. The group primarily exports citrus fruits, cherry tomatoes, and red fruits to North America and Europe. It relies on modern agricultural practices and demonstrates a strong commitment to sustainability and technological innovation. Financial terms were not disclosed.
Adiwale Fund I acquired a minority stake in Codex SA, a Senegalese lifting services provider, for an undisclosed sum. Codex SA operates the largest fleet of mobile cranes in Senegal, with over 120 equipment, including cranes, forklifts, aerial platforms, and semi-trailers, and a 11,000 m² operational base located 35 km from Dakar. The company serves a diverse client base, particularly in the energy (oil & gas, wind, solar), industrial (refineries, chemical plants, etc.), and mining sectors. The capital will support the acquisition of new equipment to meet rising market demand and the mobilisation of resources to implement the company’s regional expansion programme.
In Egypt, Duaya, a digital transformation company in the healthcare sector, has acquired EXMGO, a provider of SaaS solutions for pharmacies and medical businesses, in a six-figure investment deal (value undisclosed). Founded in 2021, Duaya offers a platform that connects suppliers with pharmacies, clinics, hospitals, and labs. Following the deal, EXMGO was rebranded as Duaya Go, offering branded apps and websites for pharmacies to manage online sales, inventory, and payments.
Premier Credit Uganda, a subsidiary of The Platcorp Group, has secured a US$1,5 million investment from Enabling Qapital, a Swiss-based impact asset manager. The investment will enable Premier Credit Uganda to scale operations, innovate its services, and extend access to finance to underserved communities across Uganda.
DealMakers AFRICA is the continent’s quarterly M&A publication
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