DealMakers AFRICA

Plug and Play has invested an undisclosed sum in Kenyan fintech, Lemonade Payments. The company builds modern, compliant infrastructure that makes sending, receiving, and settling payments across Africa faster, simpler, and more affordable.

The Government of Uganda has signed a €110,5 million (US$126,1 million) agreement with Standard Chartered Uganda, to help finance the construction of a road in the country’s northeast region. The road will be built in Karamoja, a remote region in Uganda’s northeast ‌on ⁠the border with Kenya. According to the finance ministry, the road will also help ⁠support ongoing major investments in the region, including a $300 million ⁠cement factory and a $72 million international airport.

Centum Investment Company Plc has sold a 60% stake in Nabo Capital to Rock Investment Bank, cutting its holding to 40%. Nabo will cease to be a Centum subsidiary and become an associate company, with Rock joining as strategic shareholder to support growth in asset management, product expansion and distribution.

Adenia Partners has acquired a majority stake in Minet Group from Capitalworks for an undisclosed sum. Minet provides insurance brokerage, risk advisory, and employee benefits solutions to a diverse base of clients, including corporates, SMEs, and institutions across nine African countries: Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia. Prior to its acquisition by Capitalworks in 2017, Minet was part of Aon, the global insurance broker.

FSD Africa Investments announced a US$1,25 million commitment in iungo Capital, a lender that provides growth financing to small businesses across East Africa. The investment will strengthen iungo’s capital base, enabling it to borrow more and accelerate lending to businesses that struggle to access finance. Operating across Uganda, Kenya, Rwanda, and Tanzania, iungo provides US$-denominated loans of $250,000 on average in a first round, pairing capital with targeted technical assistance to strengthen business performance and support long-term growth.

Oxano Capital has invested in Uganda’s Delta Bee. Through its work with thousands of smallholder beekeepers, the company produces and processes high-quality honey and other bee products while creating sustainable income opportunities for rural communities. Delta Bee has built an integrated business model that combines farmer support, processing, manufacturing of beekeeping equipment, and market access, making it a key player in Uganda’s growing agribusiness sector. Terms of the investment were not disclosed.

Oyass Capital, a sub-fund of FONSIS (Sovereign Fund for Strategic Investments), has announced a CFA 1,3 billion investment in La Ripaille, a Senegalese poultry company. The funding is structured as equity and debt compliant with Sharia law.

African International Schools network, Enko Education, has entered the East African market through the acquisition of Kitengela International Schools (KISC), a group of seven school sections across three campuses in Kenya’s fast-growing Kitengela region. KISC will retain its name, identity, culture, leadership and day-to-day operations. Learners will continue with the same teachers, curricula and school culture.

Beltone Venture Capital, a subsidiary of Beltone Holding, is expanding its investment in Egyptian consumer brands ariika and Lychee. This comes as both companies prepare to grow their presence in Saudi Arabia. ariika, a direct-to-consumer digital-led home furnishing brand, will launch two stores in Riyadh as part of its Saudi expansion. The company already operates across Egypt and Iraq and views the Kingdom as a strategic market for its regional ambitions. Health food and beverage brand Lychee is also expanding into Riyadh with three new outlets. The company said it spent several years studying Saudi consumer preferences before moving forward with the rollout.

Côte d’Ivoire-based Afro Mobile is acquiring a 40% stake in Nigeria’s ISAT Group. The company is preparing to launch an ultra-fast internet service powered by 5G Stand Alone technology. Its aim is to provide high-speed connectivity accessible to all segments of African society, with a particular focus on rural and underserved communities. Afro Mobile also announced that its expansion program will rely on a US$3 billion financing package structured and mobilized by Equiline Finance, providing the capital required to support large-scale infrastructure deployment across multiple markets.

DealMakers AFRICA is the continent’s quarterly M&A publication
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