DealMakers AFRICA

Nigeria’s Dangote Petroleum Refinery and Petrochemicals has signed ‌offering documents with advisers and other parties involved in its initial public offering, a key milestone on its path to becoming Africa’s biggest-ever share sale. The offering will run from September 14 to October 13 and will comprise 4,1 billion ordinary shares at 525 naira each, potentially raising c.2,15 trillion naira ($1,63 billion) if fully subscribed. In the event of over-subscription, the Dangote refinery and petrochemicals plant may issue up to 30% more shares than the base offer size, subject to regulatory approval, according to the presentation.

Africa GreenCo, announced an additional US$ 11,5 million investment from its existing shareholders – the Private Infrastructure Development Group (PIDG) and Impact Fund Denmark (IFDK – formerly IFU). Africa GreenCo is a key player in Southern Africa’s renewable energy sector, with operations in Zambia, Zimbabwe, Namibia, and South Africa.

Nigerian fintech Creditchek has acquired Algosys, a Ugandan core banking software startup serving Lenders, Saccos, and MFIs in Uganda. The acquisition gives Creditchek a direct foothold in Uganda and advances its long-term strategy to build the full-stack infrastructure powering credit and lending across Africa. Following the acquisition, Algosys will operate as a subsidiary of Creditchek. Financial terms were not disclosed.

Amethis announced an investment in Zamara Holdings, an insurance broker, pension fund administrator, and provider of actuarial services headquartered in Nairobi, Kenya and operating in Africa. The size of the investment was not disclosed.

TLG Capital has closed a US$3 million senior debt facility for Drive45 Mobility, the Lagos-based mobility company providing transport solutions to businesses across Nigeria. The facility is supported by a guarantee from Cascador in collaboration with Morgan Stanley. Drive45 gives international and local businesses access to reliable transport without the cost of owning vehicles outright. The company operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.

CDG Invest Growth and Mediterrania Capital Partners have signed an agreement to acquire a stake in Société Nouvelle des Conduites d’Eau (SNCE), alongside other co-investors. SNCE is a Moroccan water equipment and hydraulic projects company. The founding Laraqui family will remain SNCE’s key shareholder. SNCE operates across the water value chain, from pipe manufacturing and installation to infrastructure projects. The group works in drinking water supply and management, urban sanitation, wastewater treatment, agricultural irrigation, desalination and large-scale water transfer infrastructure. Financial terms were not disclosed.

Clean mobility company, Arc Ride has closed a US$33,3 million funding round, comprised of a $23 million Series A round, and $10 million debt. The Series A round was led by VCs Novastar Ventures and Norrsken22, with IFC, BII and Proparco ($1,5 million) joining as co-investors. The funding will support the company’s expansion in Kenya and several African countries, including South Africa, Uganda, Tanzania and Ghana.

Oxano Capital has announced an undisclosed investment in Mujuni Ventures. Mujuni is a Ugandan dairy processing and milk aggregation company headquartered in Kampala. The company operates across the dairy value chain sourcing raw milk from smallholder farmers, aggregating and quality-testing it, and processing it into its flagship brand, Too GooD Yogurt®. Sold in cups, pouches, and jerrycan packs across a range of volumes, Too GooD Yogurt reaches consumers through a network of small shops, supermarkets, schools, and institutions.

The Africa Jobs Fund has invested in Kenya-based Velocity, a labour mobility company that trains African nurses in German language and places them into jobs in German hospitals. The investment funds Velocity’s expansion into Malawi and Zambia. No financial terms were disclosed.

AfricInvest announced a minority equity investment by its AfricInvest Small Cap Fund in Spoon Consulting, a Mauritius-based AI-First Boutique Consulting and digital transformation company. The investment accelerates Spoon Consulting’s deployment of cutting edge AI architectures, expand its enterprise client footprint across Europe and Africa, and solidify its position as the high-agility alternative to legacy consultancies in the EMEA region. The size of the investment was not disclosed.

Egyptian fintech Zeal announced a US$10 million funding round by undisclosed participants, taking its total funding to $14 million. The startup currently operates with partners across the UK and Europe, the Middle East and Latin America, and has built a pipeline covering four million payment terminals globally. The new capital will be used to activate this global terminal pipeline and scale Zeal’s technology, as the company expands its payment-linked loyalty, customer identification and analytics infrastructure internationally.

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