Private Equity |

AfricInvest exits Générale Embellage, Algeria in $55mln deal

ALGIERS (Capital Markets in Africa) – AfricInvest, one of the key Pan-African midcap private equity firms, is pleased to announce that its Maghreb Private Equity Fund II (MPEF II) has successfully concluded its exit from Général Emballage (GE) a leader in the manufacturing and processing of corrugated cardboard based in Algeria (www.generalemballage.com). Under the agreement, AfricInvest and the original founders, the Batouche family, have sold a 49% stake in Général Emballage to a consortium composed…

Remgro to Raise $739 Million as Rupert Mulls Distell Deal

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JOHANNESBURG, Capital Markets in Africa: Remgro Ltd. plans to raise more than 9.9 billion rand ($739 million) from shareholders as the company controlled by South African billionaire Johann Rupert considers deals including a right to buy SABMiller Plc’s stake in drinks maker Distell Group Ltd. The company plans to raise the funds through a rights offer and the sale of B shares, it said in a statement after the market closed in Johannesburg on Tuesday. Investors will be entitled to 10 shares for…

Private Equity | Carlyle to buy South Africa’s promotional products supplier

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JOHANNESBURG, Capital Markets in Africa: Private equity firm Carlyle Group LP said it will buy a majority stake in South African promotional products and clothing maker Amrod and plans to expand the business in other markets. The Washington D.C.-based private equity house will fund the investment through its Carlyle Sub-Saharan Africa Fund, while the three founders of Amrod will reinvest alongside Carlyle, the firm said in a statement. Carlyle said it expects the transaction to…

Adenia Partners invests in leading power services company in Ivory Coast

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ABIDJAN, Capital Markets in Africa: Adenia Partners, a private equity fund manager focused on growth opportunities and mid-cap buyouts in Sub-Saharan Africa, announced a majority investment in Ademat, a leading business service company in Côte d’Ivoire active in the power sector. This transaction is the final transaction of Adenia Capital (III), a EUR96mn fund closed in February 2012. Founded in Abidjan in 1983, Ademat distributes, installs and maintains power devices, inverters, drive systems, and other…

Bain Exit Leaves Edcon Struggling in South Africa Retail Slump

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JOHANNESBURG, Capital Markets in Africa: Bain Capital Partners LLC’s decision to walk away from Edcon Holdings Ltd. leaves South Africa’s largest clothing retailer to claw back market share amid weak consumer confidence and a market recently populated by international heavyweights like Hennes & Mauritz AB. The owner of the Edgars, Jet and CNA chains needs to make up ground ceded while struggling under a debt burden caused by Bain’s 25 billion rand ($1.8 billion) purchase in 2007. Competitors…

Denham to Steer Clear of Coal-Fired Power in Africa Expansion

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LAGOS, Capital Markets in Africa: U.S. private-equity firm Denham Capital Management LP will shun coal-fired power as it looks to African energy projects for investment. “We’re not targeting coal for any new investments,” Justin DeAngelis, Denham’s managing director and power-deals team leader, said Wednesday in New York. “Coal power is out of favor for people who want to own power plants.” The stance of Boston-based Denham, with $8.4 billion under management, echoes that of other investors deterred by…

Bob Diamond Says Carlyle Ends Support for Barclays Africa Offer

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JOHANNESBURG, Capital Markets in Africa: Bob Diamond, co-founder of African banking group Atlas Mara Ltd., said Carlyle Group LP has withdrawn support for a potential joint acquisition of Barclays Plc’s African unit. The U.S. buyout firm ended its backing for the potential joint bid for a stake in Barclays Africa Group Ltd. for various reasons, Diamond, 65, said in an interview with Bloomberg Radio in New York on Wednesday. Regulators made it clear that they weren’t keen on an offer…

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