22 August 2017

Enko Capital lancera son deuxième fonds de private equity dès 2018

Jeune Afrique Business +, Capital – Investissement, Août 2017

Le gestionnaire de fonds prévoit d’investir toute la dotation de son premier fonds de capital-risque, Enko Africa Private Equity Fund (EAPEF), dès la fin du deuxième trimestre de l’année prochaine selon les informations de Jeune Afrique Business+. Et planche déjà sur son successeur.

EAPEF, initié en avril 2014 avec une enveloppe de 64 millions $, a conclu la semaine dernière sa deuxième opération : l’acquisition, pour 7 millions $ selon nos sources, d’une participation minoritaire dans AMI Logistics, un “mini Bolloré d’Afrique de l’Est”, comme nous l’a précisé Cyrille Nkontchou, Managing Partner d’Enko Capital Management Ltd, basé à Johannesburg, et joint au Cameroun, son pays natal.

L’arrivée d’Enko permettra à AMI de finaliser le rachat de Manica Holdings Ltd, une société de fret forwarding (commission de transport) et de logistique active en Afrique du Sud, au Botswana, au Malawi, en Zambie et au Zimbabwe (pays dans lesquels Bolloré Africa Logistics compte des filiales) anciennement dans le giron du géant sud-africain Bidvest Group. Aujourd’hui basé à Dubaï, AMI est piloté par les Belges Vincent Hachez et Marc de Reymaeker, anciens de la Compagnie maritime belge, pour un chiffre d’affaires de 82 millions $, un millier d’employés, et une douzaine de filiales africaines.

Mais déjà le gestionnaire de fonds Enko songe au lancement du EAPEF II; celui-ci ciblera 150 à 200 millions $, avec des tickets d’entrée (10 millions à 20 millions $) légèrement supérieurs aux enveloppes actuelles (7,5 millions à 15 millions), toujours selon Jeune Afrique Business+, et ce pour des prises d’intérêts directes minoritaires (mais majoritaires quand associées aux parts détenues par le management).

À l’instar de l’actuel EAPEF, l’ensemble du continent sera ciblé en respectant la diversité géographique et sectorielle (en évitant toutefois les hydrocarbures et les mines, mais pas les services à ces industries). EAPEF II veillera aussi à développer un portefeuille avec un mixte de sociétés aux revenus en dollars et aux revenus en monnaies locales.

Mais d’ici la création du EAPEF II, Cyrille Nkontchou, en charge de l’activité capital risque chez Enko Capital -tandis que son frère aîné, Alain Nkountchou, supervise le fonds de dette, Enko Africa Debt Fund (EADEF), depuis Londres-, devra finaliser les investissements du premier EAPEF.

Huit à neuf investissements sont prévus en tout sur ce premier véhicule. Toujours selon Jeune Afrique Business+, EAPEF devrait annoncer dès la semaine prochaine la conclusion de deux nouveaux investissements, tous deux au Nigeria, l’un dans une compagnie d’assurance locale, avec un autre partenaire, et le second dans une société de services financiers.

Les quatre à cinq cibles restantes sont déjà identifiées. Cyrille Nkontchou nous précise qu’au final, environ 30% du portefeuille sera investi en Afrique francophone. Outre AMI Logistics, EADEF s’est pour l’instant positionné, également pour 7 millions $, dans Madison Financial Services Plc, une société d’assurance active en Zambie et en Tanzanie, et cotée en Bourse.

En bon développeur de capital, l’option de sortie privilégiée par EADEF est de manière générale la Bourse, mais pas uniquement.

Présent dans la dette, l’equity et le private equity, Enko Capital Management dispose actuellement de plus de 300 millions $ d’actifs sous gestion. Son objectif est de franchir la barre des 500 millions.

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