Kibo Capital Partners, a manager of regional private equity funds, announced today an investment in General Cargo Group, a leading provider of logistics services in Kenya by Kibo Fund II. Kibo has partnered with Velogic, a Mauritius based regional logistics leader, in this transaction.
“We are very excited about our partnership with Velogic and General Cargo. We believe General Cargo will remain a leader, and expand in a sector that is driving growth in East Africa. Velogic’s input, bringing its operational best practices and systems to this partnership shall help us accelerate growth and improve the quality of services,” Josep Oriol, Principal of Kibo, said.
Financial details of the transaction were not disclosed. Source: AVCA