Private Equity / Portfolio

Enko Africa Private Equity Fund (EAPEF) is a private equity fund established for the purpose of investing in growth companies in Africa across a broad range of economic sectors. It successfully reached a final close of US$63.40m in February 2016.

Industry: Financial Services

Location: Zambia, Tanzania

Investment Year: 2015

Madison Financials Services PLC is leading insurance-based financial services group in Zambia. Founded in 1992 as the first private insurance company in Zambia, MFS PLC operates general and life insurance businesses along with asset management and microfinance activities in Zambia as well as a general insurance business in Tanzania.

EAPEF Investment in MFS

Industry: Financial Institutions

Location: Abidjan, Côte d’Ivoire

Investment Year: 2017

Deal Type: Equity Investment

Ecobank Côte d’Ivoire (“ECI”) is the third largest subsidiary of Ecobank Transnational Incorporated (“ETI”), a leading pan-African banking group with a presence in 36 countries and 11 million clients across the continent. In terms of total assets, ECI is the second largest bank in Côte d’Ivoire, the most competitive and dynamic banking market in West Africa with over 25 banks and accounting for around 30% of total banking assets in the West Africa Monetary Union. Headquartered in Abidjan, ECI employs 648 employees, operates 53 branches across the country (one of the largest networks in CI) and manages over 274,018 accounts. ECI provides a full range of corporate, retail and investment banking and has recently focused its strategy on the digitalization of its products and services.

Press Release Ecobank CI

Communiqué de Presse Ecobank CI

Industry: Telecom Infrastructure

Location: Sub-Saharan Africa

Investment Year: 2018

NETIS Group was created in 2009 by two West African entrepreneurs, Jean Farhat and Jean Claude Figali. It began operations in Abidjan, Côte d’Ivoire. The company provides management services of telecom network infrastructure (preventive and corrective maintenance, installation of towers, energy supply and installation of optical fibre networks) with a unique positioning and an extended geographical footprint across eight countries in sub-Saharan Africa. The Group benefits from a high quality and well diversified client portfolio of top tier clients including the four tower companies operating in Africa. NETIS currently employs +/- 1,000 people and manages 5,015 sites. The company has experienced strong revenue growth since inception, with a solid overall financial performance. NETIS’ main shareholder is Saham Finances, a leading Moroccan financial services group with substantial insurance interests throughout Africa.

Netis Press Release

Netis Communiqué de Presse

Industry: Financial Institutions, Mortgage Banking

Location: Lagos, Nigeria

Investment Year: 2018

Deal Type: Equity Investment and Secured Loan

Imperial Homes Mortgage Bank Limited (‘IHMB’) (www.imperialmortgagebank.com) is a mortgage bank licensed by the Central Bank of Nigeria to undertake mortgage banking and related services. It was incorporated in 1992 as Citizens Savings and Loans Limited and was acquired by Guaranty Trust Bank plc in 2007 as a wholly owned subsidiary, changing its name to GTHomes Limited in line with its other branded operations. In September 2010, CBN imposed new regulations on the financial services sector, which resulted in GTBank plc’s divestment from GTHomes in 2012. Following the divestment, the Company changed its name to Imperial Homes Mortgage Bank Limited. IHMB is licensed as one of 10 national mortgage banks and is widely regarded to be one of the leading Primary Mortgage Banks in Nigeria in terms of total assets.

IHMB Press Release

Industry: Information Technology

Location: Nairobi, Kenya

Investment Year: 2018

Deal Type: Equity Investment

Software Technologies Limited (‘STL’) (www.stl-horizon.com) is a Kenyan group established in 1991 by Jyoti Mukherjee, a Kenyan female entrepreneur of Indian origin. The company specializes in developing its own software solutions in the areas of HCM, Contract Lifecyle & Governance. STL’s solutions are deployed via the SaaS model on the cloud and STL benefits from a top-tier client portfolio in both the public and private sectors across various industries (e.g. banks, manufacturing, education, telecommunications, energy and agriculture) in Africa. STL is an ISO 27001 & Software Engineering Institute CMMi certified company and has been recognized among the top 100 SMEs in East Africa for ten consecutive years and was ranked as the Top ICT company in 2018 at the Kenyan Top100 SME Awards. STL also owns 100% of IST, one of Africa’s foremost providers of training for IT professionals, developers, business analysts and students. IST has over 200 seats in Kenya and is seeking to expand across Africa.

STL Press Release

Industry: Financial Institution, General Insurance

Location: Lagos, Nigeria

Investment Year: 2017

Deal Type: Equity Investment

Law Union and Rock Insurance Plc (‘LUR’) (www.lawunioninsurance.com) is a general insurance company in Nigeria which began operations in 1951 and was listed on the Nigerian Stock Exchange in 1990. It was acquired by Skye Bank Plc in 2007 and although it used to be one of Nigeria’s top five insurers, it was neglected under Skye Bank’s ownership as non-core and as a result fell away in terms of market share. The Company was then acquired in 2012 by ACAP (a Nigerian insurance-dedicated private equity fund) and Swanlux, a Nigerian investment group, each of which acquired 30% of the shareholding, while the remaining 40% constituted the free float prior to ECM’s investment.