Ardagh Group acquires Consol Holdings Proprietary for US$635m

SOUTH AFRICA – Ardagh Group S.A. has announced the acquisition of Consol Holdings Proprietary Limited, the leading producer of glass packaging on the African continent, for an equity value of ZAR10.1 billion (US$635 million). Completion of the acquisition is subject to certain conditions, including regulatory approvals that are expected to be obtained in the second quarter of 2022. “We are very pleased to expand our European and North America presence in glass packaging into Africa with the acquisition of Consol, a high-quality business, led by an excellent management team,” Ardagh…

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Adenia Partners, AFD Group set to acquire Overseas Catering Services

MOROCCO – Private equity firm Adenia Partners has partnered with Proparco, the private sector financing arm of Agence Française de Développement Group (AFD Group), to buy Overseas Catering Services (OCS). The investment, which is Adenia’s first in Morocco, will support OCS’s organic and external growth and deliver on the management team’s objective to develop a leading platform in the catering and facilities management market. Adenia and Proparco will work closely with the company to apply best-in-class business and ESG practices. “We are thrilled to open our Morocco office and establish…

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Fintech Flutterwave acquires digital online platform Disha to grow its base

NIGERIA – Flutterwave, a fintech company, has acquired digital online platform Disha, that enables digital creators to curate, sell digital content, portfolios and receive payments from their audience worldwide. Flutterwave’s acquisition aims to improve the process of digital content creation for Disha users, enabling them to earn value for their creativity using the platform’s new payouts and collections solution. Disha has acquired over 20,000 users organically over 12 months. The acquisition will help grow its base by providing users with the ability to make, receive and withdraw money from their…

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Airtel Africa partners Cisco to provide secure internet for SMEs

AFRICA – Airtel Africa, a telecommunications and mobile money services, has announced that its B2B provider, Airtel Business, has formed a new partnership with Cisco. The partnership will provide secure internet access to Small and Medium-sized Enterprises (SMEs) in Africa and will be in support of their digital transformation journeys. The partnership bundles Airtel Africa’s fixed connectivity solutions with Cisco Umbrella, a cloud-based, plug and play security solution. The combination will secure businesses’ online transaction channels. Initially, the solution will be available in Kenya, Uganda, CongoBrazzaville, and Madagascar before rolling…

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B2B marketplace Sabi secures US$6m to support its growth

NIGERIA – Sabi, a B2B marketplace serving the informal sector, has received US$6 million bridge round led by CRE Venture Capital to support its continued fast-paced growth in Nigeria and beyond. This bridge round financing will help fuel the company’s rapid growth as it eyes new markets including South Africa, which is also home to a multi-billion dollar informal sector. Sabi’s bridge round follows the company’s seed round closed in mid-2020 which also attracted leading international investors including Janngo Capital, Atlantica Ventures, and Waarde Capital. “We are excited to have…

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DriveWealth partners Chipper Cash to enable affordable access to investing

UGANDA – DriveWealth, LLC, a provider fractional investing and embedded finance, has announced a partnership with Chipper Cash, a fintech startup enabling peer-to-peer money transfers and cross-border payments for nearly four million users. DriveWealth’s real-time fractional trading technology and API-based brokerage infrastructure will enable the Ugandan population to gain affordable access to investing in U.S. equities for the first time. Approximately 66% of Sub-Saharan Africa’s population did not have access to a bank account in 2020, according to the World Bank. Through its partnership with DriveWealth, Chipper Cash is empowering…

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Endeavor raises US$8m for its Harvest Fund to fund startups in South Africa

SOUTH AFRICA – Endeavor South Africa, a community of high-impact entrepreneurs, has raised R130 million (US$8.19m) to date in its Harvest Fund II, doubling the fund size since its first close in late February. The firm says the fund is on track to be fully invested by 2022, a year ahead of plan, and has invested in six technology companies to date, with a further four in the immediate pipeline. Harvest Fund II is a founder-aligned, rules-based fund, investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs. The fund…

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Transport company DKN Transport secures funding from Edge Growth for its expansion plans

SOUTH AFRICA – Edge Growth, through the Engen Convoy Fund, an Enterprise and Supplier Development Fund to promote broad-based black economic empowerment (B-BBEE), has invested in DKN Transport, a level 1 B-BBEE contributor with a 30% black female shareholding. Through this funding, DKN will be able to expand their fleet size and market offering, with additional job creation as a result. Headquartered in Johannesburg since 2004, DKN Transport provides road freight logistics solutions across various industries, nationally and cross-border into Africa. “Traditional logistic companies are still critical enablers to achieving…

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Education finance company Fundi acquires edtech company EduOne

SOUTH AFRICA – Fundi, an education finance and education fund management solution specialist, has acquired EduOne, a South African education technology company. Started in 2015 in Cape Town by Jason Basel and co-founders James Kieser, Pieter Strydom and Ben Rath, EduOne was developed in response to their own challenges and experiences of accessing and moving through the education system.   Today the company operates South Africa’s largest career guidance website, engaging students on their post-school options. It also builds software such as a mentorship platform and fund disbursement tool, both aimed…

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Fintech firm Crossfin set to be acquired by consortium of investors for US$94m

SOUTH AFRICA – Crossfin Technology Holdings, a fintech investment firm, has been acquired by a consortium of investors, including Patrice Motsepe’s African Rainbow Capital (ARC), for R1.5 billion (US$ 94.71m). The consortium is led by Ethos’s Mid-Market Fund I and includes the founding Crossfin executive management team, EMMF I co-investors Ethos Artificial Intelligence Fund I, and empowerment investor ARC. Fairview Partners acted as financial advisors for the transaction, which will see the exit of founding investors Capital Eye Investments and the Multiply Group. “The transaction is considered a landmark deal…

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