KENYA – Investment firm Actis has exited from AutoXpress, an importer, distributor and retailer of tyres, auto parts and accessories serving retail and corporate customers in the East African market.
Actis has sold its stake in the company to AfricInvest, a Pan-African mid-cap-focused private equity firm.
“Across our partnership, Actis and the dedicated leadership at AutoXpress shared an ambitious plan to enhance and entrench the company’s pan-regional presence,” Michael Turner, Director at Actis, said.
“We are proud to have supported AutoXpress as it continues to scale, in its corporate development, and on its CSR programmes. We wish them the very best as they embark on their next phase of growth with AfricInvest.”
Since Actis’ investment in AutoXpress in 2014, the business has more than doubled the number of branches to 56, grown retail sales contribution from 15% to 35%, opened two new country headquarters in Uganda and Tanzania, forged partnerships with auto vehicle and parts manufacturers ranging from Goodyear to Honda, and now counts more than 900 well-trained professionals as part of its workforce.
This unique pan-regional business has also benefitted from the backing of Actis’ dedicated responsible investment team, which has supported AutoXpress with a range of initiatives to improve the business’ ESG performance across waste disposal, recycling, and community engagement.
“AutoXpress has benefitted immensely from the investment by Actis helping it diversify its offering in terms of products, geographies and customers,” Sandeep Shah, Managing Director of AutoXpress said.
“Their guidance at the board level has been instrumental in AutoXpress meeting its strategic goals while ensuring that it does so in a way that is responsible and sensitive to the communities it operates within. We are very proud to have partnered with Actis and thank them sincerely for their enormous contribution over the years,” he said.
AutoXpress partners Rubis
Meanwhile, AutoXpress has partnerd with Rubis to launch XpressFit representing a joint commitment to deliver efficient, high quality, modern and trustworthy services to Kenyan motorists.
AutoXpress has leveraged its 60+ years of experience in the automotive industry ensuring XpressFit provides its customers with high quality and trustworthy services.
XpressFit will become a key part of the Rubis Energy Kenya network, by giving their customers a convenient option for the servicing and maintenance of their vehicles.
XpressFit is a franchised Tyre and Auto Service workshop concept developed jointly by AutoXpress and Rubis specifically for fuel stations.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
