Private equity firm Ascent Capital acquires majority stake in Valley Hospital Limited

KENYA – Ascent Capital, a leading East African private equity firm in the region, through its Ascent Rift Valley Fund II LP has acquired a significant equity stake of Valley Hospital Limited located in Nakuru City, Kenya. Founded in 1996, Valley Hospital was one of the first private for-profit hospitals in Nakuru City and a pioneer in offering quality and…

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Ramco Plexus giant packaging supplier in Kenya takes full ownership of Platinum Packaging

KENYA – Ramco Plexus, the print and packaging unit of Kenya based Ramco Group, has received unconditional regulatory approval to take full control of Platinum Packaging in a transaction that sources estimated at about Ksh500 million (US$4.30m). Platinum Packaging is one of the largest gravures and digital printed flexible packaging company in the Eastern and Central African region, serving the…

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Mobile payments provider SnapScan acquires payroll startup Radar

SOUTH AFRICA – South African HR and payroll startup Radar has been acquired by mobile payments provider SnapScan as founders Kobus Ehlers and Gerrit Greeff exit their second startup to their first one. The acquisition will see the Radar founders exit the business, while the rest of the team will join Firepay. There will be no immediate changes for existing…

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AIIM becomes the largest single shareholder in MetroFibre after acquiring additional 25.8% interest

SOUTH AFRICA – African Infrastructure Investment Managers (AIIM) has completed a follow-on acquisition in MetroFibre Networx, following approval from the Independent Communications Authority of South Africa. AIIM, alongside a consortium comprising South African Housing & Infrastructure Fund (SAHIF) and STOA, a foreign investment vehicle based in France, has acquired an additional 25.8% interest in MetroFibre, previously held by Sanlam Private…

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EXEO Capital acquires majority stake in Chemical Process Technologies

SOUTH AFRICA – EXEO Capital, an alternative investment partner in Africa, has acquired a majority stake in a chemical synthesis company, Chemical Process Technologies (CPT). CPT is currently the only manufacturer of animal active pharmaceutical ingredients (APIs) on the African continent. As is the case with human APIs, South Africa, in particular, is heavily reliant on imported animal APIs manufactured…

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Luxembourg-based Ardagh acquires OMPE’s stake in glass packaging company Consol Holdings

SOUTH AFRICA – Old Mutual Private Equity (OMPE), a division of Old Mutual Alternative Investments, has sold its stake in Consol Holdings to Luxembourg-based Ardagh Group, one of the largest glass producers in the world, for an equity value of approximately R10 billion (US$616.21m) and enterprise value of approximately R17 billion (US$1.05bn). All conditions precedent have now been met and…

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KCB set open new subsidiary in Rwanda after completing the acquisition of BPR Bank

RWANDA – Kenya Commercial Bank (KCB) Group has announced plans to open a new subsidiary in Rwanda, seeking to double its regional business in the next two years and support economic expansion in Rwanda. The lender merged KCB Bank Rwanda with its newly acquired Banque Populaire du Rwanda (BPR) to form BPR Bank Rwanda Plc last month. The acquisition of…

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Insurance companies Sanlam and Allianz merge their operations in Africa

AFRICA – Non-banking financial services company, Sanlam, and leading insurers and asset managers Allianz, have signed a deal to combine their current and future operations across Africa to create a Pan-African non-banking financial services entity operating in 29 countries in the continent. The partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in…

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NSSF buys additional shares in financial group KCB raising its stake to 8.38%

KENYA – The National Social Security Fund (NSSF), a Kenyan government agency, has bought an additional 11.7 million shares of KCB Group, a financial service holding company, raising its stake to a new high of 8.38 percent. The extra shares have a current market value of KSh440.5 million (US$3.80m). The fund raised its holdings of KCB shares to 269.2 million…

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Eden Life acquires technology startup Lynk for strategic partnership in Kenya

KENYA – Eden Life, Africa’s first home concierge services scheduling platform, has acquired Lynk, the former technology company connecting informal workers to job opportunities across Kenya. The strategic acquisition, brokered by Enza Capital, sees Eden Life expand into Kenya and leverages Lynk’s successful platform that connected informal workers with end users through automated job matching and standardised processes. Launched in…

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