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LeapFrog Investments Acquires a Majority Stake in UT Life Insurance Company (Sub-Saharan Africa)
Emerging markets financial services investor LeapFrog Investments has acquired a majority stake in Ghana-based life insurance provider UT Life Insurance Company (UT Life). UT Life operates nine branches across Ghana. Financial details of the transaction were not disclosed. Read More
Proterra Investment Partners Agrees to Invest US$45 Million in Future Consumer Enterprise (Asia)
Global asset management company Proterra Investment Partners, formerly known as Black River Asset Management, has agreed to invest US$45 million for a combination of compulsorily convertible debentures and equity shares in India-listed Future Consumer Enterprise, the food and consumer goods arm of Future Group. The transaction was structured through Black River Food Fund 2. Future Consumer plans to use the… Read More
Schulze Global Investments Acquires Stake in Ethiopia-based Dairy Producer MB (Sub-Saharan Africa)
Frontier markets-focused private equity firm Schulze Global Investments has acquired a 45 percent stake in Ethiopia-based dairy producer MB, which operates the brand Family Milk. With Schulze Global Investment’s support, MB intends to expand its Family Milk brand. Financial details of the transaction were not disclosed. Read More
Ethos Private Equity Acquires a Majority Stake in The Eazi Group (Sub-Saharan Africa)
South Africa-focused private equity fund manager Ethos Private Equity has acquired a 65 percent stake in South Africa-based industrial equipment and services company The Eazi Group in a deal valued at ZAR1.6 billion (approximately US$97 million). The transaction was structured through Ethos Fund VI. Separately, Ethos has sold its entire stake in CQS Investment Holdings, a South Africa-based distributor of… Read More
Investcorp Acquires a Minority Stake in Supermarket Operator Bindawood Holding (MENA)
Investcorp, a global alternative investment manager, has acquired a minority stake in Saudi Arabia-based supermarket and hypermarket company Bindawood Holding. Bindawood intends to expand its business in Saudi Arabia, with plans to open more than 30 hypermarkets and supermarkets in coming years. Financial details of the transaction were not disclosed. Read More
CITIC Capital Leads a CNY230 Million Funding Round for Baofeng Mojing (Asia)
CITIC Capital Partners, the private equity arm of CITIC Capital, has led a CNY230 million (approximately US$35 million) financing round for China-based virtual reality headset manufacturer Baofeng Mojing. China-based gaming company Tianshen Hudong and an investment fund launched by Baofeng Mojing’s parent company Baofeng Technology also participated in the round, along with the following existing investors: film production company Huayi… Read More
Hony Capital Fund VIII Reaches a US$1 Billion First Close (Asia)
China-focused private equity fund manager Hony Capital has reached a first close for Hony Capital Fund VIII with US$1 billion in capital commitments. The vehicle, which has a total target of US$2 billion, comprises pools of capital for both US dollar and Chinese renminbi and aims to raise US$1 billion for each pool. The two pools will then invest in… Read More
BaltCap Sells Wind Farms in Lithuania and Estonia to Lietuvos Energija (CEE and CIS)
BaltCap, a private equity and venture capital firm focused on the Baltic countries, has exited the 18MW Tuuleenergia wind farm in Estonia and the 24MW Eurakras wind farm in Lithuania. The wind farms were acquired by Lithuanian state-owned energy group Lietuvos Energija. The total transaction amount, which included the buyout of BaltCap’s co-investors, was EUR28 million (approximately US$31 million) for a… Read More
LeapFrog Investments and Prudential Financial Launch an Investment Vehicle (Sub-Saharan Africa)
Emerging markets financial services investor LeapFrog Investments and global insurance company Prudential Financial have launched a US$350 million investment vehicle targeting life insurance companies in Africa. The vehicle, which will be managed by LeapFrog, will invest in markets including Ghana, Kenya and Nigeria over a three- to five-year period. Read More
LitCapital Exits Its 33.3 Percent Stake in Plastic Bottle Manufacturer Putokšnis (CEE and CIS)
Lithuania-focused growth capital firm LitCapital has sold its 33.3 percent stake in Lithuania-based plastic bottle manufacturer Putokšnis to 3 Rill, a holding company owned by Putokšnis’s chairman and majority shareholder Alvydas Stulpinas. LitCapital originally invested in the company in June 2011 through its fund LitCapital I. Financial details of the transaction were not disclosed. Read More
Apis Partners Invests in India-based Electronic Payment and Services (Asia)
Apis Partners, a private equity asset manager focused on financial services in Africa and Asia, has acquired a minority stake in Electronic Payment and Services (EPS), an India-based ATM outsourcing and payments company. Apis has reportedly agreed to invest US$35 million in the company, of which US$25 million was paid in an initial tranche. The transaction was structured through Apis… Read More
Omidyar Network Invests US$5 Million in Mobile Software Developer Indus OS (Asia)
Philanthropic investment firm Omidyar Network has led a US$5 million Series A financing round for India-based mobile software developer Indus OS. The company, which produces software to make smartphones compatible with several local languages and more user-friendly for India’s rural population, will use the new capital to build out its software, grow its team and expand internationally. Read More