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IL&FS Exits Maharashtra Natural Gas via a Strategic Sale to Indraprastha Gas (Asia)
India-focused private equity fund manager IL&FS Investment Managers has fully exited its stake in Maharashtra Natural Gas (MNGL), an India-based natural gas distributor, via a strategic sale to Indraprastha Gas, an India-based compressed gas distributor. The sale generated a reported cash multiple of 4.1x, including dividends received by the fund, and an INR-denominated gross IRR of 27 percent. IL&FS initially… Read More
The Carlyle Group to Acquire Sterling Resources’ Subsidiary Midia Resources (CEE and CIS)
Global alternative asset manager The Carlyle Group has agreed to acquire the entire Romanian business of international energy company Sterling Resources in a transaction worth a reported US$43 million and structured as a corporate acquisition of Sterling’s wholly-owned subsidiary Midia Resources. The acquisition will include four license blocks in the Black Sea and will form the basis for a regional… Read More
Accion Venture Lab and Artha Initiative Complete a Series A Investment in Artoo (Asia)
Accion Venture Lab, a seed stage investment firm for financial inclusion, and Artha Initiative, an India-focused impact investment platform supported by investment advisory firm Rianta Capital Zurich, have invested US$500,000 in a Series A round for India-based customer relationship management solutions provider Artoo. The company relies on mobile, cloud and alternative data to offer banking and financial services through a… Read More
Amethis Finance to Acquire a Minority Stake in NSIA Participations (Sub-Saharan Africa)
Amethis Finance, a fund manager that provides debt and equity financing to companies in Africa, and National Bank of Canada, a commercial bank, have agreed to acquire a 26 percent stake in NSIA Participations, a Cote d’Ivoire-based financial group, from pan-African private equity firm Emerging Capital Partners (ECP). ECP will sell the stake from its ECP Africa Fund III. The… Read More
Foursan Group Acquires a 30 Percent Stake in Zalatimo Sweets & Restaurants (MENA)
Foursan Group, a private equity firm primarily focused on the Middle East, has acquired a 30 percent stake in Zalatimo Sweets & Restaurants, a Jordan-based confectionary company. The transaction was structured through Foursan Capital Partners I. Zalatimo currently operates six retail outlets around Amman; has franchised outlets in Bahrain, Kuwait and Qatar; is involved in wholesale distribution and subcontracting for… Read More
Accel Partners Launches Its Fourth India-focused Fund (Asia)
Global venture capital firm Accel Partners has launched Accel India IV, a US$305 million fund that will focus on early stage companies in India. The fund will selectively pursue growth equity opportunities, and it will invest in companies in the consumer, enterprise software, mobile and healthcare sectors. Read More
IFC and Riverwood Capital Invest in Netshoes (Latin America)
International Finance Corporation (IFC), a development finance institution, and Riverwood Capital, a technology-focused private equity firm, have invested US$45 million in Netshoes, a Brazil-based sporting goods e-commerce company. The investment will support Netshoes’ expansion in Latin America, as well as the development of its business vertical Zattini, an e-commerce fashion retailer. Read More
Jadwa Investment and APICORP Acquire a Majority Stake in Saudi Mechanical Industries (MENA)
Jadwa Investment, a Saudi Arabia-focused private equity firm and investment bank, has led the acquisition of a majority stake in Saudi Arabia-based engineering company Saudi Mechanical Industries. Arab Petroleum Investments Corporation (APICORP), a multilateral development bank focusing on the oil and gas sector in the Arab world, also participated in the round. Jadwa’s investment was structured through its Jadwa Mechanical… Read More
Verod Capital Fully Exits HFP Engineering and Partially Exits GZ Industries (Sub-Saharan Africa)
Private equity firm Verod Capital has fully exited Nigeria-based property development and construction company HFP Engineering and has partially exited Nigeria-based aluminum can manufacturer GZ Industries (GZI). Verod initially acquired a 33 percent stake in HFP in 2008 and a 45.3 percent stake in GZI in 2009. Post-transaction, Verod continues to hold a 22.7 percent stake in GZI. Financial details… Read More
Horizon Capital and Zubr Capital Exit MTBank (CEE and CIS)
Horizon Capital, a private equity fund manager that focuses on investments in mid-cap companies in the CEE and CIS region, and Belarus-focused private equity fund manager Zubr Capital, have exited Belarus-based lender MTBank. The two private equity firms exited their stakes to Belarusian businessman Alyaksey Aleksin and his wife Iryna Aleksin, who now hold a 99 percent stake in the… Read More
CDC, IFC, CX Partners, NewQuest, Elevar and Bajaj Invest in Ujjivan (Asia)
India-based microfinance company Ujjivan Financial Services has raised INR6 billion (approximately US$96 million) from development finance institutions CDC Group and International Finance Corporation (IFC), private equity firms CX Partners, NewQuest Capital Partners and Elevar Equity and India-based financial company Bajaj Holdings. CX Partners’ investment was structured through CX Partners Fund I, and NewQuest’s investment was structured through NewQuest Asia Investments… Read More
CDC, IFC, CX Partners, NewQuest, Elevar and Bajaj Invest in Ujjivan (Asia)
India-based microfinance company Ujjivan Financial Services has raised INR6 billion (approximately US$96 million) from development finance institutions CDC Group and International Finance Corporation (IFC), private equity firms CX Partners, NewQuest Capital Partners and Elevar Equity and India-based financial company Bajaj Holdings. CX Partners’ investment was structured through CX Partners Fund I, and NewQuest’s investment was structured through NewQuest Asia Investments… Read More