Atta Financial Update

Executive summary for the week of 21-Feb-17 to 28-Feb-17 (week 9)
The MasterCard Foundation has launched the 2017 call for applications for the Anzisha Prize, Africa’s award for youth entrepreneurs who are making their mark on Africa’s entrepreneurial landscape.

Fifteen of Africa’s most promising business and social entrepreneurs between the ages of 15 and 22 have the opportunity to win a share of US$100,000, receive ongoing business consulting services, and connect to a global network of leaders.

Anzisha Prize aims to scale the businesses of these young entrepreneurs, enabling them to employ other youth and showcase the power of youth-led business in Africa. A key goal is to celebrate these successful and relevant African entrepreneurship icons who will inspire young people everywhere to follow in their footsteps.

Fact: Google's founders were willing to sell to Excite for under US$1 million in 1999 - but Excite turned them down

African Private Equity News (PE)
African focused private equity funds

Metier and Amethis to back Kenafric Industries

  • Kenafric Industries, an FMCG group in Kenya, has received investment from South African based Amethis Finance and private equity fund Metier
  • The transaction is specific to Kenafric’s confectionery and culinary business - the Group’s founding family, the Shah’s, continuing to operate the company’s other business lines separately

Metier to invest in the Sindila Hydropower Project

  • Lereko Metier Sustainable Capital is leading a group to invest US$19.4m in the Sindila Hydropower Project, a 5.25MW run of river development in Western Uganda
  • Other investors include United States development finance institution OPIC, Fieldstone Africa Investment Resources

Ethos targeting US$150 million close for mezzanine fund

  • South African investment firm Ethos has launched the capital raise for Ethos Mezzanine Partners 3, targeting US$150 million at final close
  • The new fund will look to make between two and five investments a year, ranging between US$5 million to US$30 million
  • Target returns of the fund at circa 15% IRR

Capitalworks to invest in insurance SSA sector

  • Capitalworks announced that it is acquiring Aon’s shareholding in 10 insurance and reinsurance brokerage operations in several sub-Saharan African countries

Southern African economic news (SADC)
AO, BW, LS, MW, MZ, SZ, ZM, ZW, [-TZ]

Medu Capital to acquire a 15% stake in Hero Telecoms

  • South African private equity firm Medu Capital has acquired a 15% stake in Hero Telecoms for US$5.75 million
  • Stellenbosch-based HeroTel has acquired a total of 10 Wireless internet Service Provider and is reportedly working an additional two potential acquisitions currently

Helios Credit Partners to back Trustco with US$40 million financing facility

  • Helios Credit Partners has agreed to provide Trustco with a US$40 million financing facility which will be used to capitalize the conglomerates’s growth in Namibia’s property sector
  • The deal brings the total amount of capital secured by Trustco over the prior six months to US$77 million