Atta Financial Update

Executive summary for the week of 26-Apr-17 to 03-May-17 (week 19)
Nigeria now has its first smartphone assembly plant.

History was made in Nigeria this month as AfriOne Limited launched the country’s first smartphone assembling plant located in Nigeria’s financial hub, Lagos. The plant is geared towards the first indigenous smartphones and other consumer devices for sale in the Nigerian marketplace.

Lagos State Governor - Akinwumi Ambode - was at the unveiling which marked a significant move in technological terms as the country gears towards products made in Nigeria and the realising of a dream where goods and services are produced locally. Champagne was of course drunk, an increasingly common custom in Nigeria.

The opening of AfriOne assembly plant launched with the unveiling of the Champion and Gravity range of smartphones but would still offer a wide range of products. These products include feature-rich and technologically loaded product lines from dual sim mobile phones to educational tablet PCs and even android smart watches.

Fact: There is a single mega-colony of ants that spans three continents, covering much of Europe, the west coast of the U.S., and the west coast of Japan

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

Ethos to acquire Little Green Beverages

  • Little Green Beverage manufactures and distributes flavoured carbonated beverages for the Southern African market
  • The company was founded in 2005 and is based in Johannesburg, South Africa and has just hired former SABMiller executive Michael Benjamin
  • Ethos Private Equity announced that it has led a deal in partnership with Nedbank Private Equity and the company’s management to acquire a majority shareholding


Investec exits SA Taxi

  • SA Taxi is a South African taxi financing company that Investec originally backed through its first private equity fund in 2011
  • The comapny extends credit to minibus taxi owners and other drivers as well as providing a range of additional services to help them manage and grow their businesses
  • It has financed more than 27,000 taxis and has a loan book of over R7.2 billion (approximately US$538 million)


Catalyst to invest in Kensta Group

  • Kensta Group is a Kenyan-headquartered conglomerate with operations in five East African countries - the core business is print and digital media communications
  • This investment is Catalyst Principal Partners' ninth (and final) investment for its first fund


Oasis Capital to invest in Everpure

  • Oasis Capital Ghana is making an undisclosed investment in Everpure Holdings, a water bottling company with operations in Ghana
  • The transaction is being made through the Oasis Africa Fund, a planned US$50 million vehicle that targets SME opportunities in Ghana and Côte d’Ivoire

West African economic news (ECOWAS)

Cars45 closes US$5M round

  • Africa’s startup boom is moving into the used-vehicle space - Nigeria based raised a US$5 million Series A round from the Frontier Cars Group
  • Frontier Cars is a holding company whose backers include Balderton Capital, EchoVC, TPG Growth, and NEA
  • Cars45 will deploy the capital to improve its platform that buys, sells, prices, and rates the condition of pre-owned autos