We take a closer look at five Zambian private equity deals as featured in our sister publication, Africa Private Equity News’ Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe to this service here
1. Affirma Capital leads $145m deal for Zambia’s Copperbelt Energy Corporation
Affirma Capital (formerly Standard Chartered Private Equity) has led a $145 million investment into Copperbelt Energy Corporation (CEC) in an significant single-asset continuation deal in Africa.
The private equity firm originally invested in CEC in March 2014 via a structured equity investment backing the company’s controlling shareholder. In March 2018, Affirma Capital converted its investment into a 34.64% shareholding in CEC.
CEC is an independent power transmission and distribution company in Zambia and is listed on the Lusaka Securities Exchange. Read the full article
2. Goodwell Investments backs Zambia’s Good Nature Agro
Goodwell Investments has joined forces with impact investing cooperative Oikocredit and Global Partnerships/Eleos Social Venture Fund to provide $8.5 million in equity to Zambian enterprise Good Nature Agro (GNA).
GNA currently supports about 30,000 southern African smallholder farmers in growing drought-resistant, early-maturing legume seed varieties, including beans, cowpeas, soya beans and groundnuts.
Goodwell first invested in GNA in 2020 via its uMunthu I fund. Read the full article
3. Enko Capital exits Zambian company to South Africa’s Mergence
Enko Capital Managers, managers of the Enko Africa Private Equity Fund (EAPEF), has exited its investment in Madison Financial Services, an insurance and microfinance services group in Zambia.
EAPEF’s exit of Madison is by way of the sale of its entire equity and debt investments in the company to subsidiaries of Mergence Investment Managers, a Cape Town-based asset manager of several funds spanning specialist equity, fixed income, multi-asset, infrastructure, debt, and private equity funds. Read the full article
4. Renew Capital invests in online marketplace for building materials
Renew Capital has announced an investment in Zambia-based Bosso Africa.
The lack of affordable housing for millions of people in Africa is a pressing issue, but Bosso Africa is seeking to change that. The Zambia-based company provides an online marketplace that streamlines the sourcing of building materials for hardware stores, construction companies and individual builders. Read the full article
5. Alitheia IDF leads $8.25m investment in Lupiya
Zambian neobank Lupiya has secured $8.25 million in a Series A seed funding round. The fundraising was led by Alitheia IDF Fund, with additional participation from INOKS Capital and Germany’s KfW DEG.
Lupiya’s primary mission is to bridge the financial inclusion gap by offering easy-to-use, technology-driven financial solutions to the unbanked and underbanked populations in Zambia. Read the full article
