Enexus acted as M&A advisor to Axa, Apis Partners, the European Investment Bank (EIB) and Abler Nordic on the majority sale of their shareholdings in Baobab to Beltone Holding, bringing deep Africa-focused deal execution expertise to the transaction

Sale of Baobab Group

Baobab is the leading financial services provider dedicated to supporting small businesses across Africa. By leveraging data and digital technologies, the company broadens access to finance for those underserved by traditional banks. Its comprehensive product suite empowers SMEs and micro-entrepreneurs to grow and thrive, driving economic development across the continent.

To pursue this success story, Baobab’s majority shareholders, including Axa, Apis Partners, the EIB and Abler Nordic, decided to sell their controlling stake to Beltone. This transaction will further enhance Baobab’s ability to expand financial inclusion in Africa by unlocking new opportunities for innovation, digital transformation and sustainable growth leveraging on Beltone’s resources.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Axa Group

AXA Group is a global leader in insurance and asset management, serving over 95 million clients across 50 countries. AXA provides a comprehensive range of financial protection and investment solutions, including life and health insurance, property and casualty coverage, and asset management services.

About Apis Partners

Apis Partners is an ESGI-native private equity and venture capital asset manager that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis manages or advises an asset base totalling c.$2.3bn.

About Abler Nordic

Abler Nordic (formerly Nordic Microfinance Initiative) was established in Oslo in 2008 as a public-private partnership investing in Africa and Asia, in companies that offers financial services to low-income households. Abler Nordic currently manages six funds, with total commitments of $470 million.

About the European Investment Bank (EIB) 

The EIB is the European Union’s long-term lending institution, providing financing and expertise to support investment projects in Europe and internationally. Through its activity in emerging markets, the EIB helps mobilize long-term capital for infrastructure and private-sector development, supporting cross border investment Africa. The EIB also works alongside partners to strengthen access to finance and accelerate cross-border investment in Africa across priority sectors.

About Beltone

Beltone Holding is a leading financial services platform in the MENA region listed on the Cairo Stock Exchange. Its diverse offerings include brokerage, asset management, and non-banking financial services. Beltone is majority-owned by Chimera Investment LLC, part of Abu Dhabi’s Royal Group through IHC, the second largest listed group in the Middle East.

Enexus acted as M&A advisor to Air Liquide, the world leader in industrial and medical gases, on the sale of its Nigerian subsidiary to Oak Heirs Ltd as part of its portfolio restructuring in Africa

M&A Advisory Air Liquide

With a presence on the continent for over 90 years, 1,600 employees and 700 million euros invested in the last three years, Air Liquide is a major industrial and medical gas player in Africa. In Nigeria, Air Liquide is a major industrial and medical gases company and was listed on the Nigerian stock exchange.

Air Liquide completed the sale of its subsidiary in Nigeria to Oak Heirs Ltd, a Nigerian family trust. This M&A transaction enables Oak Heirs to invest in the Nigerian subsidiary and develop additional production capacities to meet the growing demand for industrial gases, particularly in Port Harcourt where the company is a key supplier to the Oil & Gas industry. 

About Air Liquide

Air Liquide is a global leader in gases, technologies, and services for the industrial and healthcare sectors. Operating in 60 countries, the Group employs over 65,000 people and generates more than €27 billion in revenue. Since its founding in 1902, Air Liquide has specialized in essential molecules such as oxygen, nitrogen, and hydrogen, which are fundamental to industry and healthcare. Today, the Group serves over 4 million clients and patients worldwide.

About Oak Heirs Ltd.

Oak Heirs Ltd. is a Nigerian family trust founded and managed by Gbotemi Kuti, a seasoned entrepreneur who is already invested into several sectors such as real estate and childcare in Nigeria and North America.

Enexus acted as M&A advisor to Baobab in the sale of Baobab+ to Biolite

Sale of Baobab +

Baobab+ is the leading off-grid energy access company operating across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. To date, the company has empowered over 425,000 households with solar energy solutions, positively transforming the lives of more than 2.5 million people. In addition to its primary mission, Baobab+ promotes digital inclusion and has equipped over 263,000 customers across its markets with smartphones and other digital devices, primarily through pay-as-you-go financing plans.

Over the past six years, BioLite has served as Baobab+’s primary supplier and strategic partner for off-grid solar products. This acquisition strengthens that relationship and will enable Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating innovation and sustainable growth in renewable energy solutions across Africa.

About Baobab+

Founded in 2015, Baobab+ is a social enterprise that supports households and entrepreneurs in their energy autonomy through the distribution of solar kits across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. In addition to this primary vocation, Baobab+ offers digital devices for educational and professional purposes. These products benefit from financing facilities to make them accessible to all.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Biolite

BioLite is a social enterprise that develops and distributes off-grid energy products for people living beyond the traditional grid. Serving outdoor and home uses, in both mature and emerging markets, the self-reliant energy company has reached over 14.6 million users with innovative power, lighting, and cooking solutions.

Enexus acted as M&A advisor to Enko Capital and Netis founders in the sale of a majority stake in Netis Group, a leading telecom network service provider

Netis Group

In 2018, Enko Capital Managers invested in Netis through the Enko Africa Private Equity Fund (EAPEF), a private equity fund targeting mid-cap companies across Africa. 

Founded in 2009, Netis is a major pan-African telecom infrastructure service provider headquartered in Morocco with subsidiaries in 15 African countries. It offers a comprehensive range of products and services, from maintenance of telecom towers to fiber optics deployment and installation of power and energy saving solutions.

Enko Capital Managers sold its majority stake in the Netis group to a consortium jointly led by two pan-African private equity fund managers, Amethis and Africinvest. The consortium was joined by two leading development finance institutions, Proparco and IFC.

This majority buyout will enable the founders of Netis to unlock new growth levers and keep expanding throughout Africa.

About Enko Capital

Enko Capital group is an Africa-focused asset management firm with over $900min assets under management, and with offices in London, Johannesburg, Abidjan, Kigali and Yaoundé. It notably manages the Enko Africa Private Equity Fund (EAPEF), a private equity fund targeting mid-cap companies across Africa. 

About Amethis Finance

Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €725m. Amethis has been created through a partnership with the Edmond de Rothschild Group. Amethis brings growth capital to promising mid-cap champions in a diversity of sectors throughout the African continent. 

About Africinvest

AfricInvest is a leading pan-African investment platform active in multiple alternative asset classes including private equity, venture capital, private credit, blended finance, and listed equities. Over the past 25 years, it has raised more than $2bn to finance more than 200 companies.

Enexus acted as M&A advisor to BBOXX in a USD 50M equity round led by Mitsubishi

BBOXX, a next generation utility, successfully closed a $50 million Series D funding round. Mitsubishi Corporation led the round followed by ENGIE Rassembleurs d’Energies (affiliated to ENGIE Group), impact investor Bamboo Capital Partners, Dutch impact investment fund DOEN Participaties and Canadian growth equity firm MacKinnon, Bennett & Company (MKB).

Ranked among the top five African start-up funding deals of 2019 (WeeTracker), this cross-border transaction marked a key milestone in supporting BBOXX’s scale-up across the continent. 

About BBOXX

BBOXX is one of Africa’s leading off-grid energy suppliers. The company provides electricity to over 500,000  people and has installed more than 100,000 solar home systems in East, Central and West Africa. 

About Mitsubishi Corporation

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses together with its global network of around 1,800 companies. The Group has eight business units that operate across various industries including environmental energy, materials solutions, mineral resources, urban development & infrastructure, mobility, food, smart-life creation and power solutions industry.