Enexus acted as M&A advisor to Groupe Duval in the capital raising of its subsidiary Finafrica with Proparco

fundraising for Finafrica

Finafrica is the first microfinance network offering insurance products in Africa and aims to become a key player in financial and insurance inclusion in the continent. The company provides better protection for micro-entrepreneurs (including their households), a lower cost of credit for borrowers benefiting from insurance and a more controlled cost of risk for microfinance institutions. This investment – comprising an equity fundraise together with a convertible bond – will enable Finafrica to consolidate its growth and pursue its network expansion strategy across Africa, reinforcing its financial inclusion mission. 

About Finafrica

Founded in 2018, Finafrica is a subsidiary of Groupe Duval and is the first microfinance network offering insurance products in Africa. With its ten subsidiaries, Finafrica supports 1.2 million clients on a daily basis in five countries (Guinea, Cameroon, Senegal, Côte d’Ivoire and Rwanda).

About Proparco

Proparco is a subsidiary of the French Development Agency group and has been working alongside the private sector for over 45 years with a diversified range of financial tools adapted to the company’s different stages of development.

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 Kibo fund in the sale of its shares in I&M Rwanda

Enexus has advised Kibo, the Mauritius-based private equity fund, in the sale of its shares in I&M Rwanda to Mr Egide Gatera. 

Founded in 1963 as Banque Commerciale du Rwanda and acquired by I&M Group in 2012, I&M Rwanda is the second largest bank in Rwanda. With this investment, Mr Gatera indirectly becomes the third largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Mr Gatera, one of the prominent entrepreneurs in Rwanda, operates in various industries, ranging from petroleum distribution to agribusiness and finance. His experience of the Rwandan economy will prove a valuable support to I&M Rwanda. 

About I&M Group

I&M Group is a leading East African banking group listed on the Nairobi Stock Exchange. The group’s main presence is in Kenya, with subsidiaries in Rwanda, Uganda, Tanzania and Mauritius. I&M Group  

About Mr Egide Gatera

Mr Egide Gatera is a leading businessman with diversified interests in Rwanda and East Africa. He is the founding shareholder of the oil company SP (Société Pétrolière) and the agribusiness company Rwanda Mountain Tea. Mr Gatera also holds diversified interests in the banking and insurance industries in Rwanda, as well in real estate, tourism and energy.

About Kibo fund

Kibo Capital Partners is a private equity management company, with two funds under management with assets totalling USD 100 M. Kibo funds target growth companies in Eastern and Southern Africa and the islands of the Indian Ocean. Kibo fund  

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.