Investment News

/Investment News
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AAIP backs Ethiopian Generic Pharma

AAIP backs Ethiopian Generic Pharma

2nd March 2016

Press Release

Addis2African Alpha Investment Partners (AAIP), a UK based investment and advisory firm focussed on Africa, is pleased to announce it has backed Private Equity firm 54 Capital, with a direct investment into Ethiopia’s largest drug manufacturer, Addis Pharmaceutical Factory Share Company (APFSC). The total size of the Investment will be $42mm and will be managed by 54 Capital. AAIP and its syndicate provided just under 15% of the total.

This marks the first investment of African Alpha into Ethiopia and the Pharmaceutical Industry in Africa.

Says Brad Koen, AAIP co-founder and director, “our model is to find and back superior management teams seeking growth capital in Africa. 54 Capital as well as APF are both companies that impressed us on this front and we are looking forward to support Management as they execute their plans in a most exciting industry and in a country that has attracted significant accolades in terms of its growth rate and ability to execute its ambitious growth and transformation plans”

About 54 Capital

54 Capital Ltd was established in May 2013 as an asset manager focusing on Africa. In addition to this investment, 54 Capital has invested c. US$35 million into the FMCG sector in Ethiopia since 2014, through the acquisition of majority stakes in companies serving the beverage and food markets.

AAIP Refinances SERS Ltd

AAIP Refinances SERS Ltd

16th February 2016

Press Release

Sers-3African Alpha Investment Partners (AIIP) announced today that it has invested an undisclosed amount into SERS Ltd, an Africa focused equipment financing company based in Mauritius. The transaction was a refinancing of a facility raised and arranged by AAIP in October 2014, extending maturities and reducing the company’s cost of borrowing. The new facility also provided additional growth capital to allow SERS to finance further asset acquisition for its equipment financing clients, including those who have provided essential services to agencies active in the Ebola-affected countries of West Africa. Rupert Boyd of AAIP commented “We are delighted to be able to support such a high quality team in their efforts to grow their business while at the same time provide such essential support to the community. It was a particularly difficult time for the region and it’s a testimony to the commitment of the company and the company’s clients that their expatriate management teams remained on the ground throughout the crisis working to provide a range of emergency support services which were so desperately needed.”

NOTES FOR EDITORS

About SERS LTD

SERS LTD is a Mauritius based provider of equipment financing options to companies in Africa. It seeks to provide cost-effective financing for companies looking to acquire and operate assets in African markets where commercial financing options are often unavailable.

AIIM Backs Joule Africa

AIIM Backs Joule Africa

Cape Town, 6 May 2015: International power developer, Joule Africa, and leading infrastructure equity investment manager, African Infrastructure Investment Managers (AIIM) have entered into an agreed framework that provides AIIM the opportunity to become a major equity investor in the power projects being developed by Joule Africa.

Joule Africa’s current development interests include the 202MW Bumbuna II hydro-electric project in Sierra Leone (being developed in partnership with Endeavor Energy from the United States) and the Kpep hydro-electric project in Cameroon (being developed in partnership with the Government of Cameroon and Cameroonian developer Bethel Industrievertretung). Joule Africa is also pursuing a 100MW solar PV initiative in Cameroon, under a Memorandum of Understanding signed last year with Cameroon’s Minister of Energy.Joule-african-alpha

AIIM was established in 2000 under the joint ownership of the Macquarie Group and Old Mutual Investment Group (Pty) Ltd. As at 31 December 2014, AIIM has funds under management of USD1.2 billion across five infrastructure funds. The funds managed and advised by AIIM are designed to invest long-term institutional unlisted equity in African infrastructure projects such as power generation, renewable energy, toll roads, ports, pipelines and communication infrastructure assets. AIIM’s flagship pan-African fund, African Infrastructure Investment Fund 2 (AIIF2) has made several strategic investments for the African continent through a successful investment programme. This includes two landmark transactions on the continent, namely Cenpower Generation Company (Cenpower) developing the Kpone IPP in Ghana and Azura IPP in Nigeria.

The Kpone IPP is expected to be the largest IPP in Ghana and will account for approximately 10% of the country’s installed capacity. Cenpower pioneered the first Purchase Power Agreement with the Ghanaian power utility, ECG, which now serves as a model for future IPPs in the country and region. AIIF2 and co-investors hold a 30% economic interest in the project.

Azura IPP is the first limited recourse power project in Nigeria following the power industry restructuring, and upon completion, would make it one of the first IPPs to come online in the country in over a decade. AIIF2 is the lead financial investor in the development consortium.

Jurie Swart, AIIM CEO, commented “Joule Africa’s projects under development represent an attractive opportunity and we are delighted to have the opportunity to back the company. We have a number of strategic partnerships in the infrastructure space including African Clean Energy Developments (ACED), which has created a market-leading platform for the development of renewable energy projects in South Africa, and we believe this agreement with Joule Africa will similarly support the successful development of a pan-African development platform outside of South Africa. We see significant growth within this sector over the coming years and this partnership enables us to collaborate with a developer in the African power market that has a strong pipeline of investable opportunities. We are looking forward to a successful long-term relationship with Joule Africa.”

Andrew Cavaghan, CEO of Joule Africa, commented, “we are excited about this strategic alliance with AIIM, an established and respected investor in the African infrastructure market, with the capacity to underpin the equity we will be investing in our projects. We believe that they provide the right fit for us to execute on the growing pipeline of projects which we have in development. We very much look forward to working together.”

The transaction was arranged by the corporate finance team of London-based African Alpha Investment Partners.