Apis Growth Fund I, a private equity fund managed by UK-based asset manager Apis Partners Group, is to sell its full stake in Baobab, a leading African financial services provider specialising in supporting small and medium-sized enterprises (SMEs).
The fund’s position in the company is being acquired by Beltone Capital, a fully owned subsidiary of Beltone Holding (Beltone), a financial services provider listed on the Egyptian Stock Exchange. Following the acquisition of Apis’ stake, that of its co-investor and other selling shareholders, Beltone will take a majority share in Baobab.
This strategic exit marks the ninth, and penultimate, full exit from the fund.
Founded in 2014, Apis Partners specialises in growth equity investments at the intersection of financial services and technology.
According to a press statement, throughout the fund’s investment period, Apis Partners supported multiple value creation initiatives at Baobab, which helped increase the company’s growth prospects. These included the appointment of an experienced CEO, CFO and CTO, to position Baobab for long-term growth; comprehensive upgrades to technology infrastructure enabling enhanced scalability; and expanding Baobab’s suite of digital products. Apis Partners also supported multiple structural reorganisations and streamlining of Baobab’s geographical footprint, to ensure the company was operating at maximum efficiency.
The deal was advised by Enexus Finance and the transaction is subject to regulatory approvals.
