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Aureos Africa Fund makes fourth investment in Nigeria

The Aureos Africa Fund has completed a USD10m investment in Nigerian leasing company C&I, taking the fund’s total investment in Nigeria to USD40m.

The fund closed its fundraising in January 2010 having raised USD381.1m and is believed to be the largest ever fund to focus on investing in small to mid-sized businesses across Africa.
 
It is managed by Aureos Capital, a private equity fund management company specialising in investing in small to medium-sized businesses in emerging markets.
 
C&I, a leasing company in Nigeria established in 1990, offers both operating and finance leases to companies on various classes of assets. In addition, the company is active in various other services like car rental, car distribution and other logistics services.

In 2007, C&I acquired a Ghanaian lease provider as part of its regional expansion strategy, and it is also exploring growth opportunities in the telecommunications, oil and gas and FMCG sectors.
 
Jacob Kholi, managing partner of Aureos in West Africa, says: “Leasing is a fast-growing part of the financial services sector in Africa and we are delighted to have invested in a market-leading business that has ambitious expansion plans.”

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