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Private equity funds in Africa are increasingly investing in early-stage businesses in the search for earnings growth. This is partially driven by the rising trend in purchase prices of private companies in Africa as indicated by the latest Bright Africa 2018 report.
Bright Africa is an ongoing research effort into investing in Africa compiled by global investment firm RisCura.
According to the report, the average purchase price of private companies has risen from 4.8x EBITDA to 7.3x EBITDA between 2009 and 2017. As a large amount of investment capital has yet to be deployed by funds, purchase multiples could increase
CRG, a UK specialist in the healthcare and social care staffing market, has acquired Affinity Workforce (Affinity), a provider of education, health and social care staffing from Endless, for an undisclosed sum.
The acquisition sees CRG shareholders Ian Munro, Tristan Ramus and Jamie Webb leading the next step of Affinity’s transformation and growth plans commenced under Endless’ ownership.
Affinity will complement the impressive portfolio of businesses within CRG by incorporating the well-established brands of CER, Monarch Education, Medicare First and Team24, together employing over 400 staff and delivering GBP100 million of revenue.
As well as scaling up CRG’s
EagleTree Capital’s private equity fund EagleTree Partners IV has acquired a majority stake in Gaylord Chemical Company, a specialist in chemical production.
The Company’s Chief Executive Officer, Paul Dennis, and other existing shareholders will retain a significant stake in the Company. Co-investors, including the Alberta Teachers’ Retirement Fund Board and Farol Asset Management, are investing alongside EagleTree. Terms of the transaction have not been disclosed.
Gaylord Chemical is the world’s premier manufacturer of dimethyl sulfide (DMS) and dimethyl sulfoxide (DMSO), environmentally safe, non-toxic solvents with a variety of commercial applications in agriculture, microelectronics, petrochemical, pharmaceutical and other end markets.
Group of Butchers, a Dutch supplier of high-quality meat and mince-based products in which Equistone Partners Europe acquired a majority stake in January 2017, has acquired Hartmann, a family-owned German producer of meatballs and mince-based products.
The deal represents Group of Butchers’ first move into the German market and strengthens the company’s position as one of the leading producers of artisan meats by extending its product range to include a number of traditionally prepared mince-based products. The financial terms of the deal are undisclosed and completion of the sale remains subject to the approval of the relevant competition authorities.
Global law firm Reed Smith has added Julia Boyd as a partner in the Global Corporate Group in New York. She was formerly a member of the Private Equity Group at Goodwin Proctor, which she joined in 2013.
“Julia is an exceptional lawyer with extensive M&A and private equity experience that will further bolster our capabilities in New York,” said Matthew J. Petersen, co-chair of Reed Smith’s Global Corporate Group. He added, “Her extensive experience in the life sciences and health care sectors are a great fit with our Life Sciences Healthcare Industry Group at a time when we are seeing
International law firm Taylor Wessing has advised Caledonia Investments plc on the acquisition of its majority stake in Deep Sea Electronics Ltd (DSE), in a transaction that values the business at GBP162 million.
Based in the UK, DSE is one of the world’s leading designers and manufacturers of controllers for diesel-powered electricity generators and intelligent battery chargers. Its products are used worldwide to support public sector infrastructure projects and defence applications, as well as diverse applications across industry sectors, including oil and gas, telecoms, construction, power distribution and facilities management.
Caledonia has subscribed GBP117.2 million for a 98.9 per
Independent depositary firm INDOS Financial is now offering a new ESG oversight service, which will be led by Matthew Queree, the company’s newly-appointed Head of ESG Oversight.
INDOS Financial, now has USD28 billion of assets under its oversight, plus a further USD16 billion over which the 32-strong firm performs money laundering reporting officer functions.
CEO Bill Prew (pictured) explains his role as an independent depositary, as one where his firm is free of conflicts with other service providers of a fund and provides valuable oversight over fund operations.
The idea of offering an ESG service has come from INDOS’s
UK private equity house Maven Capital Partners (Maven) has completed a GBP2.15 million investment in Boiler Plan, a market-disruptive platform that sells, installs and services boilers.
The transaction includes a GBP1.65 million investment from the Maven VCTs and a GBP500,000 investment from the North East Development Capital Fund, managed by Maven and supported by the European Regional Development Fund. The funding will help accelerate Boiler Plan’s growth, allowing the business to increase its geographic coverage and invest in its sales, marketing and digital functions.
Boiler Plan provides an innovative online platform for the purchase of a new boiler. Its
Foresight Group has invested in Postworks Limited (Postworks) on behalf of the Midlands Engine Investment Fund (MEIF). This marks Foresight’s third MEIF investment since its launch in February.
Postworks is an online franking company providing small and medium sized businesses with a software-based alternative to franked business post. Using Postworks’ software platform, businesses can ‘drag and drop’ their post for electronic sorting, printing and folding at Postworks’ printing centre before being handed over to the Royal Mail for delivery.
The Northampton-based company was launched in 2016 by James and Marvee-Lisa Booker. With their extensive experience in the print,
ArchOver, a P2P business lending platform connecting businesses requiring finance with individual and institutional investors, is expanding into the West Midlands and opening up new flows of capital for SMEs operating in the region.
As traditional banks divest from hubs outside London and further centralise their operations in the capital, ArchOver’s new Birmingham office will give the company a base to support clients across the Midlands offering a personalised service when it comes to alternative finance. Investors will also have access to the increased volume and quality of loans ArchOver is facilitating.
Leading the Birmingham office will be David
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