Fund manager (General Partner), AVCA member, pan-African growth capital. Assets under management: ≈ USD 267m.
Criteria published by the fund, recorded and checked by Invest Matching.
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Recent public deals: they say better than a thesis what the fund actually signs.
Nouvelle Mici Embaci
May 2023 · Côte d'IvoireGrowthUndisclosed amountEquityManufacturingCo-Invest
Co-investor alongside Norfund
Activity : Plastics and packaging
Nouvelle Mici Embaci manufactures corrugated packaging and polypropylene bags and provides industrial printing services in Francophone West Africa.
Why they invested
- Modernize industrial capacity.
- Expand operations and regional presence.
- Build on a resilient and profitable company.
- Develop a packaging platform in West Africa.
Source : norfund.noN1 · Primary source
Primrose Properties Ghana
May 2022 · GhanaGrowthUndisclosed amountReal estateLead
Activity : Residential real estate and development
Vehicle : Atlantic Coast Regional Fund (ACRF)
Ghanaian commercial and residential developer launched about a decade before the deal; the funding notably completes a mixed-use complex in Kanda, Accra.
Why they invested
- Support the developer's project pipeline
- Confidence in Ghana's long-term potential
- Proven local entrepreneur; management support and best practices
Source : afigfunds.comN1 · Primary source
Nouvelle Mici Embaci
August 2019 · Côte d'IvoireGrowthUndisclosed amountManufacturingLead
Activity : Plastics and packaging
Vehicle : AFIG Fund II
NME manufactures corrugated packaging, corrugated sheets and cartons, and provides printing services. The company also exports to neighboring West African countries.
Why they invested
- Support the company's growth plans
- Build on a significant regional footprint
- Support a leading packaging company in West Africa
Source : afigfunds.comN1 · Primary source
AXIS Pensions Group
May 2019 · GhanaGrowthUndisclosed amountFinancial servicesLead
Activity : Asset management and markets
Vehicle : AFIG Fund II
AXIS Pensions is a technology-enabled pension administrator operating in Ghana and Rwanda. It was the second-largest private pension administrator in Ghana at the time of investment.
Why they invested
- Support the company's growth plans
- Develop a regionally diverse and integrated pension administration platform
- Build on an agile proprietary technology platform
Source : afigfunds.comN1 · Primary source
Soproicam
2019 · CameroonGrowthUndisclosed amountAgribusinessLead
Activity : Edible oils and oilseeds
Vehicle : AFIG Fund II
Soproicam refines and distributes soybean oil, soybean meal, palm oil and soap. The company operates a subcontractor network involving more than 13,000 farmers.
Why they invested
- Support the company's growth plans
- Support the largest soybean-products processor in CEMAC
- Build on a strong distribution network and domestic brands
Source : french.afigfunds.com
NEM Insurance
December 2018 · NigeriaGrowthUndisclosed amountEquityFinancial servicesLead
Activity : Insurance
Instrument : Acquisition de 29,9 % des actions auprès de certains actionnaires existants · Vehicle : AFIG Fund II
NEM Insurance is a non-life insurer providing insurance products to individuals and businesses in Nigeria and Ghana. AFIG Fund II acquired 29.9% of the company's shares from existing shareholders.
Why they invested
- Support NEM's growth in the Nigerian insurance sector
- Build on a strong track record of profitability and returns
- Accelerate growth ambitions in Nigeria and across the continent
Advisers
- CardinalStone Partners Limited — conseiller financier, company side
- Koya Kuti Solicitors — conseiller juridique, company side
- PwC Nigeria — conseiller transactionnel, fund side
- Banwo & Ighodalo — conseiller transactionnel, fund side
Source : french.afigfunds.com
First Atlantic Bank
January 2018 · GhanaGrowthUndisclosed amountFinancial servicesLead
Activity : Banking
Vehicle : AFIG Fund II
First Atlantic Bank is a universal commercial bank providing financial services to individuals, professionals and businesses in Ghana.
Why they invested
- Strengthen the bank's capital
- Support its transition toward market leadership
- Build on its network and innovative services
Source : afigfunds.comN1 · Primary source
Tecnicil Indústria
April 2017 · Cape VerdeGrowthUndisclosed amountAgribusinessLead
Activity : Beverages and brewing
Vehicle : AFIG Fund II
Tecnicil produces bottled water, soft drinks and other beverages, including fruit juices, milk, yogurt and iced tea. Its main brands are Trindade, Trin and Kul.
Why they invested
- Support local and regional growth
- Support a national beverage champion
- Build on established brands and a reputation for quality
Source : afigfunds.comN1 · Primary source
FSDH Holding Company
November 2016 · NigeriaGrowthUndisclosed amountFinancial servicesLead
Activity : Banking
Vehicle : ACRF
FSDH Holding is a non-operating holding company focused on financial services, including merchant banking, asset management, capital advisory and pensions in Nigeria.
Why they invested
- Develop a diversified financial services platform
- Support FSDH Group's growth in Nigeria
Source : afigfunds.comN1 · Primary source
Nigerian-German Chemicals
August 2014 · NigeriaGrowthUndisclosed amountHealthcareLead
Activity : Pharmaceutical manufacturing
Vehicle : ACRF
Nigerian-German Chemicals manufactures and distributes over-the-counter and prescription medicines in Nigeria. It also produces bottled water and soft drinks.
Why they invested
- Support a company established in Nigeria for more than 50 years
- Build on a diversified pharmaceutical and consumer goods business
Source : french.afigfunds.com
Elton
December 2012 · SenegalGrowthUndisclosed amountEnergyLead
Activity : Fuel and LPG distribution
Vehicle : ACRF
Elton International operates mainly in Senegal through Elton Senegal, an independent petroleum products distributor with more than 30 service stations.
Why they invested
- Support Senegal's largest independent petroleum distributor
- Build on a network of more than 30 service stations
- Develop a local player competing with multinationals
Source : french.afigfunds.com
Senbus Industries
December 2012 · SenegalGrowthUndisclosed amountManufacturingLead
Activity : Automotive and assembly
Vehicle : ACRF
Senbus assembles minibuses, buses, coaches, trucks and tractors in Senegal. Its plant has an assembly capacity of up to 3,000 buses per year.
Why they invested
- Support a local automotive assembly champion
- Benefit from the expanding public transport market in UEMOA
- Develop local industrial capacity
Source : french.afigfunds.com
Deep Drilling Company
July 2011 · MauritaniaGrowthUndisclosed amountManufacturingLead
Activity : Mining and quarrying
Vehicle : ACRF
DDC, through Drill Corp. Sahara, provides diamond, reverse-circulation, water-well, geotechnical and environmental drilling services to mining companies in West Africa.
Why they invested
- Support a Mauritanian mining services company
- Build on a client base of major international mining groups
- Develop a regional drilling services platform
Source : french.afigfunds.com
RMG Concept Ltd
April 2011 · GhanaGrowthUndisclosed amountAgribusinessLead
Activity : Agricultural inputs and services
Vehicle : ACRF
RMG Concept covers several agricultural value-chain activities, including inputs, farming, trading and processing. It operates in six countries and sells across 16 West and Central African countries.
Why they invested
- Support a regional agribusiness player
- Build on commercial presence across 16 countries
- Support a platform covering several agricultural value-chain segments
Source : french.afigfunds.com
Ecobank Tchad
October 2010 · ChadGrowthUndisclosed amountEquityFinancial servicesLead
Activity : Banking
Instrument : Accord de 14 M$ avec Ecobank Transnational pour trois filiales (Tchad, Rwanda, Liberia), montant non ventilé · Vehicle : ACRF
Ecobank Chad is a universal commercial bank based in N'Djamena providing retail, corporate and Islamic banking services.
Why they invested
- Invest in three Ecobank subsidiaries in Chad, Rwanda and Liberia
- Support the local banking market leader
Source : french.afigfunds.com
Ecobank Liberia
October 2010 · LiberiaGrowthUndisclosed amountEquityFinancial servicesLead
Activity : Banking
Instrument : Accord de 14 M$ avec Ecobank Transnational pour trois filiales (Tchad, Rwanda, Liberia), montant non ventilé · Vehicle : ACRF
Ecobank Liberia is a universal commercial bank based in Monrovia and a local banking market leader, serving individuals and businesses.
Why they invested
- Invest in three Ecobank subsidiaries in Chad, Rwanda and Liberia
- Support a leading local banking market player
Source : french.afigfunds.com
Ecobank Rwanda
October 2010 · RwandaGrowthUndisclosed amountEquityFinancial servicesLead
Activity : Banking
Instrument : Accord de 14 M$ avec Ecobank Transnational pour trois filiales (Tchad, Rwanda, Liberia), montant non ventilé · Vehicle : ACRF
Ecobank Rwanda is a universal commercial bank based in Kigali, providing financial services to individuals and businesses.
Why they invested
- Invest in three Ecobank subsidiaries in Chad, Rwanda and Liberia
- Support a bank offering a broad range of financial services
Source : french.afigfunds.com
AFIG Funds invests tickets ranging from 10 M$ to 40 M$, across the following sectors: Financial services, Manufacturing, Agribusiness, Energy, Real estate, and Healthcare, in the following areas: Senegal, Nigeria, Ghana, Côte d'Ivoire, Cameroon, Cape Verde, Liberia, Mauritania, Rwanda, and Chad. Check in 30 seconds whether your company fits these criteria.
