2024 Top Business Deals in Africa

1.AfricInvest Acquires Stake in I&M Bank

British International Investment (BII), the UK’s development finance institution, sold its 10.1% stake in I&M Group to AfricInvest. This Eastern African banking group operates in Kenya, Mauritius, Tanzania, Rwanda, and Uganda, offering financial services to individuals, SMEs, and corporates. I&M is listed on the Nairobi Securities Exchange, with its Rwandan subsidiary, I&M Bank Rwanda, trading on the Rwanda Stock Exchange. This acquisition strengthens AfricInvest’s presence in the East African financial sector.

2.Adenia Partners Acquires South Africa’s The Courier Guy

Private equity firm Adenia Partners, alongside DEG, Proparco, and South Suez, acquired 100% of The Courier Guy, South Africa’s prominent last-mile delivery company. The Courier Guy operates a robust network of delivery partners, kiosks, and over 1,200 smart lockers nationwide. This marks the second investment of Adenia’s fifth flagship fund, Adenia V, underscoring their commitment to enhancing logistics and parcel delivery in Africa.

3.Helios Investment Partners Secures $40m Stake in Raya Foods

Helios Investment Partners made a $40 million investment in Egypt’s Raya Foods, acquiring 49% of the company. This strategic deal aims to enhance Raya Foods’ manufacturing and export capabilities in the frozen foods sector, bolstering its global reach. The investment highlights the growing interest in Africa’s agribusiness and food production industries.

4.Phatisa Leads Consortium to Acquire International Facilities Services (IFS)

A consortium comprising Phatisa, ES-KO, and management acquired 100% of International Facilities Services (IFS) from Development Partners International (DPI). IFS, an integrated facilities management company, supports blue-chip clients at over 40 remote sites across six African countries, including Mozambique, DRC, and Zambia. The deal underscores the growing demand for integrated service providers in remote and industrial areas across Africa.

5.SPE Capital Invests $45m in Dislog Group

SPE Capital Partners confirmed a MAD 350 million (approximately $35 million) investment in Morocco’s Dislog Group, with an additional MAD 100 million ($10 million) co-investment from an international financial institution. The deal supports Dislog Group’s growth and positions it for a planned IPO on the Casablanca Stock Exchange within the next two to three years. This investment highlights the potential of Africa’s fast-growing consumer goods sector.

These transactions reflect the diversity and dynamism of Africa’s private equity landscape in 2024, showcasing investments across sectors such as banking, logistics, agribusiness, facilities management, and consumer goods.