Consumer Services Transaction Brief: Africa Capitalworks, Adiwale invests $24M in Enko Education

Transaction Summary

Enko Education Investments (PTY) Limited (Enko Education) secured $24 million in equity investment from Africa Capitalworks (ACW) and Adiwale Partners (Adiwale). As Africa's largest International Baccalaureate (IB) school network, Enko Education operates 16 schools across 10 sub-Saharan countries, offering preschool, primary, and secondary education to 7,000 students, aiming to increase access to the world’s top universities for African learners. This funding will enable Enko Education to expand to 30 schools across more than 20 African countries and triple its student body to 20,000 by 2029, leveraging a growth strategy that combines acquisitions and management contracts. Africa Capitalworks, a permanent investment vehicle formed through a partnership between the Capitalworks Group and Sao Capital, focuses on equity investments in mid-market companies with enterprise values between $50 million and $250 million in Sub-Saharan Africa (excluding South Africa). Adiwale’s investment came through Adiwale Fund I, a €60 million ($63 million) growth capital fund launched in 2016 that targets mid-sized, cash-generating businesses in West Africa, investing €3–€10 million ($3–$11 million) per transaction in consumer goods, business services, and manufacturing sectors, with a focus on minority stakes (15%-45%) taking board seats, and operational support. This investment builds on Adiwale’s $5.8 million Series B lead in 2022.?

Terms

• Fund Managers: Africa Capitalworks (ACW), Adiwale Partners (Adiwale)
• Fund: Adiwale Fund I (Adiwale Partners)
• Target: Enko Education Investments (PTY) Limited
• Financing Type: Equity
• Investment Strategy: Growth Equity
• Financing Instrument: Ordinary Shares
• Amount: $24 million

Transaction Rationale

Enko Education is an excellent fit for Adiwale Fund I’s strategy, which targets scalable mid-sized businesses in Africa. Enko’s plans to double its school footprint and triple its student body by 2029 position it to consolidate the fragmented K-12 education market, aligning with the fund’s growth-focused mandate. With operations in 10 countries, including five in West Africa—Adiwale Fund I’s regional focus—Enko offers...

• Market Opportunity: Africa’s private education sector is poised for rapid growth, driven by a growing population, urbanisation, and rising middle-class spending on education. By 2030, 750 million African youth will be...
• Risk/Return Analysis: Enko Education has grown its student base from 3,500 in 2022 to 7,000 in 2025 while maintaining high academic standards, with 80% of graduates admitted to over 500 top universities, including...

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