Kibo Capital Partners, the Mauritius-based private equity fund, has sold its shares in I&M Rwanda to Egide Gatera, a business magnate, assisted by Enexus Finance.
Established in 1963 as Banque Commerciale du Rwanda and bought by I&M Group in 2012, I&M Rwanda is considered the second largest bank in Rwanda.
With this investment, Gatera indirectly becomes the third-largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Gatera, a prominent business tycoon in Rwanda, owns a chain of firms with interests in agribusiness, finance and petroleum distribution.
His experience of the Rwandan economy will be beneficial to I&M Rwanda. I&M Group, a leading lender listed on the Nairobi Stock Exchange, has branches in Rwanda, Uganda, Tanzania, Mauritius and Kenya.
Egide Gatera is a shareholder in Société Pétrolière and Rwanda Mountain Tea and has diversified interests in the banking and insurance industries in Rwanda as well as real estate, tourism, and energy.
Kibo Capital Partners is a private equity firm with two funds under management with assets totalling US$ 100Million. It targets growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.
Enexus Finance is an investment banking firm specializing in middle-market transactions in Africa. It provides M&A and fundraising services to African and international companies willing to expand in Africa and has offices in Paris and Abidjan.