Verdant Capital completed 18 transactions in 2023, the Pan-African investment bank and investment manager has said in a statement.
- The bank completed eight transactions in East Africa, five in South Africa, three in West Africa, and two in other SADC countries.
- Eleven of the transactions were for private equity investors or portfolio companies of private equity.
- In 2023 Verdant Capital completed five investments from its investment management operation, three from Verdant Capital Hybrid Fund, and two from other structures.
These investments included investments in LOLC Africa, the African operation of leading Asian microfinance group LOLC Africa, and in Mogo Kenya, a leading taxi and mobility financing operation. Verdant Capital Hybrid Fund is now three-quarters deployed versus its commitments at first closing. Verdant Capital expects the final close in 2024.
In Mergers and acquisitions (M&As), the firm completed eight transactions. Landmark transactions included the sale of Unguka Bank in Rwanda, and advising on an acquisition in South Africa for Saint Gobain, the Paris-headquartered group ranking in the top 100 of industrial companies in the World. Verdant Capital also advised five clients on debt and equity capital raisings, including leading African digital payments business, Zeepay.
Verdant Capital’s also completed 12 transactions across segments in the financial services sector including leasing, invoice discounting, purchase order financing, micro-lending, payments and remittances. It also completed deals in other sectors in which it is traditionally strong, including the telecoms, digital infrastructure, agri-business and industrials sectors.
The Mogo deal was finalised in mid-2023. In it, Verdant Capital through its Verdant Capital Hybrid Fund, completed a US$ 7mn investment to the fintech asset financing company. The firm is also invested in Watu Credit Uganda.