The Q3 issue of DealMakers AFRICA is out.
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2024 DealMakers AFRICA Annual Awards
Digital Release - March 2025
In March 2025, DealMakers Africa will announce the winners right HERE and across our social media pages so keep a look out!
Diamond Sponsor
Gold Sponsor
Individual DealMaker of the Year
Short Listed Nominees:
Nominees: Deal of the Year 2024 | West Africa
Acquisition by Olam Agri of Avisen
In March 2024 Singapore-based and listed food and agribusiness Olam Agri acquired Senegalese Avisen for US$18,6 million. The deal brings increased competition to the industry (in which historically only three family-owned businesses were operating), foreign investment and improved financial and technical capabilities for Avisen. Olam Agri’s global commodity sourcing networks and manufacturing expertise will enhance both the quality and cost-efficiency of animal feed in Senegal contributing to a sustainable local animal feed industry.
Advisers: Enexus and Deloitte Côte d'Ivoire
Chappal Energies acquisition of Equinor’s Nigerian business
The US$1,2 billion acquisition by Nigerian-owned Chappal Energies of Equinor Nigeria Energy which holds a 53.85% ownership in oil and gas lease OML 128 including the unitised 20.21% stake in the Agbami oil field operated by Chevron, closed in December 2024. Chappal will develop the assets further, following three decades under Norwegian Equinor’s control, representing a significant step for the energy company towards building an upstream company and unlocking laten value in Nigeria’s oil and gas reserves.
Advisers: Rand Merchant Bank Nigeria, Banwo & Ighodalo, Templars, Ashurst and Vinson & Elkins
Acquisition by Renaissance Africa Energy of Shell Petroleum Development Company of Nigeria
The deal, which saw Renaissance Africa Energy selected as the preferred bidder for the acquisition of Shell’s Nigerian assets, was signed in January 2024. Renaissance is a Nigerian-led consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group. For Shell the US$2,4 billion sale aligns with its global pivot from challenging onshore operations to a focus on offshore and cleaner energy ventures. The Shell Petroleum Development Company holds a 30% participating interest in several assets including oil mining leases, pipelines, flow stations, gas plants, oil terminals and a power plant.
Advisers: PwC Nigeria, Banwo & Ighodalo, Clifford Chance, White & Case and G. Elias
Acquisition of Flour Mills by Excelsior Shipping
The acquisition by India-based Excelsior Shipping, the 62.95% majority shareholder of Flour Mills Nigeria (FMN), was conducted through a Scheme of Arrangement in a deal valued at US$86,16 million. Each shareholder received ₦86 per share (up from ₦70 per share), delivering significant value to investors. The delisting comes as a consequence of a devaluation of Naira, high cost of doing business, inflationary pressures and resultant foreign exchange losses.
Advisers: Chapel Hill Denham, Banwo & Ighodalo and Deloitte Nigeria
(in no particular order)
Nominees: Private Equity Deal of the Year 2024 | West Africa
(in no particular order)
Exit by CardinalStone Partners of i-Fitness to Verod
In February 2024 Lagos-based private equity firm CardinalStone Capital Advisers, via its CardinalStone Capital Advisers Growth Fund, announced the exit of its 65% stake in i-Fitness Nigeria, a health and wellness business, to West Africa-based private equity firm Verod. A competitive disposal process was launched in December 2022 and Verod was ultimately selected as the preferred bidder. The investment by Verod was structured by the Verod Capital Growth Fund III, marking the sixth addition to the fund’s portfolio.
Advisers: Rand Merchant Bank Nigeria, CardinalStone Capital Partners, Udo Udoma & Belo-Osagie and Olaniwun Ajayi
Investment by Verod and consortium partners into Moniepoint
In October 2024, Moniepoint received a capital injection from a consortium comprising Verod Capital, Development Partners International, International Finance Corporation and Proparco, a subsidiary of the French Development Agency, marking a transformational shift in financial inclusion in Nigeria. The series C investment, which was led by DPI’s African Development Partners III Fund, raised US$110 million and will be used to scale Moniepoint’s growth across the continent providing a business solutions integrated platform offering services such as digital payments, banking, cross border payments, credit and business management tools.
Advisers: Financial Technology Partners, Olaniwun Ajayi and Norton Rose Fulbright
Exit by Adenia Partners of Cresta Paints to Uhuru Investment Partners
Adenia Partners investment in 2015 enabled Ghanaian Cresta Paints to consolidate its position as a regional leader in the automotive refinish industry exporting its flagship brand SuperShine to 10 countries across West Africa. Uhuru Investment Partners which focuses on middle-market investments in West Africa will, in this next chapter, further expand Cresta’s operations and customer base.
Advisers: Natrium, Stafford Law, Bowmans Mauritius, DLA Piper Mauritius | Juristconsult Chambers, Kimathi & Company, EY and PwC
Nominees: Individual DealMaker of the Year 2024 | West Africa
(in alphabetical order)
Akinola Akinboboye (Deloitte)
Akinola Akinboboye is a Partner in the Deloitte Financial Advisory division. With over 14 years of experience, he leads the Transaction Services Team for West Africa. He has undertaken financial advisory assignments ranging from pre-deal support, due diligence assignments (including buy-side, sell-side and vendor assist), SPA support, reporting accounting and restructuring services. His experience spans financial services (including banking, pensions and insurance sectors), manufacturing, healthcare, real estate, agriculture, energy, consumer services, aviation and telecommunications sectors. Among others, he has advised on the FEDA investment in Bloom Bank Africa, the Holcim/Huaxin transaction and on Chappal Energies’ acquisition of Equinor.
Ayotunde Owoigbe (Banwo & Ighodalo)
A Partner at Banwo & Ighodalo and heading the firm’s Corporate, Securities and Finance team, Ayotunde Owiogbe has over 20 years extensive legal experience in the M&A / private equity, capital markets and banking and finance space. She counts as her clients, private equity firms such as Atlas Mara, Blackrose, Verod, Standard Chartered, IFU, KTH amongst others, recently co-leading investors on the multi-million-dollar investment in Daystar Power Group. She advised the consortium on the disinvestment of a majority stake in Union Bank of Nigeria plc, Flour Mills Nigeria plc on its acquisition of a majority stake in Honeywell Flour Mills plc and the group of investors led by Persianas who successfully acquired the shareholding of Shoprite International in Retail Supermarkets Nigeria.
Azeezah Muse-Sadiq (Banwo & Ighodalo)
Azeezah Muse-Sadiq is a Partner at Banwo & Ighodalo. She is one of the firm’s partners leading the Capital Markets, M&A and Competition and Consumer Protection team. With over 15 years experience, and strong analytical skills she has represented clients in a range of complex corporate matters, including high-value mergers and acquisitions as well as capital markets transactions on behalf of nationally and globally recognized brands and major investment banks. Azeezah has led the team on several notable deals, advising PAT Holding on its acquisition of Pan African Towers, she co-led the team that advised Four Mills of Nigeria plc on the acquisition of its minority shareholders equity by Excelsior Shipping company, Heineken Group in relation to its acquisition of beverage operations of Distell Group across the continent and she advised the Evercorp Consortium on the acquisition of FNB Holdings.
Daniel Adeoye (Verod)
Having joined Verod as an Analyst in 2009 from Zenith Capital Management, Daniel Adeoye is now a Partner, leading the high-performing investment team. His expertise in equity, debt offerings, strategic advisory and M&A has seen him lead the deal team in several landmark transactions including: the acquisition of iSON Xperiences, the Pan African Towers transaction, the acquisition of iFitness and strategic exits from Daystar to Shell and CSCS. Daniel’s expertise goes beyond traditional dealmaking – navigating complex regulatory environments with skill, and his board memberships and leadership in professional institutes reflect a commitment to institutional excellence.
Yewande Senbore (Olaniwun Ajayi)
A Partner in the firm’s Finance and Capital Markets Practice, Yewande Senbore has over the years gained a deep understanding of the world of finance, having garnered considerable expertise in providing legal support to domestic and international finance institutions. Deals worked on in 2024 include among others, advising Zenith Bank on its ₦300 billion equity capital raise, leading the advisory for the Bank of Industry’s largest syndicated loan in history, securing a €1 billion facility, advising on the issuance of the ₦20 billion Sukuk under Lagos State’s ₦1 trillion multi-instrument issuance programme and the structuring of an innovative ₦10 billion receivables purchase for African Frontier Capital to finance d.light.
ADVISORY FIRM AWARDS | LEAGUE TABLES | WEST AFRICA
DealMakers AFRICA awards the top three advisers by Value and Flow in the following categories:
-
Investment Advisers
-
Legal Advisers
Awards are made to the top three M&A teams and the top three teams for work carried out in the General Corporate Finance space.
Nominees: Deal of the Year 2024 | East Africa
(in no particular order)
RUBiS Energy Kenya and Solarise Africa joint venture
The RUBiSOL joint venture was launched with the aim of providing renewable energy solutions to Commercial and Industrial (C&I) clients across East Africa, marking a significant milestone in RUBiS Energy’s commitment to accelerate its transition efforts towards renewable energies and decarbonation. This representing a major shift towards integrating traditional oil distribution with renewable and distributed energy solutions, creating a more sustainable synergised energy model. The strategic initiative will significantly advance the energy landscape providing reliable and affordable decentralised solar and other energy solutions.
Advisors: ENS
Acquisition by Browns Investments of Lipton Teas and Infusions
In May 2024, private equity firm CVC Capital Partners announced the disposal of Lipton Teas & Infusions to Sri Lankan conglomerate Browns Investments. The €48,3 million sale includes its plantations in Kenya, Rwanda and Tanzania. As part of the terms of the deal with Browns, a total of 15% of the shares in Lipton’s Kenyan operating company has been offered to local communities in Kericho and Bomet. A similar structure was put in place when Browns bought Finlays’ estates business in Kenya last year – the deal won the 2023 DealMakers AFRICA Deal of the Year. The transaction is expected to further boost the Kenyan tea industry which already contributes 4% of the country’s GDP and 26% to export earnings.
Advisors: Bowmans
East Africa Gateway's acquisition of TICTS
The transaction involves the acquisition of the biggest maritime services provider in Tanzania which handles c.83% of the country’s total container volumes. East Africa Gateway (EAG) is a joint venture incorporated by Adani International Ports, AD Ports Group and East Harbour Terminals with Adani the controlling shareholder. EAG signed an agreement to acquire a 95% stake in Tanzania International Container Terminal Services (TICTS) from Hutchison Port for a purchase consideration of US$39,5 million. EAG will operate and manage Container Terminal 2 at the Dar es Salaam Port. In order to operate the terminal, Adani Port entered into a concession agreement for 30 years with the Tanzania Ports Authority. With its expertise and network in ports and logistics, Adani intends to enhance trade volumes and economic cooperation between its ports globally and East Africa.
Advisors: Clyde & Co (Tanzania) and Bowmans Tanzania
Nominees: Private Equity Deal of the Year 2024 | East Africa
Ascent Capital’s acquisition of a minority stake in Dune Packaging
Dune packaging, a global paper packaging manufacturer, based in Kenya, has received a capital injection from Ascent Capital’s Ascent Rift Valley Fund II. The company has a strong track record of delivering high-quality packaging solutions. This investment is expected to accelerate Dune Packaging's growth trajectory and contribute to the development of the packaging industry in East Africa. For Ascent, the opportunity to acquire up to a 49% equity stake aligns with the SME-focused private equity fund’s strategy of backing businesses with significant growth potential.
Advisers: Tradeways, DLA Piper Africa, Kenya (IKM Advocates), Bowmans and Deloitte
Acquisition by Axian Telecom Fibre of Wananchi Group
The acquisition by Axian Telecom Fibre of leading Nairobi-based East African broadband triple play services provider Wananchi Group offers immense benefits and presents extensive value creation not only to the exiting shareholders but also to the acquirer and customers. By merging the entities, Axian will accelerate its footprint, offer services in Kenya, Malawi, Mauritius, Tanzania and Uganda, Democratic Republic of Congo and Madagascar. For customers the benefits include increased access to affordable digital services on a single consolidated service platform.
Advisers: CDH Kenya and Bowmans
Exit by Fusion Capital of Kigali Heights to Yussa Company
Fusion Capital, a Kenyan and UK-owned real estate firm, has exited its investment in Kigali Heights to Yussa Company, a local freight and real estate firm, in a transaction worth US$31,8 million. Fusion led the financing and development of the commercial site and retail mall which was officially opened in December 2016. The project involved raising a combination of debt and equity capital, totalling $16 million. The disposal to Yussa facilitates the exit for investors taking local ownership from and initial 6% to 100%.
Advisers: I&M Burbidge Capital, ENS (Rwanda), DLA Piper Africa, Kenya (IKM Advocates) and DLA Piper Africa, Rwanda (Equity Juris Chambers)
(in no particular order)
Nominees: Individual DealMaker of the Year 2024 | East Africa
Charles Omanga (Horizon Africa Capital)
In 2010 Charles Omanga co-founded Horizon Africa Capital and is advisory lead. With over 25 years’ experience, Charles has been at the forefront of some significant transactions in East Africa. His areas of expertise include capital raisings and mergers in financial services, healthcare, energy and manufacturing. He advised on, among others, the business and asset transfer of Economic Industries to Kenafric Manufacturing; the acquisition of a majority stake in Muthaiga-ABC Forex Bureau; on a capital raise and advisory to an East African consortium of financial investors investing in Alternative Capital Investments which went on to purchase AXYS Group assets from United Investments; and he advised the majority shareholders in AIB AXYS on the purchase of minority shares in the company.
Joseph Ng’ang’ira (Kaplan & Stratton)
A Partner at Kaplan & Stratton and Co-Head of the M&A practice area, Joseph Ng’ang’ira has over 15 years’ experience in corporate and commercial law. His expertise spans M&A, competition and antitrust law, capital markets, business establishment in Kenya, energy law and legal due diligence. He also advises on licensing and regulatory requirements. During 2024, Joseph was lead partner advising the acquirers of a significant interest in Naivas; provided assistance to CFAO SAS in connection with the complex reorganisation of the dealerships in Kenya; Barak Assets Recovery on its acquisition of Seruji; Safaricom in relation to the acquisition of M-Pesa from Vodafone International; and Agri-Vie on its acquisition of a significant minority stake in Amos Dairies.
Njeri Wagacha (CDH Kenya)
Njeri Wagacha is a Corporate & Commercial Partner specialising in mergers and acquisitions, private equity and venture capital, employment law and competition law. She began her career as a trainee solicitor at Orrick, Herrington & Sutcliffe (Europe). Njeri has more than 12 years’ experience, having practiced in various parts of Africa, the UAE and Europe. In 2020, she joined CDH Kenya as a partner. Her clients include, among others, Swedfund International, impact investor Pepea, and Swedish venture capital fund Norrsken22. She has worked on a number of high-profile transactions announced in 2024. Njeri was lead council representing Axian Group in respect of its acquisition of 99.63% of the share capital of Wananchi Group and acted for Bataleur Investments on the acquisition of the Morgan Cargo Group.
(in alphabetical order)
ADVISORY FIRM AWARDS | LEAGUE TABLES | EAST AFRICA
DealMakers AFRICA awards the top three advisers by Value and Flow in the following categories:
-
Investment Advisers
-
Legal Advisers
Awards are made to the top three M&A teams and the top three teams for work carried out in the General Corporate Finance space.