Africinvest Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Africinvest has acquired 3 companies. It has also invested in 1 other.

Africinvest’s most common sectors for investment arefinancial services (16%) and business services (8%) . The Firm’s most common investment types include growth capital (40%) and buyout (lbo, mbo, mbi) (18%). In total, Africinvest has invested in 2 US states and 20 different countries. Its largest (disclosed) acquisition occurred in 1998 when it acquired Cogitel for $2M.

In the last 3 years, Africinvest has exited 2 companies. The Firm’s most common exit type is trade sale (50%). Africinvest’s largest (disclosed) exit occurred in 2023 when it sold InstaDeep for $557M.

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M&A Summary

  • M&A Total Activity60
    • M&A Buy Activity50
    • M&A Sell Activity10
  • Total Sectors Invested 23
  • Total Countries Invested 20
  • M&A Buy/Sell Connections 18
  • M&A Advisors 3

Africinvest

Immeuble Integra, Centre Urbain Nord,
Tunis, 1082
Tunisia
+216 71 189 800
www.africinvest.com
investor-relations@africinvest.com

Africinvest is a private equity firm focused on growth investments in African companies. The Firm generally targets minority investments in small to medium-sized companies, but Africinvest will consider select majority situations. Africinvest does not have any sector preferences and looks to hold for 4 to 6 years. Africinvest was formed in 1994 and is headquartered in Tunis, Tunisia.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Automotive, Beverages, Business Services, Chemicals, Communications, Construction, Consumer Products, Distribution, Education, Electronics, Energy Services and Equipment, Engineering, Financial Services, Food, Forest Products, Furniture, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Manufacturing, Packaging, Plastics, Restaurants, Retail, Safety/Security, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Venture

Geographic Preferences: Africa

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.4/yr) # 38 8 4 - - - 50
vol $2M $2M
Sell (0.4/yr) # 8 - 1 1 - - 10
vol $557M $557M
  60

Most Recent M&A

Company Date Value Type
InstaDeep Ltd. 2023-01-10 557M GBP Add-on Acquisition
London, United Kingdom · www.instadeep.com
Bridge Bank Group 2022-07-27 - Add-on Acquisition
Cote d'Ivoire, South Africa · www.bridgebankgroup.com
Clayens NP 2022-07-26 - Secondary Buyout
Genas, France · www.clayens-np.com
Amerigo Group 2022-04-27 - Buyout (LBO, MBO, MBI)
Puteaux, France
Moove 2022-03-14 - Venture
Lagos, Nigeria · www.moove.io
Fondasol 2022-01-01 - Buyout (LBO, MBO, MBI)
Montfavet, France · www.fondasol.fr
MFS Africa Ltd. 2021-11-10 - Venture
Johannesburg, South Africa · www.mfsafrica.com
Groupe ISGA 2021-11-04 - Buyout (LBO, MBO, MBI)
Casablanca, Morocco · www.isga.ma
RAYNAL Assurances IARD 2021-10-12 - Growth Capital
Ouagadougou, Burkina Faso · www.raynalassurances.com
Royal Exchange General Insurance Co. Ltd. 2021-10-06 - Stake Purchase
Lagos, Nigeria · www.royalexchangeinsurance.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Clayens NP 2022-07-26 Parkway Products LLC 2023-04-11 1
Genas, France · www.clayens-np.com Greenville, South Carolina · www.parkwayproducts.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 7 (17%) - 8 (16%) -
Business Services 3 (7%) - 4 (8%) -
Software 3 (7%) - 4 (8%) -
Education 3 (7%) - 3 (6%) -
Manufacturing 3 (7%) - 3 (6%) -
Medical Products 3 (7%) - 3 (6%) -
Packaging 1 (2%) - 2 (4%) 2M (100%)
Electrical Equipment 2 (5%) - 2 (4%) -
Information Technology 2 (5%) - 2 (4%) -
Insurance 2 (5%) - 2 (4%) -
Internet Software and Services 2 (5%) - 2 (4%) -
Life Science 1 (2%) - 2 (4%) -
Retail 2 (5%) - 2 (4%) -
Transportation 1 (2%) - 2 (4%) -
Agriculture 1 (2%) - 1 (2%) -
Beverages - - 1 (2%) -
Communications - - 1 (2%) -
Digital Media 1 (2%) - 1 (2%) -
Leisure 1 (2%) - 1 (2%) -
Marine 1 (2%) - 1 (2%) -
Oil/Gas Exploration 1 (2%) - 1 (2%) -
Plastics 1 (2%) - 1 (2%) -
Technology Hardware 1 (2%) - 1 (2%) -
Total 42 - 50 $2M

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 14 (33%) - 14 (28%) -
Morocco 5 (12%) - 5 (10%) -
Nigeria 5 (12%) - 5 (10%) -
Kenya 4 (10%) - 5 (10%) -
Ghana 2 (5%) - 3 (6%) -
South Africa 2 (5%) - 2 (4%) -
Tunisia 1 (2%) - 2 (4%) 2M (100%)
United States 1 (2%) - 2 (4%) -
  California 1 (2%) - 1 (2%) -
  Illinois - - 1 (2%) -
Algeria 1 (2%) - 1 (2%) -
Burkina Faso 1 (2%) - 1 (2%) -
Cameroon 1 (2%) - 1 (2%) -
Cote D'Ivoire 1 (2%) - 1 (2%) -
Egypt 1 (2%) - 1 (2%) -
Mali 1 (2%) - 1 (2%) -
Portugal 1 (2%) - 1 (2%) -
Rwanda 1 (2%) - 1 (2%) -
United Kingdom - - 1 (2%) -
Spain - - 1 (2%) -
Ivory Coast - - 1 (2%) -
Mauritius - - 1 (2%) -
Domestic 1 (2%) - 2 (4%) 2M (100%)
Cross-border 41 (98%) - 48 (96%) -
Total 42 - 50 $2M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 18 (43%) - 20 (40%) -
Buyout (LBO, MBO, MBI) 6 (14%) - 9 (18%) 2M (100%)
Stake Purchase 8 (19%) - 9 (18%) -
Venture 7 (17%) - 9 (18%) -
Secondary Buyout 2 (5%) - 2 (4%) -
Divestiture 1 (2%) - 1 (2%) -
Total 42 - 50 $2M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (30%) 557M (100%)
Secondary Sale 2 (20%) -
Trade Sale 2 (20%) -
Unknown 2 (20%) -
IPO 1 (10%) -
Total 10 $557M

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 1
Legal Deals
Anjarwalla & Khanna (ALN)
 1
Bowmans
 1

Deal Values

buy # Total
< $100M 1 $2M
TOTAL $2M
Largest Cogitel
$2M (1998-01-01)
sell # Total
$100M to $1B 1 $557M
TOTAL $557M
Largest InstaDeep Ltd.
$557M (2023-01-10)

M&A Connections

Deals
Acquired from
Investor(s)
6%
3 (6%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
20%
2 (20%)
Strategic(s)
50%
5 (50%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.9B USD

Established

1994

Specialist/Generalist

Generalist

Leadership

Aziz Mebarek

Founding Partner

Ziad Oueslati

Founding Partner & Co-Managing Partner

Anis Kallel

Senior Partner

Brahim El Jai

Senior Partner

George Odo

Senior Partner

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