Private Equity |

Bain Exit Leaves Edcon Struggling in South Africa Retail Slump

JOHANNESBURG, Capital Markets in Africa: Bain Capital Partners LLC’s decision to walk away from Edcon Holdings Ltd. leaves South Africa’s largest clothing retailer to claw back market share amid weak consumer confidence and a market recently populated by international heavyweights like Hennes & Mauritz AB. The owner of the Edgars, Jet and CNA chains needs to make up ground ceded while struggling under a debt burden caused by Bain’s 25 billion rand ($1.8 billion) purchase in 2007. Competitors…

Denham to Steer Clear of Coal-Fired Power in Africa Expansion

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LAGOS, Capital Markets in Africa: U.S. private-equity firm Denham Capital Management LP will shun coal-fired power as it looks to African energy projects for investment. “We’re not targeting coal for any new investments,” Justin DeAngelis, Denham’s managing director and power-deals team leader, said Wednesday in New York. “Coal power is out of favor for people who want to own power plants.” The stance of Boston-based Denham, with $8.4 billion under management, echoes that of other investors deterred by…

Bob Diamond Says Carlyle Ends Support for Barclays Africa Offer

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JOHANNESBURG, Capital Markets in Africa: Bob Diamond, co-founder of African banking group Atlas Mara Ltd., said Carlyle Group LP has withdrawn support for a potential joint acquisition of Barclays Plc’s African unit. The U.S. buyout firm ended its backing for the potential joint bid for a stake in Barclays Africa Group Ltd. for various reasons, Diamond, 65, said in an interview with Bloomberg Radio in New York on Wednesday. Regulators made it clear that they weren’t keen on an offer…

Private Equity | Helios signs $115.8 million agreement with Oando PLC

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LAGOS, Capital Markets in Africa: Oando PLC ( Oando or the Group), an integrated oil and gas company headquartered in Nigeria, has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (Helios), to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP). The agreed transaction consideration of US$115.8mn is conditional upon the receipt of regulatory approvals and…

Private Equity | Bain Cedes Control of Retailer Edcon in Debt-for-Equity Deal

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LAGOS, Capital Markets in Africa: U.S. private equity firm Bain Capital will cede control of Edcon Holdings Limited in a debt-for-equity swap, handing ownership of South Africa’s largest clothing retailer to creditors including Franklin Templeton after almost a decade of ownership. The move will reduce Johannesburg-based Edcon’s debt to 6 billion rand ($433 million) from 26.7 billion rand, Chief Executive Officer Bernard Brookes said in a presentation in Johannesburg on Tuesday. Edcon will also sell the Legit chain to Metier Private…

Private equity in Africa loses its shine

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JOHANNESBURG, Capital Markets in Africa: Major private equity firms have seen a number of top management departures in Africa, individuals familiar with the matter said, as the funds grapple with investments hurt by a weak economy. U.S. firm Carlyle, Standard Chartered and emerging market-focused Actis have all seen a change of top executives at their Africa funds, according to these six individuals. Once seen as a beacon of growth, private equity firms expanded their business…

Private Equity | Oasis Capital achieves first close at US$27mn

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LAGOS, Capital Markets in Africa: Oasis Capital Ghana has completed the first close of its second fund, Oasis Africa VC Fund (OAF) at US$27mn. The Fund, anchored by the Dutch Good Growth Fund (DGGF) at US$5mn, has secured commitments of US$7mn from the International Finance Corporation (IFC) and over US$15mn from a local investor base of 5 institutions and individuals. OAF will invest in Small and Medium Enterprises (SMEs) in Ghana and Cote d’Ivoire providing…

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