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Growth Companions Worldwide, the Africa targeted non-public fairness agency based by Runa Alam, has offered its minority stake in Atlantic Enterprise Worldwide to Morocco’s Banque Centrale Populaire Group in a deal price greater than $200 million.
DPI mentioned the sale, accomplished Dec. 24, lined its 20.17% holding and values ABI at greater than $1 billion. BCP, already the bulk proprietor, now controls 100% of the enterprise. DPI mentioned the proceeds might be returned to traders and redeployed into new offers.
The exit caps an eight 12 months funding and offers Alam a distinguished win as traders reassess Africa danger and return. Alam has argued that monetary providers can widen alternative whereas producing regular earnings.
ABI is BCP’s sub Saharan holding firm for the Banque Atlantique banking community, overseeing industrial banks and insurers throughout West and Central Africa. ABI says it serves greater than 850,000 prospects by 10 banks and 4 insurance coverage firms in eight international locations.
By these subsidiaries, the group presents retail and enterprise accounts, lending to small and midsize firms, commerce finance and funds providers, plus life and normal insurance coverage. It additionally runs specialist models offering brokerage and asset administration providers.
DPI first invested in 2017 by its African Growth Companions II fund. DPI mentioned it labored with ABI’s administration and BCP to increase within the West African Financial and Financial Union area and enhance entry to finance for small enterprises. DPI accomplice Babacar Ka mentioned the work helped “strengthen and develop the enterprise.”
Alam based DPI in 2007 with Miles Morland, pitching it as a pan African non-public fairness agency constructed for international pensions and insurers however grounded in native operators. She was born in Bangladesh and later studied at Princeton College and Harvard Enterprise Faculty, the agency says, earlier than working at Morgan Stanley and Merrill Lynch.
In 2021, DPI mentioned its third flagship fund was set to shut at $900 million, with an additional $250 million earmarked for co-investments, reflecting sustained demand from institutional traders. DPI has invested in sectors equivalent to telecom towers, client providers and nonbank lenders, aiming to professionalise governance and scale regional champions.
BCP, one in every of Morocco’s largest banking teams, has been constructing its African footprint for years. With ABI now absolutely in home, it is going to steer technique throughout the community and not using a minority accomplice.
Alam’s subsequent take a look at is whether or not DPI can hold delivering exits as dealmaking slows and capital prices rise.
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