Helios Investment Partners has announced plans to acquire up to 49% of Merec Industries, the largest flour milling company in Mozambique. This acquisition will occur through Helios Fund V. Invictus Investment, the current majority shareholder, will continue to hold control after the deal, which was revealed on October 16, 2023.
In related news, private capital fundraising in Southern Africa has surged significantly. According to the Southern African Venture Capital and Private Equity Association (SAVCA) Private Capital Industry Survey 2026, fundraising rose from R8.4 billion in 2024 to R22.0 billion (approximately $1.3 billion) in 2025.
The European Investment Bank (EIB) has proposed an investment of $85 million (€76 million) in Virunga Africa Fund II, a $500 million pan-African private equity fund managed by Admaius Capital Partners. The fund aims to invest in mid-sized companies, with an emphasis on North Africa.
Meanwhile, South African digital lending firm Kuunda has completed a secondary share sale, raising $5 million. The sale was led by existing shareholder E4E Africa, with Accion Ventures, Portugal Gateway Fund, and Seedstars Africa Ventures also increasing their stakes in the company.
Fortis Green Renewables has made a growth equity investment in GRIPS Energy Group, a developer focused on commercial and industrial solar and battery storage projects. The investment will be used to acquire renewable energy assets across Senegal, Botswana, Zambia, and Uganda.
Lastly, Sango Capital, based in Johannesburg, has expanded its investment team. The firm appointed Darryn Schovell as principal, coming from Ethos Private Equity, and Rainer Steinhagen as vice president, transitioning from DEG.
In other news, Kenyan retailer Quickmart, which is backed by Adenia Partners, has received regulatory approval for its initial public offering (IPO) on the Nairobi Securities Exchange. The listing is expected to value the company at around $230 million.
