Deal Summary
Vantage Capital, Africa's largest mezzanine fund manager, has invested €66 million in Camusat Holding S.A.S., a French-founded company specialising in telecommunications infrastructure and power systems. The funding aims to refinance debt and expand AktivCo, Camusat's Africa-focused energy services subsidiary. This investment is part of a larger €81 million mezzanine funding round that includes participation from Eurazeo, a leading European investment group. It marks Vantage Capital's 39th investment across four generations of funds, with a portfolio spanning 11 African countries.
Terms:
- Fund Manager: Vantage Capital
- Fund: Vantage Mezzanine Fund IV
- Target: Camusat Holding S.A.S
- Deal Type: Mezzanine Debt
- Investment Amount: €66 million
Deal Rationale
Access to reliable electricity is crucial for consistent digital services and mobile coverage in Africa, where power infrastructure is underdeveloped. Established in 2015, AktivCo partners with telecom tower operators to outsource their energy supply and enhance efficiency by deploying, financing, and operating electricity assets through long-term contracts. Operating in Senegal, Niger, Chad, Côte d’Ivoire, Cameroon, Madagascar, and Burkina Faso, AktivCo focuses on solar solutions to replace diesel generators, reducing carbon footprints and improving service uptime.
Equistone Partners, a leading European mid-market private equity investor, partly own Camusat. Mergermarket has indicated that Equistone has plans to sell its majority stake in Camusat, with Macquarie Capital Advisers engaged in 2023. Camusat's revenue grew to €201 million in 2022 from €175 million when Equistone acquired it in 2016.
About the Fund Manager
Founded in 2001 and headquartered in South Africa, Vantage Capital is Africa's largest mezzanine fund manager. It has raised over $1.6 billion across seven funds, including four mezzanine, two renewable energy funds and a technology fund. Its latest fund, Vantage Mezzanine Fund IV, raised $377 million and targets mid-market companies across Africa in sectors with strong growth potential, such as telecoms, energy, healthcare, and education.
- Vantage Mezzanine Fund IV: $377 million, Pan-African generalist fund, targeting 12-25 companies in robust growth sectors
- Track Record: 38 prior investments across 11 countries, focusing on mezzanine financing to achieve both debt-like protection and equity-like returns
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