Centum puts $2m into African Capital Alliance
Centum Investment has put in $2 million (Sh180 million) into African Capital Alliance, a Nigerian private equity fund that signed recapitalisation agreement with Union Bank .
The investment is in line with Centum’s push for geographical expansion. African Capital Alliance (ACA) has a $350 million fund invested in different economic sectors covering western Africa region.
Some of the investments include Swift Networks in the telecommunication sector, Cornerstone Insurance in financial services, BevPak Nigeria Limited in Manufacturing. ACA is also represented in oil and gas industry by DWC Drilling, Linetrale Gas Limited and Capsea Marine Limited.
“We were looking for partners to work with in West Africa as per our geographical diversification strategy and ACA were good to co-invest with given their experience in that market,” said James Mworia, Centum’s Chief Executive.
Centum announced last year it would diversify its portfolio by cutting back its exposure at the stock market and putting half of its investment outside Kenya where economic and political conditions may be more favourable. ACA has been in operation for 15 years.
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