Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: UAP Raises KES4.7bn Private Equity Investment

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Kenya: Press Releases: UAP Raises KES4.7bn Private Equity Investment

Tuesday, 05 June 2012

Nairobi, 5 June 2012 --- Financial Services Group UAP Holdings Limited has raised KES4.7bn from three international private equity investors, Aureos Africa Fund L.L.C, AfricInvest Fund II L.L.C and AfricInvest Financial Sector Fund, as well as Swedfund International AB.

The new capital injection will support UAP Group’s regional and pan-African expansion strategy, strengthen the balance sheet of its existing businesses and invest equity to support the execution of its real estate strategy. The funds will also help strengthen the group’s balance sheet as it seeks to take advantage of strong investment opportunities present in selected markets in Africa.

Speaking at the signing ceremony in Nairobi, UAP Group Chairman Dr. Joseph Wanjui said bringing these private equity investors on board would enable the group to realise synergy gains over and above what the business is capable of delivering on a stand-alone basis by combining the group’s existing strengths with private equity capital funding and expertise.

“This is a strong vote of confidence in our business by Aureos, AfricInvest and Swedfund. We believe that these firms will bring new international shareholders on board who will enhance the profile of UAP Group and supplement the excellent local business experience and market knowledge that UAP Group’s current shareholders have. Together, the parties will be able to identify and explore further business opportunities in the East and Central Africa region and selected markets in Africa for the mutual benefit of all parties,” Dr. Wanjui said.

Currently, UAP Group has fully-fledged operations in Kenya, Uganda, and South Sudan and intends to begin operations in Rwanda, the Democratic Republic of Congo (DRC) and Tanzania before the end of the year.

“We are delighted to partner with UAP through our equity investment and look forward to the acceleration of the group’s entry into key markets in the region and rest of Africa. Our confidence in the team and knowledge of the business enabled Aureos to act as the lead in the new institutional investor group, thereby mobilising additional institutional support for UAP’s vision. UAP is a strong brand and is well poised to emerge as a strong player and market leader in the financial services sector in Africa,” said Peter Gichuru Njoka, Partner at Aureos.

“We have strong faith in UAP Group’s current and future growth potential and also in the growth prospects of the East African economies. The group’s pan-African strategic objectives also sit well with our own investment strategy which consists in transforming local champions into regional champions of industry” said Aziz Mebarek, Founding Partner, AfricInvest-TunInvest Group.

Commenting on the investment by Swedfund International AB, the Country representative in Kenya, Jonas Armtoft, indicated that they are committed to supporting UAP Group’s growth strategy and strengthening its business to enhance the coverage of its products and services into key market segments in Africa. “We have been impressed by the management of UAP Group and its strong commitment to expand the business in the region,” said Jonas. The insurance arm of the group has introduced revolutionary products in the market such as agriculture insurance, including being the first insurance company to use mobile telephony as a distribution channel for its products.

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