(Bloomberg) -- Private equity investor Adenia Partners Ltd. said it will sell its 100% stake in African payments firms OMOA to SPE Capital in a deal brokered by Lazard Inc.
The deal, for an undisclosed price, will complete Adenia’s exit from the €96 million ($105 million) fund that purchased the stake alongside other holdings, head of investor relations Mack Schow said in an interview.
The fund was set up to provide solutions to succession-plans and exit options for family-owned businesses, he said.
“We achieved exit multiples of more than two times with this fund,” said Schow, adding that sales were made to other private equity funds, strategic investors and local companies.
The payments business was acquired by Adenia in 2012 and now operates in 11 African countries offering a range of services from card issuance, to automated teller maintenance.
Private equity firms are having a harder time raising money worldwide, as fund managers grapple with high borrowing costs and economic uncertainty.
While that has also affected fund-raising in Africa, Adenia managed to raise $250 million and $470 million for two subsequent funds, Schow said.
The Mauritius-headquartered company, founded in 2002, operates in seven African countries, and could soon open another office in the near future, said Schow.
Its funds have been backed by a number of investors including the European Investment Bank and the World Bank’s International Finance Corp. Other advisers on the transaction included Deloitte, Asafo & Co, Edgar, Dunn & Company and CMS Francis Lefebvre.
(Corrects to remove reference to SPE Capital being Tunisia-based in lead)
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