Emerging Capital Partners has sold African regional commercial banking holding company Oragroup, generating a 2.2x return, according to a statement.
Togo-based Oragroup has operations in 12 countries in West and Central Africa. Emerging Capital Partners invested in the company through its Central Africa Growth Sicar (CAGS) fund, a €22 million fund that makes growth capital investments in central African companies, in 2009. The firm will continue to hold a minority stake in the company through its third flagship fund, ECP Fund III, which invested in Oragroup in 2008.
The transaction marks the third exit for the CAGS fund, which is fully invested. The fund makes growth capital investments that typically range between €1 million and €3 million per deal.
Oragroup’s new owner will be Gabon's Strategic Investment Fund (GSIF). GSIF is the sovereign wealth fund for Gabon, and reflects the growing activity and interest of sovereign wealth funds in the region.
ECP is currently in market with its fourth fund, which has a target of $750 million, according to Private Equity International’s Research and Analytics division.
ECP has raised more $2 billion through seven funds for growth capital investments in Africa’s financial services, natural resources, retail and consumer, agriculture and infrastructure sectors. The firm was founded in 2000 by five founding partners, including managing directors Hurley Doddy, Vincent Le Guennou and Carolyn Campbell.