Beltone Capital Acquires Majority Stake in Baobab as Apis Partners Exits
In a significant move for the financial services sector in Africa, Apis Growth Fund I, managed by UK-based Apis Partners, has finalized agreements to divest its entire stake in Baobab, a leading financial services provider on the continent. The acquisition is set to be executed by Beltone Capital, a subsidiary of Beltone Holding, which is publicly traded on the Egyptian Stock Exchange.
Details of the Acquisition
This transaction will provide Beltone with a majority stake in Baobab, following its purchase of shares from Apis, co-investors, and other selling shareholders. The deal represents the ninth complete exit for Apis Growth Fund I, leaving only one remaining investment.
About Apis Partners
Founded in 2014, Apis Partners specializes in growth equity investments within the financial services and technology sectors. The firm’s investment strategy emphasizes achieving robust financial returns while fostering positive societal impacts in the markets they serve.
Impact of Apis Partners on Baobab
During its tenure with Baobab, Apis Partners implemented crucial changes to enhance the company’s long-term viability. Key initiatives included:
- Appointment of a seasoned CEO, CFO, and CTO.
- Improvements to Baobab’s technology infrastructure for greater scalability.
- Expansion of the company’s digital financial services.
- Streamlined operations to optimize geographical presence.
These efforts enabled Baobab to extend its financial services to millions of underserved individuals and small-to-medium enterprises (SMEs) across seven African markets, solidifying its leadership position in the sector.
Beltone’s Future Plans
Upon completion of the acquisition, Beltone intends to leverage Baobab’s market position to expand its offerings of innovative financial products, thereby delivering long-term value to customers and stakeholders. Dalia Khorshid, the group CEO of Beltone Holding, remarked:
“This strategic acquisition marks a significant milestone in our data-driven regional expansion into high-growth African and emerging markets, reinforcing our commitment to financial inclusion and impactful product offerings.”
Conclusion
With a vision to become one of the fastest-growing financial institutions in 2024, Beltone aims to diversify its portfolio throughout Africa. The acquisition of Baobab enhances its capacity to provide technology-driven services that promote economic empowerment.
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