Apis Partners exits Baobab as Beltone Capital takes majority stake

Published 3 months ago• 3 minute read

Apis Growth Fund I, a private equity fund managed by UK-based asset manager Apis Partners, has signed binding agreements to fully exit its stake in Baobab, a prominent financial services provider in Africa.

The stake is being acquired by Beltone Capital, a subsidiary of Beltone Holding, a financial services firm listed on the Egyptian Stock Exchange. With this transaction, Beltone will gain a majority stake in Baobab, following the purchase of shares from Apis, its co-investor, and other selling shareholders. This marks the ninth full exit for Apis Growth Fund I, with just one remaining.

Apis Partners, established in 2014, focuses on growth equity investments in financial services and technology. The firm’s investment philosophy emphasises both strong financial returns and positive societal impact in the regions where it operates.

During its investment in Baobab, Apis played a key role in strengthening the company’s long-term prospects. The fund facilitated leadership changes by appointing an experienced CEO, CFO, and CTO, and drove improvements in Baobab’s technology infrastructure, enhancing scalability. It also supported the expansion of the firm’s digital financial services and streamlined its geographical presence to optimise efficiency.

These initiatives have helped Baobab extend its financial services to millions of underserved individuals and SMEs across seven African markets, reinforcing its position as a leader in the sector.

Following the completion of the transaction, Beltone intends to further expand in these markets, leveraging Baobab’s strong position to introduce innovative financial products and drive long-term value for customers and stakeholders.

Apis Partners co-founder and managing partner Matteo Stefanel said, “Since the inception of the firm, Apis’ funds have invested in businesses that prioritise financial inclusion. We are proud of the role our team has played in helping Baobab leverage technology to promote financial inclusion across Africa, empowering individuals and SMEs who may not have had access to traditional banking systems previously. We are confident that the impact created in these communities during the Fund’s investment will continue to thrive under Beltone’s stewardship.”

Beltone Holding group CEO and managing director Dalia Khorshid commented, “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.

“As one of the fastest-growing financial institutions delivering exponential growth in 2024, we are further expanding our portfolio across diverse platform offerings in Africa. Baobab’s strong market presence enhances our ability to provide innovative financial solutions, fostering its growth, enhancing its digital capabilities, and expanding its client base with scalable, technology-driven services that drive economic empowerment.”

The deal was advised by Enexus Finance and remains subject to regulatory approvals.

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