Quantum Global Group has completed sale of its interest in Savannah Cement, following the receipt of regulatory approvals.
The investment was designed to support the cement producer on a number of value-creation initiatives, including development and launch of new products and the optimization of existing facilities.
“We are delighted to have partnered with Savannah Cement in one of the critical industry sectors in East Africa, advancing together to aim to close the existing infrastructure gap in Africa. The exit from this investment is testament to the success of our approach of deploying capital in transformative sectors of key importance in Africa at the right time,’’ said Quantum Global founder Jean-Claude Bastos de Morais in a statement.
‘’Through its development of state-of-the-art products and technologies and its focus on the best use of green technology and on revolutionising environmental management in the cement industry, the company is well positioned to compete in an expanding marketplace, and we wish them continued success,’’ said Martin Bachmann, head of active management at Quantum Global.
The firm held the asset since 2015 through its $1.1 billion (Sh113.9 billion) infrastructure fund, which is one of the most significant private equity funds in Africa solely focused on infrastructure developments.
The move is coming just a month after the Competition Authority of Kenya unconditionally approved businessman Benson Ndeta’s acquisition of Savannah Cement.
Savannah Cement currently has two shareholders — Seruji with a 60 per cent stake and Savannah Heights with a 40 per cent stake. Ndeta owns 51 per cent of Seruji and 35 per cent of Savannah Heights.