Spice Private Equity has co-invested with Helios Investment Partners ("Helios") to acquire a significant minority stake in Africa Oil Corporation ("AOC"), an upstream E&P company in East Africa. Total Spice Private Equity contribution was USD 5.0 million.
AOC is a pioneering East African focused oil company with a footprint covering seven oil blocks across Kenya and Ethiopia, core target regions of Spice Private Equity investment strategy. AOC has a dual listing in the Toronto and Nasdaq Stockholm stock exchanges.
All involved partners have long standing track records in the region and in the industry. Helios is one of the most reputable and established private equity managers in Africa and has extensive experience with energy and particularly oil related reansactions in the region. Helios was founded in 2004 by former senior professionals of TPG Capital. Spice Private Equity has a long standing relationship with Helios' principals and it has made a commitment to its current fund. AOC's management team is highly experienced and is backed by the Lundin Group, a successful investor in the sector and in the region. AOC's operating partner is Tullow, a leading E&P group with worldwide operations and long standing presence in Africa.
The output of the Kenyan oil blocks under development is expected to importantly boost in the country's GDP. By investing through a structured transaction at an attractive part of the cycle, characterized by historically low prices, Spice Private Equity is entering a key industry for the region's development.
Photo: Nairobi, Kenya
Spice PE has entered into a co-investment with Clearwater Capital Partners (“Clearwater”) in Altico Capital India Private Limited (“Altico Capital”), a Non Bank Finance Company (“NBFC”) based in Mumbai India. Total Spice PE commitment to Altico Capital is USD 10.0m.
Altico Capital is a direct co-investment in an Indian Non Bank Finance Company (“NBFC”) originally established and managed by Clearwater. Other co-investors include Värde Partners, the Minneapolis based multi-billion dollar global alternative investment firm, and the Abu Dhabi Investment Council. NBFCs have taken an increasing role in filling the credit void created by the traditional Indian banks in the financing landscape. Altico Capital was established to capitalize on direct lending opportunities in India, with the focus on making senior secured loans in the real estate sector whilst retaining the flexibility to invest across multiple strategies.
Founded in 2001, Clearwater Capital Partners invests in credit and special situations across Asia. Since inception, Clearwater has invested more than $4 billion in the Asia region and currently manages approximately $1.5 billion of assets across six funds. Clearwater Capital Partners is headquartered in Hong Kong and has a multi-disciplinary team across six offices located throughout Asia.
Photo: Mumbai, India
Spice PE has co-invested with The Carlyle Group to acquire a minority stake in Rede D'Or São Luiz ("Rede D'Or"), the largest private hospital operator in Brazil. Spice PE's total commitment in this investment was USD 12.2 million.
Rede D’Or São Luiz (“Rede D’Or”) is a direct co-investment in the largest private hospital operator in Brazil. Rede D’Or has more than 4,600 beds in 28 owned and 2 managed hospitals, in addition to 30 oncology clinics, with a presence in various regions throughout Brazil. The company is uniquely positioned to expand and strengthen its platform as a leading company in the Brazilian healthcare market. This investment represents a defensive play in a domestic sector with strong growth potential and stable fundamentals. The co-investment opportunity is led by The Carlyle Group.
The investment in Rede D’Or gives Spice Private Equity access to one of the dominant participants in an attractive, growing market.
Photo: Sao Paulo, Brazil