30 December 2013

HarbourVest Partners and Coller Capital acquire interest in Absa Capital Private Equity Funds I

HarbourVest Partners and Coller Capital acquire interest in Absa Capital Private Equity Funds I from Barclays Africa Group.

Barclays Africa Group disposes of its entire 73.37% limited partner and related interests in Absa Capital Private Equity Fund I.

Barclays Africa Group through a wholly-owned subsidiary Absa Trading and Investment Solutions Proprietary Limited (ATIS) is pleased to announce that it has disposed of its 73.37% limited partnership interest in Absa Capital Private Equity Fund I (ACPE Fund I) to a syndicate comprising funds managed by HarbourVest and Coller Capital Limited.

ACPE Fund I is a fully invested South African private equity fund established in 2008. The Fund has exposure to the general industrials sector in sub-Saharan Africa and comprises the following investments: Bravo Group, a diversified manufacturer of household furniture products and licence holder EnviroServ, a leading waste management company specialising in industrial and commercial waste management Kwikspace, the largest and most diverse manufacturer of prefabricated buildings in sub-Saharan Africa Safripol, a plastic manufacturer and the only producer of High Density Polyethylene and one of two producers of Polypropylene in South Africa Tsebo, a diversified catering, facilities management and cleaning company, with operations in various countries across Africa.

As a consequence of the sale, Absa Capital Private Equity Proprietary Limited (ACPE), a wholly-owned subsidiary of Barclays Africa Group and the Investment Adviser to the General Partner of ACPE Fund I, has been spun off to become a new independent South African private equity fund manager, Rockwood Private Equity.

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