The ENKO Opportunity Growth Fund linked to a Director of Ecobank Transnational Incorporated (ETI), Alain Nkontchou has purchased 66.33 million shares of the bank.
The shares were bought at an average price of N14.72, for a total consideration of N917.54 million ($1.17 million), on the Nigerian Exchange Limited (NGX).
Enko Opportunity Growth Fund is a PE growth-expansion fund led by Enko Capital. The fund is based in London, United Kingdom and invests in Africa.
Enko’s private equity strategy was launched in 2014 and is managed by Cyrille Nkontchou.
The strategy identifies African mid-market growth companies compliant with Enko’s environmental and social private equity policy. The strategy aims to take minority stakes with an average holding period of 4-5 years. The exit strategy for each investment is either an IPO or SPAC on a local or international stock exchange, or a sale to a strategic buyer.
The team provides hands-on support to facilitate the expansion of the portfolio companies’ business and provides access to a wide network of contacts in Africa to assist them in reaching their growth targets.
Using their networks, the team can assist portfolio companies through the introduction of deal opportunities, specialist staff appointments, and/or act as external advisors.
The strategy has made investments in Zambia, Nigeria, Côte d’Ivoire, Kenya, and Morocco, as its mandate spans most of the continent. These investments have been made in a range of sectors: finance, insurance, logistics, technology and telecom.
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