Ninety One and RMBV sell 24% of private equity investment in Kamoso to BDC

BOTSWANA– Ninety One, an asset management business, alongside Rand Merchant Bank Ventures (RMBV) has sold 24% of its equity investment in Kamoso Africa via its Africa Equity Fund 2(APEF2) to Botswana Development Corporation (BDC). 

Founded in 2015, Kamoso has established itself as one of Botswana’s leading diversified fast-moving consumer goods (FMCG) platforms.  Ninety One and RMBV acquired a controlling stake in Kamoso in 2017, in what was believed to be Botswana’s largest ever private equity investment.  

“The Kamoso Africa Team is excited to welcome the Botswana Development Corporation as one of our key shareholders. With their intimate knowledge of the Botswana Market, their involvement will further enhance our growth strategy,” Ian Dewar, CEO of Kamoso, said: 

Kamoso’s Builders Mart and Liquorama segments are market leaders in DIY and off-premise beverage sales, respectively with a combined 90+ retail outlets.   

Operating six manufacturing facilities, eleven warehouses, and a fleet of over 100 delivery vehicles, the FMCG segment supplies value-for-money consumer goods in Botswana, South Africa and Zambia.  Kamoso’s Mediland affiliate is one of the leading suppliers of medical products in Botswana. 

“We are pleased to bring on board the BDC as a partner on this journey of building the leading diversified FMCG platform in Southern Africa.  Given the BDC’s resources and networks, Kamoso expects to reap significant synergies from the partnership with its new shareholder,” Kobi Sam, Investment Director at Ninety One, said. 

The BDC was established in 1970 to be Botswana’s main agency for commercial and industrial development.  With group investment assets worth more than BWP 3.6bn, BDC has invested in debt and equity across a wide range of businesses in all parts of Botswana.  BDC is 100% owned by the Government of Botswana. 

Ninety one is dual-listed on the London Stock Exchange and the Johannesburg Stock Exchange. It is a constituent of the FTSE 250 index. The company was formed as Investec Asset Management in 1991. It changed its name to Ninety One in spring 2020. 

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