CAIRO: Actis, a pan-emerging markets private equity fund, led a consortium in the $434 million complete management buy-out of Tracker, South Africa’s largest vehicle tracking company, according to a statement.
“Tracker is known for its vehicle recovery successes — it has achieved approximately 55,000 vehicle recoveries and over 10,000 arrests since its establishment in 1996, more than any other tracking company in South Africa,” the statement read.
Tracker is used by the South African Police Service and has “increasingly diversified into new technologies; the ‘track and Tracker’ element is now being strongly complemented by the provision and application of intelligent data, allowing fairer premiums for law-abiding, fuel-conscious drivers.”
Sherif Elkholy, Actis director in Egypt, said, “It is one of the major transactions we have concluded in Africa.
“Africa offers a compelling case for investing in the consumer sector.”
On Actis’ current investment strategy in Egypt, Elkholy said, “We are continuing to be on the lookout for new investments into high quality businesses in Egypt, despite the current unrest. Egypt has a promising consumer story, and long-term it should offer attractive growth prospects.”
“We have been active in Egypt since 2002”, added Elkholy.” We have invested to date over $300 million in private equity in Egypt, largely because of our belief in the trends of the growing middle class and the entry level consumer’s quest for quality.”
Actis invests exclusively in emerging markets with a portfolio of investments in Asia, Africa and Latin America, currently with $4.6 billion funds under management.
Actis identifies investment opportunities in private equity, energy and real estate.