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Kenya's Centum Investment completes sale of majority stake in GenAfrica

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Kenya's Centum Investment completes sale of majority stake in GenAfrica

Kenya-based Centum Investment Co. Ltd. completed the sale of its 73.35% stake in Nairobi-based pension fund manager, GenAfrica Asset Managers Ltd., to a fund managed by New York-based Kuramo Capital Management LLC.

The deal was initially announced in March 2018 and generated "hundreds of millions" of shillings for Centum, at closing, based on GenAfrica Asset Managers' 2017 valuation of 1.4 billion Kenyan shillings, according to a report published at the time by Business Daily Africa.

GenAfrica's assets under management have doubled since its 2015 re-branding and shift in strategy, while its profitability grew in tandem with an average return on equity of 65% over Centum's investment period. The investment in GenAfrica generated a 29% internal rate of return for its shareholders, Centum said.

KN Law LLP served as legal adviser and Barium Capital served as transaction adviser for the deal.

As of Aug. 29, US$1 was equivalent to 100.71 Kenyan shillings.