Fidelity Capital turns Jacana Partners

Fidelity Capital Partners, a private equity fund manager and originally a member of the Fidelity Group, has announced that it has rebranded to Jacana Partners, a leading pan-African SME private equity firm and long-term partner of Fidelity Capital.

It additionally welcomes a new Board Member, Dominic Adu, Co-Founder of Ghana Home Loans Limited, a statement copied to the Ghana News Agency on Thursday said.

“The move marks a significant boost for West African entrepreneurs seeking value-add expertise and growth capital for their SMEs,” it said.

Fidelity Capital Partners was established in February 1997 and commenced business in November 1999. It now has $32 million under management, $18 million of which has been invested to date in 14 companies in West Africa.

Jacana, established in 2008, has been in partnership with Fidelity Capital Partners since 2010 and together the combination has created a successful business model combining international experts with strong local teams to build profitable SMEs, create jobs and deliver sustainable social and financial returns.

Dominic Adu, who joins the board with effect in July 2012, is CEO and Co-Founder of Ghana Home Loans. Dominic will replace the CEO of Fidelity Bank Group, Edward Effah, on the Board of Trustees.

Mr Steven Antwi-Asimeng, Senior Partner at Fidelity Capital said: “The transition of Fidelity Capital Partners from the Fidelity Group to Jacana and the addition of Dominic to our Board represented a new level of private equity investment for SMEs in West Africa.

Simon Merchant, CEO of Jacana said: “The rebranding is the rational next step for a partnership that has been running successfully for two years. By rebranding our West African operations to Jacana, we are consolidating our brand in line with our business model; creating a truly balanced team of international experts and experienced local investment professionals operating under a single brand. This is an exciting time for Jacana.

“We are now in the process of raising a new fund from international investors, which will enable us to significantly increase the scale and geographic reach of our operations.”

Mr Merchant said the fund would allow them to invest in up to 40 SMEs in up to eight countries across East and West Africa, building successful businesses and delivering sustainable returns to their partner entrepreneurs, investors and the communities they operate in.

Jacana has invested $20 million to date in 18 portfolio companies employing over 1,300 people. It currently operates in six markets in East and West Africa (Ghana, Kenya, Liberia, Sierra Leone, Tanzania and Uganda) and will look to expand into at least two new markets with the new fund (potential countries include Ethiopia, Nigeria, Francophone West Africa).

“Jacana is always looking for new companies to invest in and entrepreneurs seeking long-term, flexible financing of between $1 and $5 million to support the growth of their business in West Africa…”, Mr Merchant said.

Source: GNA