Keli Gadzekpo, Group CEO, Enterprise Group
Enterprise Group Limited says it has informed the Ghana Stock Exchange (GSE) about a transaction to introduce a new strategic partner in place of Sanlam Emerging Markets in three of its subsidiaries.
The new strategic partner is Black Star Holdings Limited (BSHL), a wholly-owned subsidiary of Leapfrog Strategic African Investments (LSAI), a separate account managed by Leapfrog Investments, and in which Prudential Financial Inc. USA is the primary investor.
Leapfrog Investments has $1 billion in assets under management and portfolio of companies across Africa and Asia focused on financial services and health.
The Enterprise Group has explained that BSHL will acquire Sanlam’s stake in the three subsidiary companies of Enterprise Group for US$130 million.
Additionally, it said BSHL has committed funds to support Enterprise Group’s growth agenda over the coming years.
The transaction is subject to regulatory approvals and notifications in Ghana and South Africa.
Trevor Trefgarne, Board Chairman of Enterprise Group, said: “This is an exciting transaction for Enterprise Group. With our new partner, Leapfrog Investments, we expect to be able to grasp growth opportunities both in Ghana and across the wider West Africa region. Enterprise appreciates the long and productive association with Sanlam in Ghana over the past 12 years.”
Keli Gadzekpo, CEO of Enterprise Group, also commented: “We, at Enterprise Group, are delighted to welcome Leapfrog Investments into the Enterprise family. They bring an incredible network of global insurance contacts and experience, and also the capacity to provide growth capital towards the realization of our very ambitious strategic objectives. We are pleased they have chosen to partner with us.”
Junior Ngulube, CEO of Sanlam also indicated: In the 12 years of working with Enterprise Group, we have enjoyed a good partnership and a mutually beneficial relationship in Ghana.
Considering our strategic partnerships with both Enterprise Group and Saham Finances, it was mutually agreed that Sanlam should exit from Enterprise Group. However, we will look to re-establish and grow our presence in Ghana, starting with Saham Ghana as our partner going forward.”
Doug Lacey, who co-led the transaction with Norm Kelly on behalf of LSAI, observed that “Enterprise Group is a pioneer in delivering vital financial services to emerging consumers in Ghana. Its leading position in financial services, as well as dominance in insurance with over 28 percent of the market is a testament to the quality of the financial services it provides.”
A business desk report