By Eromosele Abiodun
AfricInvest Capital Partners (ACP), a leading African private equity funds group, has described the recent acquisition of Mansard Insurance Plc, by the France based AXA Group for approximately 198 million euros as a good investment decision, which demonstrates the viability of the Nigerian business environment.
Senior Partner and Managing Director, AfricInvest Capital Partners, Mrs. Abiola Ojo-Osagie, said in a statement that AXA's entry into the Nigerian economy through the Mansard Group portends more foreign direct investment(FDI) inflow to the country.
Describing Mansard as among the strongest and most profitable insurance companies in Nigeria, she said AfricInvest sought to leverage on the company's strengths to build a world class organisation and deepen insurance penetration in Nigeria and in Anglophone West Africa.
The firm, through its first Pan-African fund - AfricInvest Fund I invested in the insurance firm in 2006, when it was GTAssurance. It made a subsequent investment in 2011 with its second Pan-African fund when it led a consortium called Assur Africa Holding (AAH) made up of three Development Finance Institutions - FMO, DEG & Propaco and three private equity funds including two AfricInvest funds; to bid for GTBank's stake in the then GTAssur, following a CBN regulation requiring banks to divest from non-core businesses or evolve into a holding company.
She stated that ACP strategically exited Mansard to enable the company transit into its next segment of growth. "With our value creation activities implemented together with the management of Mansard, we were confident that the company would represent a highly attractive acquisition target for strategic investors. So, we are delighted that Mansard has joined the AXA Group, a global insurance leader with complementary strengths as well as common values and long term vision; which were important considerations for the divestment," said Ojo-Osagie.
She added that without a doubt, this landmark transaction highlights the emergence of Nigeria's financial institutions on the global stage and underscores the potential that exists in the country and on the continent as a whole.
"We are indeed very pleased and wish both Mansard and its new owners at AXA, continued success," she said. AfricInvest along with its partners, recently sold 100 per cent of their 77 per cent stake in Mansard Insurance Plc through their holding - Assur Africa Holding (AAH), to the AXA Group.
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