Intellecap’s first private equity deal in Africa as PE Firm Phatisa invests in Manipal Group’s Africa biz unit- Coverage in Capital Quest


Kenya 28th March– In a significant achievement, Intellecap closed its first private equity deal in Africa. Intellecap’s Investment Banking Group was the sole and exclusive transaction advisor for a minority stake deal (for an undisclosed sum) between Manipal Group’s Africa biz unit and PE Firm Phatisa.

Phatisa, a private equity investor focused on Sub-Saharan Africa, has acquired a significant minority stake in MHL International Holdings (MHL), a subsidiary of The Manipal Group- the India based conglomerate with interests in the printing and technology sectors.

Eugene Stals, Chief Investment Officer, Phatisa highlighted, “ The business (MHL) plays a pivotal role in the East and West Africa region, producing a wide variety of self-adhesive labels, shrink sleeves, and printed and packaging materials, particularly into the food, beverage and agricultural markets. Its packaged solutions preserve quality and shelf life, whilst MHL’s in house R&D team work closely with corporate customers to provide innovative solutions to protect the brands from counterfeit labels”

Manipal International Press Limited is a leading flexible and labels packaging business in Kenya and Nigeria. It is part of the Manipal group in India, which is a leading business and technology solutions with revenues of more than $160 mn. The investment will mostly be used as expansion capital and is the 5th investment by Phatisa Food Fund 2.

Pritam Choudhury, MD and CEO of MHL said, “ The growth capital enables us to continue developing the technology and processes we use to improve product security and longevity-particularly in the food and beverage value chain. Plus, expand our services into new markets”