Vivo Energy (“Vivo”) is a leading retailer and marketer of Shell-branded fuels and lubricants in Africa. It was created in 2011 when Helios Investment Partners (“Helios”), in partnership with Vitol Group, purchased the downstream fuels business of Royal Dutch Shell PLC in several African countries. Vivo has grown rapidly since, and today has a network of over 1,800 service stations in 15 countries.
On 4th May 2018, Vivo announced the successful pricing of its initial public offering (“IPO”) at 165 pence per share – equal to a market capitalization of approximately £1.98bn – and conditional dealings on the main market for listed securities of the London Stock Exchange (the “LSE”). Admission to the premium listing segment and unconditional trading on the LSE, and a secondary inward listing on the Johannesburg Stock Exchange, is expected to follow on 10th May.
As of the date of pricing of the IPO, funds advised by Helios sold 27.7% of their interest in Vivo Energy; the 72.3% interest retained represents approximately 32% of the shares in the listed entity, before the exercise of any over-allotment option by the underwriters.
This landmark IPO is the:
- Largest UK IPO on the premium segment since 2017
- Largest UK-listed African IPO on the LSE since 2005
- First concurrent LSE and JSE listing at IPO since 1999
The offer announcement is available here.
Managing US$3.6bn, Helios is the largest Africa-focused private investment firm. Having built a reputation as a partner of choice on the continent, Helios has a record that spans creating start-ups to providing expanding companies with growth capital and expertise, building African market leaders in core economic sectors. The firm’s portfolio companies operate in more than 30 countries in all regions of the continent.
Other Helios portfolio company liquidity events include the following:
− Sale of Continental Outdoor Media, Africa’s largest outdoor advertiser, to JC Decaux, the number 1 outdoor advertising company worldwide.
− Sale of HTN Towers, the first independent telecom tower company in Africa devoted to building and operating towers, to IHS Holding Limited, the largest mobile telecommunications infrastructure provider in Africa, Europe and Middle East.
− Sale of its holding in Equity Bank, the leading inclusive banking group in East Africa, through a combination of off- and on-market transactions to strategic investors including Norfund and Norfinance, and block trades to blue chip institutional investors. At the time of Helios’ commitment, it was the largest single foreign direct investment in Kenyan history and later the largest private equity exit in Kenya; the on-market sales included the largest single trade ever conducted on the Nairobi Stock Exchange.
− Sale of a minority stake in Interswitch, the Africa-focused integrated digital payments and commerce company, to leading global growth private equity firm, TA Associates.
For more information on Helios Investment Partners, please visit the Helios website.« Back to Member News