AfricInvest, a leading investment platform in Africa, has a acquired a 36% stake in AutoXpress, the largest importer, distributor and retailer of tyres, auto parts and accessories operating in Kenya, Rwanda, Tanzania and Uganda. The investment has been made in partnership with IFC, a member of the World Bank Group. AutoXpress offers its customers an extensive range of automotive parts and services through a well established network of 50+ outlets across Kenya, Tanzania, Rwanda and Uganda. Founded in 1958, the company represents some of the best-known global brands in the automotive sector.
It has recently expanded its longstanding range of products and services, introducing car servicing and brakes replacement, becoming the leading automotive aftermarket player in the region. Through its investment, AfricInvest, working together with the company, is aiming to strengthen AutoXpress’ pan-regional business through a strategy to enter new markets, leverage technology, and further improve access to its services. AfricInvest and IFC will be following on the heels of a successful investment in AutoXpress by Actis, a leading global private equity group, which saw the company more than double its branches to 56, increase its market presence from two to four countries, and grow its revenues from retail channels.
Sandeep Shah, Managing Director of AutoXpress commented, “We look forward to this new partnership. We expect to draw from the strong investment expertise of AfricInvest on the continent, and similarly the strong global experience of IFC, which together should take AutoXpress to the next level.”
George Odo, AfricInvest’s Managing Director for East and Southern Africa remarked, “We have seen rapid adoption of AutoXpress and their platform, growing to four regional markets and 56 branches. Consumers have shown a increasing willingness to connect online, making the sales process easier. Our investment into this scalable business supports our vision of further growing regional companies and creating omni-channel experiences for consumers, resulting in increased access to goods and services. AutoXpress’ strategy to expand into new markets, new services and new technology aligns perfectly with our strengths in supporting, accelerating and delivering additional value to investee companies.”
AfricInvest has previously realized several investments and exits in the region. Some of the investments include UAP Insurance Group, Family Bank Kenya, I&M Bank Rwanda, Prime Bank, Britam Holdings Group, Silafrica Plastics & Packaging International, Abacus Pharmaceuticals & Kiboko FMCG and Brookhouse Schools amongst others.
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