Kibo Capital Partners, a Mauritius-based private equity fund, has exited its investment in I&M Rwanda, selling its shares to Egide Gatera, a prominent Rwandan business magnate.
Gatera's acquisition of Kibo's shares in I&M Rwanda was facilitated by Enexus Finance, an investment banking firm specializing in middle-market transactions in Africa.
I&M Rwanda, established in 1963 as Banque Commerciale du Rwanda and acquired by I&M Group in 2012, is the second-largest bank in Rwanda.
With this investment, Gatera becomes the third-largest shareholder of I&M Rwanda, after I&M Group and Africinvest.
Gatera's business empire spans various sectors, including agribusiness, finance, and petroleum distribution, and his experience in the Rwandan economy is expected to benefit I&M Rwanda.
I&M Group, a leading lender listed on the Nairobi Stock Exchange, has a presence in Rwanda, Uganda, Tanzania, Mauritius, and Kenya.
Kibo Capital Partners is a private equity firm with two funds under management, totaling US$100 million, targeting growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.
