Paris PE fund buys stake in Kenya’s RamcoSunday December 21 2014
A Paris-based private equity fund has bought a 30 per cent stake in a subsidiary of Ramco Group that has an annual turnover of Sh5.5 billion.
Amethis Finance, an African-focused private investment fund, has acquired the stake in Ramco Plexus comprising of nine companies that have interests in industries like print and packaging, hardware, stationery and office supplies and ICT consulting.
Ramco Group, a family-owned business whose annual turnover stands at Sh23.8 billion, is headquartered in Nairobi and has presence in Uganda, Tanzania and Rwanda.
“This partnership with Amethis, a long term strategic investor, will allow us to differentiate ourselves further and will accelerate our plans to expand in the East and Central Africa,” said Kirit Patel, the chairman of the Ramco Group, adding that they will retain 70 per cent of Ramco Plexus.
The Ramco Group was started in 1948 in Kenya as a hardware store, and has grown into a 34-subsidiary strong business which employs 3,000 people, 40 per cent of who are engaged at Ramco Plexus.
This business includes companies like Office Mart— one of the largest retail outlets of office products and services in Nairobi city —and Seal Honey which provides office and school stationery.