Investment criteria
What we buy, stated plainly: Nigerian businesses worth ₦500 million to ₦100 billion, in nine sectors. A business that fits these criteria hears from us within two business days. One that does not is told so, quickly.
What a business needs to look like.
- Transaction size
- ₦500 million to ₦100 billion per transaction
- What we take
- Whole businesses, parts of businesses and meaningful stakes
- Co-investment
- Every transaction is made alongside aligned co-investors
- Exit
- Planned before we sign: a public listing when the business and market are ready, or a strategic sale
Nine sectors. Nigeria only.
- Geography
- Nigeria only
- Financial services
- Licensed businesses with a clean regulatory record and a funding base that does not hang on a single source.
- Real estate
- Income-producing property and the businesses that develop and manage it, valued on cash flow rather than on hope.
- Logistics
- The movement and storage of goods across Nigeria, where reliability and scale decide who wins the contract.
- Life sciences
- Pharmaceuticals, diagnostics and healthcare supply, where regulatory standing and quality systems keep competitors out.
- Consumer discretionary
- Brands Nigerians choose to spend on, with pricing power and distribution a competitor cannot copy quickly.
- Utilities
- Power, water and the infrastructure around them, where long-term contracts make the cash flow predictable.
- Retail
- Store networks and online sellers with disciplined stock control and margins that survive a weak naira.
- Sports
- Clubs, venues, academies and the businesses around them, where a following can be turned into lasting revenue.
- Technology
- Software and technology-enabled businesses with paying customers and revenue that recurs.
What we look for
A business that already works.
Audited or auditable accounts. An owner or management team that knows the numbers without looking them up. A position in its market that a competitor would find expensive to take. A clear answer to what the business could become with capital, governance and discipline behind it.
We buy businesses because they work. We do not buy them to fix what is fundamentally broken.
What we do not do
- We do not invest in start-ups or businesses without a trading record.
- We do not buy a business whose accounts cannot be examined.
- We do not proceed where the source of a counterparty’s funds cannot be established.
A business that fits. Bring it to us.
Approaches are held in confidence. A business that fits these criteria hears from us within two business days.