Investment Summary

Apis Partners and HarbourVest Partners Invest In Sun King

On December 5, 2017, growth capital firm Apis Partners and private equity firm HarbourVest Partners invested in renewable energy company Sun King

Investment Highlights
  • This is Apis Partners’ 1st and HarbourVest Partners’ 1st transaction in the Renewable Energy sector.
  • This is Apis Partners’ 1st and HarbourVest Partners’ 1st transaction in Kenya.
Investment Fate
  • Sun King was sold to a consortium of financial buyers in 2023.

Investment Summary

Date 2017-12-05
Target Sun King
Sector Renewable Energy
Investor(s) Apis Partners
HarbourVest Partners
Deal Type Growth Capital

Target

Sun King

Nairobi, Kenya
Sun King is an off-grid solar energy company with cutting-edge product design, affordable financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. Sun King was founded in 2007 and is based in Nairobi, Kenya.

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Investor(S) 2

DESCRIPTION

Apis Partners is an investment group focused on investing in financial services companies operating in emerging markets. Specific areas of interest include payments, insurance, credit/savings, capital markets, and tech-enabled service providers. Apis looks to back companies benefiting from increased mobile adoption and access to financial products and services. Apis Partners was established in 2014 and is headquartered in London.


DEAL STATS #
Overall 6 of 30
Sector: Renewable Energy M&A 1 of 1
Type: Growth Capital M&A Deals 5 of 17
Country: Kenya M&A 1 of 1
Year: 2017 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-31 NTT DATA Payment Services

Kuala Lumpur, Malaysia

NTT DATA Payment Services is a payment solutions provider offering in-store, e-commerce, and cross-border payment services across Southeast Asia. NTT DATA Payment Services is based in Kuala Lumpur, Malaysia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-03 Adumo

Johannesburg, South Africa

Adumo is an independent card-acquiring company delivering a comprehensive suite of payments and value-added solutions to a broad spectrum of merchants across South Africa. Adumo is based in Johannesburg, South Africa.

Buy -
Investor

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 167 of 214
Sector: Renewable Energy M&A 1 of 1
Type: Growth Capital M&A Deals 27 of 32
Country: Kenya M&A 1 of 1
Year: 2017 M&A 15 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-20 BenefitMall

Dallas, Texas, United States

BenefitMall is a national provider of employee benefits, payroll, HR and employer services. By combining payroll and benefits, BenefitMall empowers Trusted Advisors to develop the best employee programs while maintaining compliance with government regulations and Health Care Reform. BenefitMall was founded in 1979 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-07 Advance Health

Chantilly, Virginia, United States

Advance Health is a healthcare provider of prospective health risk assessments (“HRAs”). Advance Health offers in-home and facility-based HRAs and chronic care management services for health plans. Advance Health was founded in 2010 and is based in Chantilly, Virginia.

Sell -