Secondary Buyout • Financial Services

Beltone Capital Acquires Baobab

On February 11, 2025, private equity firm Beltone Capital acquired financial services company Baobab from Apis Partners

Acquisition Context
  • This is Beltone Capital’s 1st transaction in the Financial Services sector.
  • This is Beltone Capital’s 1st transaction in France.

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M&A Deal Summary

Date February 11, 2025
Target Baobab
Sector Financial Services
Buyer(s) Beltone Capital
Sellers(s) Apis Partners
Deal Type Secondary Buyout
Advisor(s) Lincoln International
PwC Corporate Finance (Financial)
Gide Loyrette Nouel (Legal)

Target Company

Baobab

Paris, France
Baobab is a financial services provider to small businesses on the African continent. Through its seven subsidiaries, the company provides financial services to more than half a million micro-entrepreneurs and small businesses. It expands its reach to MSMEs in frontier markets by leveraging data and digital technologies, thereby fulfilling its mission of broadening access to finance among those underserved by traditional banks. Baobab is based in Paris.
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Buyer Overview 1

DESCRIPTION

Beltone Capital is the private equity arm of Egypt-based Beltone Holding. The Firm targets strategic investments, both minority and majority stakes, in sectors such as agriculture, energy, financial services, real estate, industrials, and manufacturing. It seeks companies with export-driven revenues, strong regional growth potential, and clear exit paths. Beltone Capital is based in Cairo.


Deal Context for Buyer #
Overall 1 of 1
Sector: Financial Services 1 of 1
Type: Secondary Buyout 1 of 1
Country: France 1 of 1
Year: 2025 1 of 1

Seller Profile 1

SELLER
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 Context for Seller #
Overall 10 of 10
Sector: Financial Services 5 of 5
Type: Secondary Buyout 2 of 2
Country: France 1 of 1
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-27 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.

Sell -