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  5. Beltone Capital Acquires Baobab

M&A Deal Summary

Beltone Capital Acquires Baobab

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

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

M&A Deal Summary
Date 2025-02-11
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

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(S) 1

Buyer

Beltone Capital

Investor Investor Investor Investor

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 1 of 1
Sector: Financial Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: France M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 1

SELLER

Apis Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2014
Size Small
Type Sector Focused
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 8 of 8
Sector: Financial Services M&A 4 of 4
Type: Secondary Buyout M&A Deals 2 of 2
Country: France M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-07 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.

Sell $86M
Mergr

Product

Company

Legal