JOHANNESBURG, - Gulf Capital, one of the largest asset management firms in the Middle East, and leading pan-African private equity firm AfricInvest have partnered to provide a US$ 51 million structured loan and equity investment to iSON Xperiences, one of the largest outsourcing and customer experience firms operating in 14 countries in Africa and in India.
Proceeds from the co-investment will be used for growth and working capital, as well as for acquiring shares from a minority investor.
iSON Xperience accounts for an estimated 75 percent of the sub-Saharan Africa market excluding South Africa and its operations serve 425 million telecom end-users through 27 call centres.
"iSON Xperiences is another success story in Africa that we are delighted to support through this co-investment with AfricInvest," said Karim El Solh, CEO of Gulf Capital. "Our private debt solutions remain a flexible financing instrument for market leaders who are looking for growth and working capital to implement their next phase strategy."
AfricInvest executive partner Hakim Khelifa said iSON Xperiences was well placed to continue its geographic expansion as well as to benefit from the implementation of innovative digital strategies.
The deal marks the sixth investment for Gulf Capital from its US$ 251 million second debt fund and is the second for the company in Sub-Saharan Africa. It is the 10th investment for the US$273m AfricInvest fund III.