Accra, July 9, GNA - LeapFrog Investments the profit-with-purpose investor in emerging markets, says its landmark deal with the Enterprise Group is in line with its strategic vision to enter and operate in markets within West Africa.
Speaking in an interview with the media after Enterprise Group meeting with some stakeholders in Accra, Doug Lacey, Partner, LeapFrog said the investment firm decided to collaborate with Enterprise Group because of the robust platform it had been able to build over the years for growth in West Africa.
Mr Lacey said LeapFrog had already started working with Enterprise Group to look at how we can enter Nigeria and I think there are other countries in the Region that would be of interest.
“The investment agreement between Leapfrog and Prudential one of the other countries in West Africa they are interested in is the Ivory Coast. So I think once we are able to make progress with Nigeria we will then explore other countries one of them could be the Ivory
Coast,” he said.
He said LeapFrog planned to inject 50 million dollars capital into the operations of Enterprise Group, adding: “We may consider injecting more capital if the need arises.”
Enterprise Group Limited recently introduced a new strategic partner Black Star Holdings Limited (BSI-IL), a wholly owned subsidiary of LeapFrog Strategic African Investments (LSAI), which acquire Sanlam's stake in the three subsidiary companies of Enterprise Group for $130 million.
The three subsidiary companies, namely Enterprise Life, Enterprise Insurance and Enterprise Trustees.
I-SAI is a separate account managed by LeapFrog Investments and in which Prudential Financial, Inc is a primary investor. LeapFrog Investments have $1 billion in assets under management and a portfolio of companies across Africa and Asia focused on financial services and health.
Mr Keli Gadzekpo, CEO of Enterprise Group, said the Group was delighted to welcome Leapfrog Investments into the Enterprise Family and expressed the hope to leverage on network of global insurance contacts and experience, and also the capacity to provide growth capital towards the realisation of our very ambitious strategic objectives.
GNA
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