Kibo Capital Partners (“Kibo”) announced today that it has sold its interest in the Kenyan logistics and distribution company General Cargo Group (“GCG”), to majority shareholder Velogic, the logistics arm of Rogers Group. The divestment marks the second exit of Kibo’s sophomore fund Kibo II.
Kibo first backed GCG in 2016 when the company was a Mombasa-based clearing and transportation company. As a result of the investment and Kibo’s close partnership with Rogers Group, GCG transformed into a diversified logistics business with successful expansion into the technology and distribution services business.
“We are pleased to have completed a successful exit of GCG. In close partnership with Rogers, we successfully expanded an already strong company, doubling EBITDA margins and scaling operations. We believe that under Rogers’ leadership, GCG will remain a leader and expand in a sector that is driving growth in East Africa”, Christoph Evard, Partner at Kibo, said.
About Kibo Capital Partners
Kibo Capital Partners (www.kibo-capital.com ) is a manager of regional private equity funds, with offices in Kenya, Mozambique, and Mauritius. It has combined funds under management of about USD 100 million. The investment in General Cargo Group investment had been done via its Kibo Fund II.
About General Cargo Group
General Cargo Group is a leading provider of logistics services in Kenya. Founded in Mombasa in 1981, the firm has become one of Kenya’s references in the provision and arrangement of logistic solutions. General Cargo has been recognized as a leading Kenyan SME, earning several awards, including KPMG’s top firm in the logistics sector in the Kenya Top100 SMEs.
About Rogers Group
Rogers Group is a leading Mauritian services and investment company (www.rogers.mu) with revenues of USD 220m. Its logistics business Velogic (www.velogic.net) has 35 offices in 7 countries, and a network of agents.