Baker & McKenzie Advises Citadel Capital on USD70 Million Fundraising
3 October 2011
London, UK, 3 October 2011 – Baker & McKenzie advised Citadel Capital SAE Platform Company Africa Railways Ltd. on a major fundraising that saw leading international investors subscribe to a USD70 million capital increase. This brings total funds raised for the transaction, including senior debt and equity, to USD 275 million.
Participating institutions included IFC African, Latin American and Caribbean Fund, LP (ALAC), the private equity fund managed by the IFC Asset Management Company, LLC; Dutch development bank FMO; German development finance institution DEG; FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France’s Agence Française de Développement and managed by its subsidiary PROPARCO; and the International Finance Corporation.
Baker & McKenzie London partner and Head of Investments Funds James Burdett, who led on the deal, said, "Citadel Capital is a valued client of Baker & McKenzie and we are pleased once again to have worked on such a significant deal, which continues their track record of winning significant investment from global institutions and investing into Africa."
The Baker & McKenzie team also included London Investment Funds associate, Priya Kumar.
Citadel Capital Managing Director Karim Sadek said, “This investment will fuel ARL’s ability as lead shareholders to fund Rift Valley Railways (RVR) as it executes a five-year, multi-point rehabilitation program that will see RVR make a quantum leap in operating standards. We are most grateful to Baker & McKenzie for their assistance in this landmark transaction.”
Citadel Capital is the leading private equity firm in the Middle East and Africa. Its 19 Opportunity-Specific Funds control Platform Companies with investments of more than USD 8.7 billion in 15 industries including energy, mining, agrifoods, cement, transportation and retail.
Baker & McKenzie advised Citadel Capital earlier this year on the fundraising for the Citadel Capital Transport Opportunities II (CCTO II) Fund, which controls the firm’s investments in Egypt’s river transportation industry. That fundraising saw German development bank DEG and the European Investment Bank commit a combined USD 21 million to bring total equity invested in CCTO II to USD 110 million.