Enko Capital Managers has completed an investment to provide expansion capital to AMI Logistics, a Dubai-headquartered logistics business, with significant operations in East and Southern Africa.

As well as supporting AMI’s expansion strategy into Africa generally, the investment will fund the company’s acquisition of Manica Holdings (MHL), a long-established freight-forwarding and logistics business operating across Southern Africa that was disposed by the Bidvest Group, one of South Africa’s largest conglomerate.

MHL currently owns five operating subsidiaries in South Africa, Zimbabwe, Zambia, Malawi and Botswana and it is expected that the incorporation of Manica’s operations will give AMI the ability to offer clients an integrated and comprehensive logistics service into and out of Africa.

AMI International (Agence Maritime Internationale) was founded in 1919 in Belgium as part of the Compagnie Maritime Belge (CMB).

AMI’s operations in India and the Middle East were acquired by former AMI employees, Vincent Hachez and Marc de Reymaeker, in 1997.

AMI is currently based in Dubai, United Arab Emirates and, over the years, has grown rapidly in its range of services and geographic coverage establishing itself as a leading integrated freight forwarding solution provider, specialised in Africa.

In 2016, the Group generated revenue of $82.4m and employed 1000 people via the operation of its 15 subsidiaries located in 13 countries, eleven of which are located in Africa.

The deal marks the third investment for the Enko Africa Private Equity Fund (EAPEF), a 64m private equity fund targeting mid- and small-cap growth companies across Africa.

Cyrille Nkontchou, ECM’s Managing Partner, said: “EAPEF is delighted to team up with shareholders and management of two such well established players in the freight forwarding and logistics business in Africa.”

“We are convinced that the synergies of this merger between them will produce a significant player on the African logistics scene and we look forward to helping to grow the business of the AMI/Manica group across the continent.”