FWA Financial, a private diversified African investment company, has acquired 90% of total issued share capital in Imara, a Botswana listed asset management and advisory group.

Harry Wulfsohn, Imara Executive Director, said: “The increase in FWA’s shareholding in Imara is a natural evolution since FWA’s original investment in March 2015.”

“We have developed a high regard for the quality of the people at Imara across the range of its activities in asset management, private equity, corporate finance, stockbroking and trust services. We intend to build on this platform and drive growth while ensuring stringent cost control,” he said. 

FWA was formed in 2013 by Fleming Wulfsohn Africa, a partnership between Hector Fleming, Harry Wulfsohn and Tom Gaffney, to source private equity and real-estate opportunities in Sub-Saharan Africa on behalf of international investors. 

FWA’s shareholders are private investors from the US, UK, Continental Europe and South Africa. 

Following the take-over of Imara, the partners of FWA will focus their activities through Imara.

Hector Fleming and Harry Wulfsohn, who will be managing Imara, are aligned with the investors as significant shareholders. 

The consortium brings broad experience and knowledge of Africa and the financial services industry.  

This, combined with their long-term investment outlook, will support an ambitious growth strategy to drive profitability for Imara.

“We see that despite the near-term challenges Africa has enormous economic growth potential which will open opportunities for the provision of the investment services provided by Imara,” said Hector Fleming, Imara Executive Director. 

“In each of its markets Imara has strong market positions, and deep local roots going back decades which enables its clients to benefit from local experience, knowledge and relationships,” he said.