TLG Capital has exited its investment in BAJ Stations Uganda, after nearly 4 years, at 30+% IRR in USD.

TLG invested in BAJ Stations through its Credit Opportunities Fund (COF).

TLG first invested in BAJ in 2017 when the business had five operating fuel stations.

Through TLG’s investment, strategic guidance, and support of BAJ’s management team led by Norman Batuma, the business transformed into a significant fuel retailer in Uganda with over 40 fuel stations spanning the length and breadth of Uganda: from Kabale to Mt. Elgon National Park; Namugongo to Murchison falls.

BAJ focused on providing fuel to the lesser developed communities across Uganda by strategically building stations along highways and busy commuter belts – away from large cities.

Through this investment TLG further strengthened its value proposition of commercial returns and impact are intertwined and form the bedrock of a sustainable business.

Through this exit COF builds on its phenomenal track record of executing and exiting SME investments in Africa.  

This is COF’s 8th exit and its 3rd in Uganda.

Saad Sheikh, Principal at TLG Capital, said: “Norman is an outstanding and visionary entrepreneur who built the largest locally owned fuel retail enterprise – BAJ Stations. We are proud to have worked with Norman and his team and to have been part of BAJ’s journey. As Norman and the team embark on the next phase of their journey, I am confident that the enterprise would further grow its network to serve lesser developed communities where otherwise people walk/travel for miles to access fuel for motor bikes (Boda Boda) or fishing boats – which in most cases the only source of income for the household.”