Actis has won Africa Investor magazine’s award for Venture Capital deal of the Year 2004, the first pan African award of this type. The award was for the management buyout (MBO) of the South African company, Lenco, and was one of the largest MBOs in Africa in 2003.
Lenco manufactures rigid plastic packaging and sells mainly to FMCG companies manufacturing and distributing liquids, detergent and foods. Lenco has established a track record for product innovation, quality, efficient delivery and reliability of supply.
Actis originated and led the US$64m MBO, alongside a management buy-in candidate, incumbent management and Black Economic Empowerment group (BEE), Brimstone. BEE shareholdings are crucial in South Africa’s current business and legislative environment and this was the first empowerment transaction in a sector whose customer base is dominated by multinationals seeking to increase their sourcing from empowered companies and gives Lenco a distinct competitive advantage.