Fanisi Capital Limited has invested in Live Ad Limited, an outdoor advertising firm, for a significant minority stake, marking its first investment in the industry.
The backing by Fanisi Capital, which manages the US$50 million Fanisi Venture Capital Fund, will enable Live Ad Limited to expand and increase its presence across Kenya.
According to Live Ad CEO James Maina, this will enable the firm to aggressively grow the number of billboards it owns over the next four years, in addition to establishing and growing its presence in new towns in the country. At the moment, Live Ad has over 200 billboards in Nairobi and other towns across Kenya.
Mr Maina said: “As part of our growth and differentiation strategy, we will increase our product range, offer more value adding services to clients and provide quality customer service. This partnership with Fanisi will make Live Ad’s path to success much easier. We will continue to focus on quality product and customer loyalty”.
Fanisi Capital Managing Partner Ayisi Makatiani hailed the deal, citing the entrepreneurial spirit at Live Ad as a defining trait of the business.
Mr Makatiani explained: “The entrepreneur has a vision to transform Live Ad from an already successful business to a market leader. We have bought into this vision, and endeavour to support the entrepreneur and the business to deliver it”.
He explained: “Live Ad’s partnership with Fanisi will provide the impetus needed to take the Company through its growth vision, establishing itself as a strong regional player. This is expected to make a positive contribution to the immediate community through its economic development”, said Makatiani.
This is Fanisi’s first foray into the outdoor advertising space. The sector is expected to follow a high growth trajectory, as more businesses set up in the region.
With the Live Ad acquisition, Fanisi has added yet another investment into its Kenyan portfolio which consists of Haltons, a retail pharmacy chain currently operating over 25 outlets in Nairobi; and Ngare Narok Meat Industries, which owns a modern abattoir in Rumuruti and distributes quality meat across the country. Fanisi’s investment in the education sector includes Hillcrest International Schools, a group of premier learning institutions focusing on British curriculum.
The fund is also an investor in two Rwandese businesses, Minimex, a maize milling operation that is involved in the maize value chain (sourcing, drying, storing, trading, purchasing, milling maize for human consumption, and animal feed production); and Sophar, a pharmaceutical wholesaler / distributor.
Fanisi Capital is a US$ 50m venture capital fund helping to transform East African businesses in various sectors including Healthcare, Agribusiness, Education, Retail and Consumer, and Services.