Capitalworks acquires Aon’s Africa operations now Minet Group

Capitalworks, a private equity group that will soon delist Sovereign Foods from the JSE, has taken ownership of insurance broker Aon plc’s operations in 10 African countries into its investment portfolio.

The deal, first announced in February, was finalised on November 3, with the new group, named Minet, unveiled in Nairobi, Kenya on Tuesday.

Exciting times ahead! #securetomorrow #minetkenya pic.twitter.com/5e7e1xoYta

— @Minet_Kenya (@Minet_Kenya) November 7, 2017

“The Minet Group is a well known and trusted brand across Africa and will become Aon’s largest global Network Correspondent,” said Sammy Muthuli, Minet Kenya CEO. “Our new brand carries the same promise that our client trusts us to carry on. We are also better to respond to our people.”

The transaction adds Africa’s largest risk and human capital advisory network to Capitalworks investment portfolio, which includes Rhodes Food Group, IQ Business, and MTN Nigeria.

“The second phase will take phase will take place in early 2018 and will focus on Angola, Mozambique, Swaziland and Tanzania once regulatory go-ahead have been secured in these territories. Today marks the start of the next phase in our journey,” said Joe Onsando, CEO of Minet Group. “Today marks the beginning of Minet Kenya. Minet has been a very well known name for decades.”

“We are specifically looking to take advantage of opportunities to find solutions for the various local market needs and securing Africa’s growing middle class,” said Garth Willis, principal at Capitalworks and Minet Group chairman.

“We are excited about investing a world-class corporation which is one of the leading players in Africa. Our partnership with Aon is going to position Minet as a formidable force on the continent,” added Willis.

Mr Godfrey Kiptum, CEo Kenya Insurance Regulatory Authority who spoke at the event, urged the company to leverage on technology to offer digital solutions to meet the demands of customers in assurance.

The Minet Group will operate three different, but connected brands and each contains a suffix that denotes ‘security’.

The Anglophone countries will operate as Minet, the Lusophone countries of Angola and Mozambique as Minseg and the Francophone countries as Minsec.

It will operate under the vision ‘Securing Africa’s future’ with a mission to be Africa’s trusted risk advisor by delivering innovative and relevant risk and human capital solutions; growing sustainable partnerships and making a meaningful contribution to the communities it serves.