Kestrel Capital Marks 30 Years with Landmark Management Buyout, Ushering In A Bold New Era Of Growth And Innovation

Kestrel Capital East Africa Limited (KCEAL), a pioneering East African investment bank and a leading stockbroker in Kenya, has announced its acquisition by Theo Capital Holdings Ltd through a landmark Management Buyout (MBO).

The acquisition, a first of its kind in Kenya’s Capital Markets history, was announced during the firm’s 30th anniversary celebration gala.

The MBO guarantees excellent service continuity, business stability, and Kestrel’s unwavering commitment to market leadership. The transaction is led by:

1. Francis Mwangi, who will continue to serve as CEO of Kestrel Capital, will provide leadership continuity while steering the company’s next phase of growth.
2. Eric Ruenji, serving as Chairman of Theo Capital Holdings Ltd, provides strategic vision and

“This acquisition is about conviction, opportunity, and belief in the power of markets. We are proud to build on Kestrel’s strong legacy by deepening client service and positioning the firm for expansion. Our vision is to broaden client access to investment solutions that improve outcomes,” said Francis Mwangi, CEO of Kestrel Capital, while speaking at the gala.

Theo Capital Holdings Ltd, which brings together a team of professionals with over 60 years of combined experience in capital markets, fund management, and global trade execution, will provide strategic oversight.

“This is more than an acquisition; it is the start of Kestrel’s bold future. Theo Capital honors Kestrel’s three decades of excellence, built on professionalism, trust, and integrity. Our task is to preserve that foundation while adding accessibility and global connectivity innovation. We will strengthen Africa’s capital markets and create more investor-friendly market opportunities,” said Eric Ruenji, Chairman of Theo Capital Holdings Ltd and CEO of Tradiam Investment Services Ltd, a next-generation fund manager licensed by the Capital Markets Authority (CMA) in January 2025.

Founded in 1994 by Charles Field-Marsham, Kestrel Capital has built a 30-year legacy as a trusted and innovative player in Kenya’s capital markets. The firm pioneered fundamental market and company research in Kenya and was the first broker to execute trades on the NSE’s Unquoted Securities Platform (USP).

Throughout its history, Kestrel has consistently ranked among the top stockbroking firms on the NSE. The firm’s deep expertise has underpinned major transactions, including:

• Acting as lead advisor on over 30 corporate advisory transactions in the last 10
• Playing a principal role in landmark equity raisings for companies like KCB, DTB, and the Nairobi Securities Exchange (NSE) IPO.
• Structuring and placing private securities, including the +USD 60 million private equity secondary trade of a listed bank and the ARM USD 140 million equity investment.
• Advising on the complex financial restructuring of major listed firms such as Kenya

Charles Field-Marsham, who began his career on Wall Street at Credit Suisse First Boston in New York before moving and founding Kestrel Capital, expressed pride in Kestrel’s achievements: “Kestrel Capital has always been more than a business; it has been a platform to connect Kenya to the world’s capital markets and to provide opportunities for investors to participate in Kenya’s growth story. As the firm transitions into new ownership, I am proud to entrust Kestrel’s future to Francis Mwangi and the dynamic team at Theo Capital, led by Eric Ruenji. I am confident that they will honor its heritage of excellence and integrity while bringing the vision and innovation to lead Kestrel into a bold new era.”

Commitment to Market Growth and Innovation Under its new ownership, Kestrel Capital will remain anchored in its strong research tradition and customer-centric approach. The firm plans to introduce new strategies aimed at democratizing investments in Kenya, broadening access through partnerships, and leveraging technology as a key enabler.

Kestrel Capital will continue to support the growth of Kenya’s capital markets, particularly in equities and fixed income. As the firm celebrates 30 years since its founding, this management buyout marks the beginning of an exciting new chapter: From heritage to innovation. From resilience to growth.

Read Also: Kestrel Capital (East Africa) Ltd