Apis Growth Fund I, managed by UK-based private equity firm Apis Partners Group, exited its investment in Baobab, a leading financial services provider supporting small and medium-sized enterprises (SMEs) in Africa.

The fund’s stake, along with those of co-investors and other selling shareholders, has been acquired by Beltone Capital, a wholly owned subsidiary of Egypt-listed Beltone Holding. The transaction will see Beltone take a majority stake in Baobab.

This exit marks the ninth and penultimate full divestment from Apis Growth Fund I, aligning with Apis Partners’ broader strategy of investing in financial services and technology-focused companies.

During its investment period, Apis Partners implemented several key initiatives to enhance Baobab’s growth potential. These included appointing a new CEO, CFO, and CTO to strengthen leadership, upgrading technology infrastructure to improve scalability, and expanding Baobab’s suite of digital financial products. Additionally, Apis supported structural reorganisations and streamlined the company’s geographical footprint to boost operational efficiency.

The deal was advised by Enexus Finance and remains subject to regulatory approvals.