British investment fund Actis recently divested from auto part retailer AutoXpress. According to Africa Global Funds, which reported the news, Actis' shares were sold to private equity firm AfricInvest at an undisclosed amount. 

“We are proud to have supported AutoXpress as it continues to scale, in its corporate development, and on its CSR programs. We wish them the very best as they embark on their next phase of growth with AfricInvest,” commented Michael Turner, director at Actis.

Actis announced its acquisition of a 36% stake in AutoXpress in February 2014. At the time, the British fund said it was investing in “a growing region and sub-sector” in a company whose products "are particularly relevant to the Kenyan market, which is dominated by used cars." Actis' investment was aimed at "accelerating AutoXpress' expansion across East Africa to become the regional leader in tires and auto parts markets.”

 Eight years later, Actis leaves behind a company that has diversified “its offering in terms of products, geographies, and customers,” according to Sandeep Shah, AutoXpress' managing director.

Actis’ “guidance at the board level has been instrumental in AutoXpress meeting its strategic goals while ensuring that it does so in a way that is responsible and sensitive to the communities it operates within,” he said.

Chamberline MOKO