PE firm Amethis announced today it has sold the 33.77% stake it holds in Velogic, a Mauritius-based logistics company active in the Indian Ocean. After 8 years, Amethis exits Velogic for 790 million Mauritian rupees, or about $18 million, according to the available information.

The operation is achieved through the listing of Velogic on the developing companies segment of the Stock Exchange of Mauritius. "Velogic's successful expansion into East Africa supports our investment strategy of building a strong African regional base to capitalize on the African business boom. We are pleased with our exit via the Mauritius Stock Exchange. This is Amethis' second exit through an IPO, and it shows the growing dynamism of African stock markets," Khady Kone-Dicoh, a partner at Amethis, said in a statement.

Amethis did not provide any background on the investment exit. However, according to the information memorandum of Velogic’s IPO, the first investment fund that served as a vehicle for Amethis to enter the company’s capital has come to an end. Thus justifying its exit.