• Kestrel Capital management completes buyout, forms Theo Capital Holdings
• CEO Mwangi to lead digital expansion, regional market access
• Firm to digitize brokerage, boost investment products and research

Kestrel Capital, a Kenyan investment firm listed on the Nairobi Securities Exchange (NSE), announced on Tuesday, October 7, 2025, that its senior management team had completed a management buyout (MBO) of the company.

The transaction, finalized during the firm’s 30th-anniversary celebration, transfers majority ownership to its executives, now operating under Theo Capital Holdings. A management buyout enables company leaders to acquire control without bringing in external investors, helping to maintain operational continuity.

Francis Mwangi, Kestrel Capital’s CEO, will remain in his role to oversee the transition and lead the company’s next growth phase. The firm plans to expand investor access to Kenyan capital markets through digital platforms and regional partnerships.

Focus on Digital Expansion

Management announced new initiatives designed to make financial products more accessible to both individuals and businesses. Theo Capital Holdings intends to position technology as a key growth driver, focusing on the digitization of brokerage services, greater promotion of collective investment schemes, and the development of investment research tools.

Founded in 1994 and licensed by the Capital Markets Authority (CMA), Kestrel Capital operates across three main areas: securities trading for institutional and retail investors, investment research, and corporate advisory services, including fundraising, M&A, and private placements.

The firm reports completing more than 30 corporate advisory deals over the past decade, including IPOs and restructurings for major East African firms. It was also the first company to execute a transaction on the NSE’s Unlisted Securities Platform (USP).

Chamberline Moko