Milost Global Inc. (“Milost”), an American equity firm, has invested a total of N488 ($1.6 billion) in Nigerian companies since the start of 2018.
Milost is unwavering in its hunt for Nigerian firms as it intends to acquire a small and midsized bank with a view to injecting capital in its operations.
The private equity firm announced that, together with its African subsidiary, Isilo Capital Partners (Pty) Ltd, consummated the acquisition of a 100 percent interest in Primewaterview Holdings Nigeria Limited for a consideration of N305 billion ($1 billion)
Primewaterview is a large scale, diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.
Milost will strengthen the balance sheet of Japaul Oil Maritime (JOM) with a capital injection of N106.75 billion ($350 million). The financing was arranged and negotiated by Palewater Advisory Group Inc in New York and Banklink Africa Limited in Nigeria. The funds will be injected into the company, with a focus on its mining operations.
Just last week, Resort Savings and Loans Plc, a mortgage bank, announced a financing agreement with Milost.
As part of the terms of the agreement, Milost will invest N76.25 billion $250 million in the bank comprising $100 million as equity capital and $150 million as debt.
