Legacy Africa Capital Partners Invests In Continuous Power Africa To Accelerate Its Growth
Legacy Africa Capital Partners Invests In Continuous Power Africa To Accelerate Its Growth. Continuous Power Africa (CPA), providers of power solutions to the telecommunications industry, are pleased to announce that 100% black-owned and managed private equity firm Legacy Africa Capital Partners (LACP), through LACP Fund I, has invested in the businesses to further accelerate their growth.
CPA is an original equipment manufacturer and power solutions specialist whose brands include Inala and IQM. Its primary focus is on power solutions for the mobile telecommunications industry in sub-Saharan Africa and South Asia, and its customers include Vodacom, IHS Towers, American Tower Corporation (ATC) Africa, Mantrac and Telkom SA.
The investment and strategic alliance with LACP will accelerate CPA’s expansion into new markets beyond telecommunications, while also growing its range of products, which currently include advanced remote monitoring systems hardware and lithium batteries. CPA has been developing its capabilities in the telecommunications energy services space, with customised products and services optimised for enhanced cost efficiency of tower sites, whilst lowering their carbon footprints through a reduction in the utilisation of diesel.
LACP is a highly regarded South Africa-based private equity firm and is part of the Legacy Africa Fund Managers group. It is a key supporter of small- and medium-sized enterprises (SMEs) in Africa and seeks opportunities in segments that are often overlooked by traditional large financial institutions. The firm currently manages the LACP Fund I which has a diverse portfolio of investments including Lonsa Everite, Penflex and TQ Group.
LACP will join the existing investors in CPA, including South African entrepreneurs Duncan Hipkin and Simon Hipkin, and Pine Creek Renewables, a US-based asset developer and permanent capital vehicle that invests into low-carbon technology companies globally. Kgosi Monametsi, Managing Director, and Head of Private Equity at Legacy Africa said: “We are delighted to partner with Pine Creek and the strong management team at CPA. We were particularly attracted to CPA because of their innovative products and services as well as clear potential to be an industry leading, successful pan African business.”
Varun Giridhar, Chief Executive Officer of CPA said: “We are excited about unlocking the true growth potential of CPA with this investment from LACP. We are enthusiastic to have Legacy Africa serve on the board, and we look forward to this next phase of CPA’s journey as a technology leader enabling the transition of the telecommunications sector into the new low-carbon economy through innovative new products and energy services.”
Duncan Hipkin, Founder and CCO said: “Telcos are increasingly looking for advanced power solutions as they grapple with rolling blackouts, battery theft and a lack of grid connections in rural areas. CPA is ensuring the industry’s sustainability and future growth through its portfolio of solutions for masts and towers with unreliable or no grid connections. These hybrid power systems consist of solar photovoltaics, lithium-ion battery storage and/or small-scale diesel generators. The most critical pre-requisite for efficient management of infrastructure portfolios is robust and intelligent monitoring for reporting, fault detection and early intervention. This is what CPA does best.” CPA Mauritius has its headquarters in Grand Baie, Mauritius, and CPA South Africa has corporate offices in Somerset West, South Africa.
