BluePeak invests $20mn in Prime Logistics
Investment to enhance freight services capability & modernise fleet to link nine countries in East & Central Africa
BluePeak Private Capital (BluePeak), an alternative asset management firm supporting the growth of scalable businesses in Africa, announced its first ESG-linked investment, a $20 million hybrid loan to Prime Logistics, a leading integrated East & Central African logistics group.
"Prime combines best-in-class logistics services that include freight, customs clearance, warehousing, inland terminals, overland transport, and supply chain management. By offering the full spectrum of logistics services, Prime can offer an integrated solution to customers ensuring cargo is moved efficiently from source to its ultimate destination," says an official release.
Prime operates from its hubs in Dar es Salaam, Mombasa, Kampala, Goma and Dubai while the investment will help the company continue to connect countries including Democratic Republic of Congo, Kenya, Rwanda, Tanzania, Uganda, Malawi, Burundi and Zambia, the release added.
BluePeak will ensure the investment aligns with the Fund’s sustainability strategy focused on resilience, climate change, and inclusivity. "Enhancing equality in a strategic sector, BluePeak’s investment also reinforces gender diversity and will drive the implementation of initiatives to increase female participation in this historically male-dominated sector to break barriers and deliver economic opportunities to women."
Rami Matar, Senior Partner, BluePeak says: "Our diversification into logistics is testament to the flexibility and ambition of an investment approach prioritising sustainable growth of resilient businesses. Partnering with Prime will build on the company's existing ESG track record, advance the logistics sector, and accelerate the journey to a more sustainable future.”
Asif Abdulla, Executive Chairman, Prime Logistics adds: "The investment from BluePeak comes at a crucial time as increasing trade flows between East & Central Africa, the Middle East and the rest of the world supports demand for reliable logistics services. The structure of the funding aligns with our commitment to advance economic growth while unlocking sustainable development.”
Established in 1996, Prime Logistics is an integrated logistics company that offers an end-to-end solution to customers including warehousing and terminals, import/export clearance services , freight forwarding services including sea and air freight, and last-mile transportation services in East & Central Africa and the Middle East.