Investment Criteria

Transaction Types

Buyout:
  • Existing businesses with strong fundamentals, but low performance due to substandard management
  • Attractive targets found in family businesses, unmotivated management, and businesses with non-optimal balance sheets
  • Companies can be grown organically or via acquisitions by providing the necessary debt and equity capital
Growth Equity:
  • Existing early to growth stage businesses with strong potential for scalability
  • Reputable entrepreneurs with a drive to succeed and business acumen
  • Business that can benefit from our management expertise, exposure to global markets, and financing
Special Situations:
  • Turn-arounds of businesses distressed as a result of ineffective management
  • Assets and businesses sold by institutions (e.g. bank repossessions after a foreclosure)

Underwriting Criteria

  • Target size of investments: €1 million – €3 million*
  • Have a well-defined and measurable positive economic and social impact
  • Opportunities with reputable co-investment partners
  • Entrepreneurs and management must have their “skin in the game”
  • Equity investments with auxiliary debt instruments utilized to manage investment risk and provide an avenue for partial exists
  • Targets can benefit from Brightmore expertise and consultative approach to value creation
  • One a limited basis, investments in new ventures with initial capital expenditures ranging from $500k to $2 million
* Under specific circumstances, deals executed may be above or below the target range, not exceeding 10% of the fund size

Sectors of Investment

Agriculture and Food Processing:
  • Sustain dietary needs and food security of the rapidly rising population and provide competitive exports abroad
  • Provide employment for a large and growing rural labor force
Construction and Real Estate:
  • Accommodate demand for housing at different income levels
  • Develop commercial and retail properties in the region’s growing cities
Health and Medicine:
  • Meet the rising demand for high quality private health care and medical services
  • Address current low availability and quality of preventative and curative medicine
Technology:
  • Take advantage of the high growth potential in internet-enabled mobile devices
  • Develop mobile services and internet-based applications for population centers
Consumer & B2B Services:
  • Meet growing expectations for quality, level of service, utility and convenience
  • Address the need for reliable B2B service providers with scalable networks

Geographic Focus

Brightmore’s predominant focus is on making investments in francophone West Africa, with the two primary countries of Cote d’Ivoire (40%) and Senegal (40%). The remaining 20% of the fund is allocated to investments in other countries in the region on an opportunistic basis: Guinea, Mali, Burkina Faso, Niger, Ghana, Benin and Togo.