Transaction

BURN Manufacturing - Spark+ Africa Fund US$4m mezzanine investment (Jun 2022)

Terms

Project developer: BURN Manufacturing
Recipient type: Technology company
Country: Kenya
Capital providers: Capital providers and the amount counted for each
Party Role Amount Basis
Spark+ Africa Fund Investor US$4.00m Sole provider: the whole transaction

Capital providers and the amount counted for each
Party	Role	Amount	Basis
Spark+ Africa Fund	Investor	US$4.00m	Sole provider: the whole transaction

: The Spark+ Africa Fund, its initial investment following a first closing in March 2022, invested US$4 million in BURN Manufacturing as a mezzanine investment: the release calls it a long-term quasi-equity instrument, and Sidley, which advised BURN pro bono, describes the same money as a US$4m term loan facility. Proceeds expand the capacity of BURN's manufacturing facility in Nairobi and fund expansion into Somalia, Ghana, Nigeria, Mozambique and the Democratic Republic of Congo. Enabling Qapital and Stichting Modern Cooking are the fund's general partner and Woodman Asset Management is its AIFM.

: - A mezzanine investment: the fund's own release calls it a long-term quasi-equity instrument, so it sits between senior debt and equity and is recorded in Debt. - The law firm that advised BURN describes the same US$4m as a term loan facility, so the label differs by source.

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