Private equity firm, CapitalWorks, has completed the process of acquiring Aon’s shareholding across certain sub-Saharan operations and will now be operating as Minet Africa.
This was after Aon announced in February this year of its decision to change the ownership structure of its operations across ten sub-Saharan countries.
Minet Africa Chief Executive Officer Joe Onsando said the new group (now Minet) will become Aon’s largest Global Network Correspondent. Aon employees in these countries as well as key senior leadership will remain part of the operations that Capitalworks is acquiring,” to ensure leadership, continuity and stability for clients and colleagues alike”he added.
Mr. Onsando said Minet is poised to benefit from Africa’s growth and that the company would embrace new technology and innovation to expand its footprint in Africa.
”The conclusion of this transaction marks a historic milestone for Africa. Our industry finally has its own Pan-African player with a diverse African footprint, owned and led by Africans,” Mr. Onsando said.”
John Cullen, CEO of Aon Risk Solutions in EMEA said with Capitalworks, Aon Group had chosen to partner with an investor with a sound understanding of local market conditions, strong governance and operational experience.
“The combination of Capitalworks’ track record in the region, backed by Aon’s global expertise, leverage and economies of scale will bring clear benefits for our clients,” Mr. Cullen said.
Minet Group’s Chairman, and Principal at Capitalworks Garth Willis said Minet Group would be working alongside management to build on the Aon heritage as a trusted partner to clients in protecting the future of their people and assets in Africa.
“We are specifically looking to take advantage of opportunities to find solutions for the various local market needs and securing Africa’s growing middle class. Capitalworks is looking forward to partnering with the Minet management team that has grown the Group to be the largest risk and human capital advisory network on the continent.”
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