Kestrel Capital East Africa Limited (KCEAL), a pioneering investment bank in East Africa and a leading stockbroker in Kenya, has announced its acquisition by Theo Capital Holdings Ltd through a management buyout (MBO). The acquisition, a first of its kind in Kenya’s capital markets, was announced during the firm’s 30-year anniversary celebrations.
The MBO guarantees excellent service continuity, business stability, and Kestrel’s commitment to the market. The transaction is led by Francis Mwangi, who will continue to serve as CEO of Kestrel Capital, providing leadership continuity while steering the company’s next phase of growth.
Eric Ruenji will be serving as chairman of Theo Capital Holdings Ltd, providing strategic vision and oversight. “This acquisition is about conviction, opportunity, and belief in the power of markets. We are proud to build on Kestrel’s strong legacy by deepening client service and positioning the firm for expansion,” said Mr Francis Mwangi, CEO of Kestrel Capital.
Theo Capital Holdings Ltd, which brings together a team of professionals with over 60 years of combined experience in capital markets, fund management, and global trade execution, will provide strategic oversight. “This is more than an acquisition; it is the start of Kestrel’s bold future,” said Eric Ruenji, Chairman of Theo Capital Holdings Ltd and CEO of Tradiam Investment Services Ltd, a next-generation fund manager licensed by the Capital Markets Authority (CMA) in January 2025.
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“Theo Capital honours Kestrel’s three decades of excellence, built on professionalism, trust, and integrity. Our task is to preserve that foundation while adding accessibility, and global connectivity innovation. We will strengthen Africa’s capital markets and create more investor-friendly market opportunities.”
Founded in 1994 by Charles Field-Marsham, Kestrel Capital has built a 30-year legacy as a trusted and innovative player in Kenya’s capital markets. The firm pioneered fundamental market and company research in Kenya and was the first broker to execute trades on the NSE’s Unquoted Securities Platform (USP).
Throughout its history, Kestrel has consistently ranked among the top stockbroking firms on the NSE. The firm’s deep expertise has underpinned major transactions, including acting as lead advisor on over 30 corporate advisory transactions in the last 10 years and playing a principal role in landmark equity raisings for companies like KCB, DTB, and the Nairobi Securities Exchange (NSE) IPO.
Krestel has also taken part in structuring and placing private securities, including the +$ 60 million private equity secondary trade of a listed bank and the ARM $ 140 million equity investment as well as advising on the complex financial restructuring of major listed firms such as Kenya Airways.
“Kestrel Capital has always been more than a business; it has been a platform to connect Kenya to the world’s capital markets and to provide opportunities for investors to participate in Kenya’s growth story,” said Mr Charles Field-Marsham, who began his career on Wall Street at Credit Suisse First Boston in New York before moving and founding Kestrel Capital. “As the firm transitions into new ownership, I am proud to entrust Kestrel’s future to Francis Mwangi and the dynamic team at Theo Capital, led by Eric Ruenji. I am confident that they will honour its heritage of excellence and integrity while bringing the vision and innovation to lead Kestrel into a bold new era.”
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Kestrel Capital will remain anchored in its strong research tradition and customer-centric approach. The firm plans to introduce new strategies aimed at democratising investments in Kenya, broadening access through partnerships, and leveraging technology as a key enabler.
As the firm celebrates 30 years since its founding, this management buyout marks the beginning of an exciting new chapter: From heritage to innovation. From resilience to growth.
About Kestrel Capital (East Africa) Ltd Kestrel Capital (East Africa) Ltd is a pioneering East African investment bank and a leading stockbroker in Kenya, established in 1994. The firm is officially licensed by the Capital Markets Authority (CMA) and has been a key Member of the Nairobi Securities Exchange (NSE) since 1995.
As a consistent top-ranked stockbroking firm on the NSE since inception, Kestrel specializes in providing sophisticated local and international clients with integrated solutions across its four core pillars: Sales & Trading, Pioneering Research, Corporate Advisory, and Private Placements.
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