Simba Corporation has completed the acquisition of a minority stake in Hemingways Holdings Ltd. The acquisition of the 35% shareholding in is a strategic investment that will provide additional capital to fund growth and expansion within the Hemingways group of companies.
It signals a bold move by Simba to grow its interests in the hospitality sector, from its current three properties: the Olare Mara and Villa Rosa managed by world leading hoteliers, Kempinski, and Acacia Premier Kisumu. Through their collaboration, Hemingways and Simba intend to achieve long-term sustained growth and develop best-in-class hospitality assets built to the highest international standards.
“This investment is aligned to Simba’s goal of creating a substantial hospitality business platform with the intention to expand nationally and within the region,” said Adil Popat, Chief Executive Officer, Simba Corporation.
Hemingways Holdings is the parent company of three iconic properties in Kenya: Hemingways Watamu, Ol Seki Hemingways Mara and Hemingways Nairobi.
The transaction also includes Express Travel Group, a subsidiary of Hemingways, that provides travel management services through its international franchise partnerships with American Express Global Business Travel and Europcar International and Hemingways Expeditions, a premium destination management company.
Further financial deal terms were not disclosed. Following completion of the acquisition, Simba will have representation on the Hemingways Holdings board.
BDO were the financial advisors to Simba Corporation. Anjarwalla & Khanna served as legal counsel to Simba Corporation and Amin & Co served as legal counsel to Hemingways on the transaction.