Ata Capital sells its 26% stake in Novare to Management
Ata Capital Fund II has successfully exited its investment in Novare Holdings, a diversified financial services company.
The firm has sold its 26% stake to Novare’s management team for an undisclosed amount, marking a significant milestone in Novare’s growth trajectory and transformation journey.
Given that Novare operates under several licenced entities, this transaction is thus subject to approval by the regulatory authorities.
The transaction underscores Ata Capital’s continued commitment to empowering capable management teams and ensuring sustainable, long-term value creation across its portfolio companies.
“We’re grateful to have been part of Novare’s growth story,” said Lelo Rantloane, Chief Executive Officer of Ata Capital.
“We believe the timing is right for the management team to assume full ownership and drive the business forward. Services businesses thrive under owner-management, and Novare’s team has demonstrated exceptional resilience in navigating a turbulent economic environment. They’ve rationalised the business, built a solid platform for growth, and we have every confidence they’ll take it from strength to strength.”
Since Ata Capital’s investment, Novare has undergone a period of meaningful transformation and strategic growth.
Between 2019 and 2025, Novare achieved several milestones reflecting its commitment to excellence, innovation, and sustainability.
These include:
- Achieving Level 1 Black Economic Empowerment (BEE) status following a management-led buyout of one of the co-founders in 2019.
- Opening Novare Central Lusaka, the first office building in Zambia to receive an EDGE certification, with Standard Chartered Bank as the anchor tenant.
- Winning the “Best Fund of Hedge Fund” award in the Multi-Strategy category for the NOVARE MAYIBENTSHA MODERATE QUALIFIED FUND OF HEDGE FUNDS at the HedgeNews Africa Awards 2021.
- Being nominated as an EDGE Champion by the International Finance Corporation (IFC) in 2023.
- Becoming the first African company to partner with IFC’s Greening Real Estate Investment Portfolio (GRIP)program in 2024.
- Receiving the “Best Multi-Manager or Asset Consultant of the Year” award at the ABSIP Awards 2024.
“This transition marks an exciting new chapter for Novare,” said Ola Leepile, Chief Executive Officer of Novare Holdings. “We value the partnership we’ve shared with Ata Capital over the years. Their support has helped us strengthen our business, expand our regional footprint, and build a more sustainable, transformed financial services platform. As a management team, we’re proud to take full ownership and continue building on the foundation we’ve created together.”
“Acquiring the Ata stake strengthens our control of the business as a we chart a new way forward and a more sustainable future for Novare and our clients,” added Leepile.
Ata Capital extends its best wishes to Novare’s leadership team as they embark on this next phase of growth.
The exit reflects Ata’s ongoing strategy of supporting empowerment-led transactions that align with its broader mandate of driving inclusive, responsible investment across Africa.
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