Ghana’s Pioneer 4G LTE Provider Gets $30m Expansion Capital

November 5, 2014 Niyi Aderibigbe Intelligent Investing, Investing

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VENTURES AFRICA – Vantage Mezzanine, a leading expansion debt provider in Africa says it has agreed to provide US$30 million capital for Ghana’s Surfline Communications to fund the on-going expansion of its 4G LTE network and grow its product distribution and marketing network.
“We are delighted to announce that we have made our third investment outside of South Africa. Over the last five years, Vantage has reviewed over 600 investment
opportunities and we consider Surfline to be one of the most exciting deals we have seen,” said Luc Albinski, Managing Partner at Vantage.
Established in 2011, Surfline is the first mobile telecoms operator to pioneer a 4G LTE network in Ghana. The company is also the only telecoms operator 100 percent owned by Ghanaians. The network achieved a very successful commercial launch in August 2014 and is experiencing tremendous growth in its customer base, in both the consumer and corporate/enterprise segments.
“Vantage provided us with growth capital in a shareholder-friendly structure that we required to expand the business by supplementing the existing financing in place,” said John Taylor, Surfline’s Executive Chairman.
Taylor, listed in the 2014 World Finance 100 – which celebrates 100 individuals who have reached the pinnacle of achievement in their field of expertise – has built a first class communication network to meet Ghana’s ever-growing data demand.
Yaw Keteku, Associate Partner at Vantage leading their investment activities in Ghana said the company had developed a close working relationship with the Surfline team of highly-skilled professionals and technical partners and “we look forward to supporting the business as it grows.
Surfline is Vantage’s second investment in Ghana after its US$18.5 million commitment to Genser Energy, an independent power producer that is currently commissioning a 30 megawatt power plant, which is expected to come on-line shortly.
Chairman of the mezzanine debt provider, Mutle Mogase said the company, supported by its investors, was contributing almost US$50 million towards the improvement of infrastructure in Ghana by supporting the rollout of a broadband network and new power generation projects.
“The developmental multiplier effect of increased power generation capacity and high-speed internet will drive further economic growth in the country,” said Mogase.