Cape Town Biogas is an organic waste processing facility that utilises leading anaerobic digestion technology to process 250 tonnes of organic waste per day into three valuable outputs – Compressed Biomethane, Renewable Beverage-Grade Carbon Dioxide and valuable agricultural inputs. The facility plays a meaningful role in South Africa’s circular economy, providing a compliant and competitive organic waste disposal solution at scale, while producing valuable products for the commercial, industrial and agricultural sectors.

Robert Nel, Director and Principal at Metier, commented: “We are delighted to welcome IIIM as partners in this exciting project. The IIIM team brings deep local and sectoral expertise to CTB, and we look forward to building the Cape Peninsula’s preferred organic waste beneficiation facility together, creating value for our shareholders, the waste management sector, the environment, and the broader economy.”

Mark van Wyk, Chief Executive of IIIM, commented: “This transaction reflects our strategy of investing in local mid‑market infrastructure investments that deliver both financial returns and measurable social and economic impact. Our investment in Cape Town Biogas marks the Fund’s second entry into the biogas sector and represents our commitment to both energy security and innovative waste management. By diverting organic waste from landfills, we extend the lifespan of existing landfill sites, reserving capacity for materials with no alternative disposal route. The project strengthens energy resilience while creating meaningful employment opportunities across the value chain.” Metier has led the redevelopment and strategic turnaround of CTB, establishing it as a vibrant producing asset. The collaboration between Metier, CTB and IIIM will unlock synergies, enhance capacity, and accelerate South Africa’s transition to a circular economy while delivering sustainable energy solutions and long‑term value creation.

About Cape Town Biogas

Cape Town Biogas is an organic waste processing facility based in Cape Town, South Africa. Using anaerobic digestion technology, the facility processes 250 tonnes of organic waste per day, producing Compressed Biomethane, Renewable Beverage-Grade CO₂, and valuable agricultural inputs.

Visit www.CapeTownBiogas.com for more information.

About Infra Impact Investment Managers

Infra Impact Investment Managers is a leading investor across all sub-sectors of the infrastructure asset class. Its investments aim to impact South Africa positively by addressing pressing societal challenges and the UN Sustainable Development Goals. The Infra Impact Mid-Market Infrastructure Fund 1 is one of its managed funds.

Visit www.infraimpact.co.za for more information.

About Metier

Metier is an independent owner-managed private equity firm with offices in Johannesburg, Mauritius, Nairobi and representation in London. Metier operates two parallel investment practices, the Capital Growth practice that concentrates on mid-cap entrepreneurial businesses requiring growth capital, and the Sustainable Capital practice. The Sustainable Capital practice, which made the original investment in Cape Town Biogas, focuses on investments that contribute to sustainable development in Sub-Saharan Africa, including renewable energy, energy efficiency, water and waste management.

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16 September 2025 – Metier, through its Capital Growth Fund III (“MCGF III”), has partnered with Watu Group (“Watu”), a non-deposit taking microfinance institution (“MFI”) focused on financing income-generating assets for underserved communities across Sub-Saharan Africa.

Founded in 2015, Watu has grown into one of the region’s leading MFIs, with a strong presence in Kenya, Uganda, and Tanzania, and expanding operations in Rwanda, Sierra Leone, the Democratic Republic of Congo, Nigeria, and South Africa. Watu’s mission is to meaningfully improve employment and economic opportunity for individuals facing the greatest barriers to accessing financial services.

Watu provides financing for income-generating assets, supporting access to mobility (2/3-wheeler ICE and electric vehicles) and connectivity (smartphones) assets for underserved and underbanked communities. The company employs over 2,800 people with more than 1.4 million active clients.

Peter Rowse, Principal of Metier said that “Watu represents a compelling opportunity to support a high-growth, impact-driven business that is transforming access to finance across Africa. Their tech-enabled credit model, diversified product offering, and strong execution track record aligns well with our investment philosophy. We are excited to partner with Watu’s leadership team to accelerate their growth and deepen their impact in the region.”

Andris Kaneps, founder of Watu, commented “We are proud of the journey Watu has taken – from a single-country startup to a pan-African platform empowering over a million clients. Partnering with Metier marks a significant milestone in our growth story. Their strategic support and access to capital will help us scale our operations, strengthen governance, and unlock new opportunities to serve our communities better.”

Watu is the fifth portfolio company of MCGF III, which had its final close at over $219 million of capital in 2024, exceeding its targeted fund size of $200 million. The Fund has a geographic focus on Sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features that can make a meaningful impact on the African continent.

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A Strategy Rooted in Sustainability and Risk Mitigation

This transformation was catalysed by an unexpected event – a fire that damaged one of Master Plastics’ facilities (Peninsula Packaging). Rather than rebuild conventionally, the leadership team used the opportunity to accelerate its vision for a more sustainable and environmentally friendly production environment.

With support from technical partners Hi-Tech Inks, Polyflex Premedia, and Acme Graphics, the company committed to phasing out solvent-based inks, long used as an industry standard, in favour of a non-toxic, low Volatile Organic Compounds (“VOC”), water-based alternative.

Why It Matters

The shift to water-based inks has tangible environmental and operational benefits:

• Significant reduction in VOC emissions, improving both environmental impact and factory-floor air quality;
• Enhanced pressroom safety, reducing flammability risks and improving working conditions;
• Less reliance on VOC supply chains, improving resilience during crises;
• Lower carbon footprint, with some studies estimating up to 3kg of CO₂ savings per kg of printed film (equivalent to recycling 10 plastics bottles per kg of printed film); and
• Fewer materials to landfill, supported by self-adhesive sleeve systems and smart ink optimisation.

Built for Commercial Scale

The switch to water-based inks wasn’t just a sustainability initiative, it was a technical transformation at commercial scale.

Water-based systems were integrated into presses from Uteco and Windmöller & Hölscher, supported by the introduction of extended colour gamut (“ECG”) printing, engineered plates, and precision colour management.

A five-day ink trial, involving global and local suppliers, saw South African innovator Hi-Tech Inks emerge as the lead partner, co-developing a bespoke water-based formulation for plastic substrates. The result is full production readiness, not just lab success.

A Platform for the Future

This change is more than a once-off investment. Every new press at Master Plastics is now designed to run water-based inks. The company has also formalised this offering under the Blue Dot Printing line, a platform built to serve clients looking to reduce their environmental footprint without compromising quality.

Dieter Kreissel, general manager at Peninsula Packaging (a division of Master Plastics) said: “This isn’t the end, it’s the beginning of something better. A cleaner, safer, smarter way of doing what we’ve always done. We’re saying to the market: if you want to reduce your carbon footprint and eliminate harmful chemicals, we’ve carved out this space for you.”

Learn more about this transformation in the June feature of The Packaging Mag → PPM

View our broader ESG and sustainability principles → Metier & Sustainability

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The transaction perimeter of the management-led buyout of Master Plastics included its strategic divisions – namely PlusNet, Barrier Film Converters and Peninsula Packaging.

The transaction successfully delivered an exit for Metier Capital Growth Fund II and positions the business for further innovation and expansion into global recyclable packaging solutions and agri-processing advancement.

Nedbank acted as Mandated Lead Arranger, bookrunner, coordinator, lender, and equity provider, structuring a holistic funding solution to meet immediate and long-term growth goals.

“This transaction is a further outcome of our focused capital allocator strategy and demonstrates our ability to structure competitive, bespoke and holistic funding solutions across the full capital stack, reinforcing our expertise in the market”, said Gary Galolo, Principal in the Leveraged and Diversified Finance team at Nedbank. “Sustainable Innovation is reshaping industries with this transaction evidencing how strategic financing can enable both business growth and environmental progress.”

Investec played a joint funding and equity provider role in the transaction, extending its existing partnership with Master Plastics by contributing capital and strategic insight to support the long-term growth ambitions of the business.

“This transaction reflects the private equity partnership we value, focused on long-term growth, measurable environmental impact, and scalable solutions. We’re proud to support Metier and Master Plastics in unlocking the next phase of sustainable growth,” said Rishanth Pillay, Head of the Sponsor Leveraged Finance team at  Investec.

PlusNet, Barrier Film Converters and Peninsula Packaging are recognised for shade-netting technologies that support sustainable agriculture and the development of recyclable packaging solutions for food and fresh produce applications. Their innovations minimise the environmental impact of packaging, extends shelf life, improve crop yields, reduce food waste, conserve water, and reduces energy usage, driving tangible outcomes across the food and agri-processing value chain.

Metier, a long-standing investor supporting the growth of businesses across the continent, seeks to build on its 20+ year relationship with Manley Diedloff and will work with the experienced management team at Master Plastics to continue to expand the group’s market presence and technical capacity.

“These businesses are well-positioned for continued growth in sectors critical to economic development and environmental stewardship,” said Peter Rowse, Investment Executive at Metier. “We are proud to partner with Nedbank, Investec and Manley to support this next growth phase.”

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7 October 2024 – Metier, through its Capital Growth Fund III (“MCGF III”), has partnered with the van den Berg family in an investment into Blinkwater Meule (“Blinkwater”), a vertically integrated maize meal producer and retailer in South Africa.

Blinkwater manufactures quality maize meal products exclusively under its own brands to meet the nutritional needs of millions of consumers predominantly residing in the Mpumalanga and Limpopo regions in South Africa. The business was established in 1995 by the van den Berg family and has a unique distribution network, which includes its own logistics solution to c. 325 corporate-owned retail stores in informal areas and independent wholesalers in the north-eastern provinces of South Africa.

Paul Botha, CEO of Metier, said that “Blinkwater is a compelling business with a recognised brand, a unique distribution model and a history of meaningful positive impact in the communities in which it operates. We are looking forward to partnering with the van den Berg family to grow the business further.”

Blinkwater currently produces c. 271 000 tonnes of maize meal annually, which is sold at retail stores and independent wholesalers in rural areas in Mpumulanga and Limpopo; and provides jobs, promotes food security and supports c. 4 400 subsistence farmers in the local communities in which it operates.

Nico van den Berg, founder of Blinkwater Meule, said that “We have been fortunate to build a business that we are proud of, in an industry that is uniquely South African, and which operates in areas where we have made, and will continue to make a positive societal contribution. We are excited about our plans to grow the Blinkwater business with the investment and support of the Metier team.”

Blinkwater is the fourth portfolio company of MCGF III, which recently had its final close at over $219 million of capital, exceeding its targeted fund size of $200 million. The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features and that can make a meaningful impact on the African continent.

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16 September 2024 – Metier, through its Sustainable Capital International Fund II (“SCII”), has invested significant growth and replacement capital in Mertech Marine (“Mertech”), the world leader in the recovery and recycling of out of service submarine telecommunications cables.

Mertech is the world leader in the responsible recovery and recycling of out-of-service submarine telecommunication cables and has been pioneering the commercial recovery and recycling of out-of-service telecommunication cables since the early 2000’s. As the only turnkey provider of recovery and recycling capabilities in the world, Mertech has successfully processed more than 105 000 kilometers of undersea cable and cleared tens of thousands of tons of cable from cable depots around the globe. Since inception, the company has displaced an estimated 250 000 tonnes of CO₂ equivalent through its recovery and recycling efforts.

John Hannig, who led the transaction on behalf of Metier said that “We are very excited about our investment into Mertech, which is a demonstration of a global leading circular-economy champion based in Africa. We are partnering with an experienced management team for the next stage of Mertech’s growth at a time when there is increased emphasis on metals recycling and the provision of alternative low-carbon sources of materials, with copper being a fundamental input for the clean energy transition.”

Mertech’s world-class cable dismantling facilities in South Africa and Southeast Asia are the result of years of research and development by its in-house team of passionate engineers. The facilities ensure that valuable commodities such as copper, steel and plastic are responsibly recycled and placed back into the circular economy. The facilities not only process cables recovered by Mertech, but also provide this service to the broader submarine cable industry. Mertech owns an impressive portfolio of out-of-service cables for future recovery using its own fleet of specially equipped and versatile cable recovery vessels.

Alwyn du Plessis, CEO of Mertech, said that “We have been fortunate to build long-term partnerships in our journey of growing the business in an exciting, yet challenging environment. We are excited about the Metier team joining us in this new growth chapter. We believe that together we will be able to further the ambitions of the Mertech leadership team beyond what we could imagine today. We have always seen huge opportunity in creating additional value to the recovered materials such as copper, steel and plastics through enhanced downstream processes. With Metier’s investment and support this can now be further unlocked.”

Mertech is the seventh portfolio company of the SCII fund which has a pan-African investment mandate for renewable energy, energy efficiency, resource-efficient infrastructure, and waste management. Rand Merchant Bank (a division of FirstRand Bank Limited), who will support capital expansion and working capital requirements to support the anticipated growth of the company, has worked alongside Mertech and Metier in the close of the transaction.

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19 July 2024 – Metier announced the final close for Metier Capital Growth Fund III on Friday 19 July 2024, raising over $219 million exceeding its targeted fund size of $200 million. “We are pleased with the support shown by our investors to Metier and for this result given the tough fundraising climate the African private equity industry is experiencing”, said Paul Botha, CEO and Co-founder of Metier.

Peter Maila, Co-Chief Investment Officer at FMO, the Dutch entrepreneurial development bank, commented that, “FMO is proud to continue its long-standing partnership with Metier through its commitment in the Metier Capital Growth Fund III.”  

The Fund, which announced a first close in September 2023, has made three investments to date in portfolio companies in the telecommunications, information technology and energy sectors. Botha continued, “The Fund is positioned to make additional investments before the end of this year given the vibrant deal pipeline we are observing. We seek opportunities that require growth capital with the potential to deliver top quartile returns and positive developmental impact”.

The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation.

The Fund has attracted investment from both international and South African investors, including significant commitments from international development finance institutions and South African financial institutions, who are supporting the Metier team’s focus and track record of investing for developmental impact while delivering top quartile private equity performance.

Maila said, “Metier boasts an experienced, stable, and dedicated management team focused on building sustainable businesses and significantly enhancing resource efficiency and ESG standards. They have made substantial progress in developing their climate agenda and integrating climate considerations into their investment strategy. Committing to Metier Capital Growth Fund III aligns well with FMO’s objectives of climate action, enabling local entrepreneurs to achieve inclusive prosperity, and fostering local prosperity across the continent”.  

Botha concluded, “Our team is excited about the investment opportunities that exist on the continent and the meaningful impact and strong returns we hope to make for our investors.”

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22 September 2023 – Metier announced the first close for Metier Capital Growth Fund III, raising just over $182 million, with further commitments expected by final close positioning Metier to exceed its targeted fund size of $200 million.

The fund is the successor fund to the Metier Capital Growth Fund II of 2015/2016 which invested in eight portfolio companies in the retail, out of home dining, healthcare, industrial services, FMCG, manufacturing and telecommunications sectors.

The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with high growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation.

“Our active deal pipeline is characterised by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities, and enhance the development of businesses across Africa,” said Paul Botha, CEO and Co-founder of Metier. “Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustainable impact across Sub-Saharan Africa.”

The Fund has attracted investment from both international and South African investors, including significant commitments from international development finance institutions, who were motivated by the Metier team’s focus and track record of investing for developmental impact while delivering top quartile private equity performance.

Botha continued, “Our investors are optimistic about the investment opportunities on the continent and recognise that partnering with an experienced manager that can combine discerning investment selection with active value-adding management, can result in meaningful impact and strong returns.”

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The fund, which will be managed by Metier Private Equity International, will invest in eight to twelve mid-market companies primarily in Southern and East Africa. The fund will invest in sectors including telecommunications, fast moving consumer goods, healthcare, non-banking financial services, manufacturing as well as infrastructure and energy. MCGF III will invest at least 40 percent of the fund outside of South Africa.

IFC’s investment will help the fund reach its first close and, through a co-investment envelope, enable the fund to attract more follow-on equity for its investee companies. IFC will also support Metier in strengthening its gender-lens investing approach and promoting gender diversity, both within the fund manager and its investees.

“Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustained impact across Africa,” said Paul Botha, CEO and Co-Founder of Metier. “Our active deal pipeline is characterized by growth capital investments that will develop new business opportunities that will have a positive impact on the effects of climate change, create decent jobs with a broader focus on gender-lens investing, support the connectivity of rural communities, and enhance small business development across Africa. We are excited about our continued partnership with IFC.”

Private equity investment in Africa remains among the lowest in emerging markets, representing just 4 percent of total volumes. Challenges include perceptions of high risk, foreign exchange risk, high inflation, and economic uncertainty. As a result, equity financing for mid-market companies has been scarce, hindering the development of the private sector.

“A strong private sector is an essential driver for sustainable growth, job creation, market competitiveness and shared prosperity,” said Sérgio Pimenta, IFC Vice President for Africa. “IFC’s investment in Metier Capital’s Growth Fund III will increase access to much needed private capital that will catalyze value creation for these companies and help bolster Africa’s private equity industry.”

IFC’s investment is aligned to its strategy to strengthen the African private equity market. It will also demonstrate that investing in African markets can generate commercial returns for investors as well as positive developmental impact for the continent.

About Metier
Metier is an independent owner-managed private equity firm founded in 2003. The firm’s independence is fundamental to its distinctive style, where the team forges partnerships with its portfolio companies and management teams. Since its formation, Metier has grown to comprise a team of over 40 professionals with offices in Johannesburg, Mauritius and Nairobi, and representation in London. Metier operates two parallel investment practices, the Capital Growth practice that concentrates on mid-cap entrepreneurial businesses requiring growth capital in sectors which demonstrate emerging market growth, and the Sustainable Capital practice that targets investments in energy efficiency, renewables, water and waste management businesses.

About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

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Kodeni Solar has signed a 25-year power purchase agreement (PPA) with SONABEL, the electricity utility of Burkina Faso, as part of a public-private partnership with the government. The construction was entrusted to French specialist INEO by EQUANS, a company of Engie Group. The project will create 150 direct jobs in the construction phase and 35 permanent jobs in the operation phase.

With an annual production of 73,000 MWh, the Kodeni solar power plant will provide clean, reliable and affordable energy to nearly 115,000 homes. It will also reduce the country’s dependence on fossil fuels and avoid the emission of 41 000 tons of CO2 each year, helping Burkina Faso to further address climate change.

Gilles Parmentier, CEO of Africa REN, said: “We are particularly proud of the step we are taking today. Kodeni Solar will be the largest solar power plant in Burkina Faso to become operational. We would like to extend our special thanks to the Government of Burkina Faso and to the teams at SONABEL for their warm welcome and unwavering support in bringing this project to fruition in a very short timeframe.”

H.E. Dr. Bachir Ismael Ouedraogo, Minister of Energy, said, “This is an essential project for the energy autonomy of Burkina Faso. Solar energy is the cheapest and most abundant source of electricity for the country. Kodeni Solar also demonstrates that the framework put in place by the government to encourage public-private partnerships is beginning to bear fruit. More than 500MW of capacity will be added before 2025 at an extremely competitive price, to the benefit of the Burkinabe population and businesses.”

Development of the project was undertaken by Africa REN with the support of the Seed Capital Assistance Facility, an initiative from the United Nations Environment Programme, that co-financed the project development phase. FMO, the Dutch entrepreneurial development bank, Access to Energy Fund (a fund managed by FMO on behalf of the Dutch government) and the Interact Climate Change Facility (ICCF), a joint facility of European Development Institutions, provided the long-term debt.

Huub Cornelissen, Director Energy at FMO, said: “Kodeni Solar is one of our first investment in Burkina Faso, a country where we feel welcome and where there is tremendous opportunity in the renewables sector. With our partners in the country and in the wider region, we are thrilled to engage in a greener future for the Sahel at a time when such investment is badly needed.”

To support its ambition to develop more clean energy and sustainable infrastructure projects, Africa REN teamed up with Metier Sustainable Capital, a private equity fund focused on clean infrastructure investments across Africa, managed by Metier, and FMO, the Dutch entrepreneurial development bank. Metier and FMO established and funded Africa REN Energy, a newly formed investment holding dedicated to support Africa REN’s projects, as well as the operating entities of the Africa REN Group. Africa REN Energy provided the equity to the project and is now the sole shareholder of Kodeni Solar.

Marc Immerman, a principal at Metier’s Sustainable Capital practice, said: “We are delighted to be partnering with the Africa Ren management team and FMO in the Africa REN clean energy investment platform. Africa REN have demonstrated a pioneering ability to offer and deliver value-add clean energy projects to West African utilities and corporates. The opportunity to grow a cutting edge West African IPP that is poised to give exceptional returns and positive ESG impacts across the region is exciting.”

Paul Botha, the Metier CEO said, “As a firm Metier is proud of this transaction which further cements our ambition to evolve into a Pan-African private equity firm”. Metier’s Sustainable Capital practice is a clean infrastructure private equity fund manager with a mandate to invest in renewable energy, energy efficiency, water and waste opportunities across Africa.

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