ACCRA, Ghana, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Vantage Mezzanine (http://www.vantagecapital.co.za), Africa's leading mezzanine debt provider, today announced it had concluded a transaction with Surfline Communications to provide $30 million (R330 million) of expansion capital to the company together with a fund co-investor.
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The funds will be used for the on-going expansion of Surfline's 4G LTE network in Ghana as well as to grow its product distribution and marketing network. By deploying the first 4G LTE mobile network in Ghana, Surfline is able to offer high-speed internet connectivity (up to 10 times faster than the average speeds offered by the existing mobile network operators) at rates that are competitive with existing internet service providers.
Surfline was established to provide wireless broadband and related services to the Ghanaian market, including meeting the emergent and largely unfulfilled data needs of Ghana's businesses, government agencies, professional and academic communities and residential users. 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.
John Taylor, Surfline's Executive Chairman, said, "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."
Yaw Keteku, Associate Partner at Vantage leading their investment activities in Ghana, added "Under John Taylor's visionary leadership, Surfline has assembled a team of highly-skilled professionals and technical partners who have built a first class communication network to meet Ghana's ever-growing data demand."
Luc Albinski, Managing Partner at Vantage, said "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." The investment in Surfline follows Vantage's pan-African strategy of focusing on high-growth African markets such as Ghana, Nigeria, the East African Community members and some of the Southern African Development Community (SADC) countries.
Surfline is the eleventh mezzanine transaction in Vantage's second fund, of which more than 80% of available funds have been invested. Vantage has commenced the raising of its third mezzanine fund, which is targeted to close by the first quarter of 2015 at $250 million (R2.75 billion).
Distributed by APO (African Press Organization) on behalf of Vantage Capital.