Enterprise Group Limited has initiated steps to introduce a new strategic partner, Black Star Holdings Limited (BSHL) into its fold.

BSHL is to replace Sanlam Emerging Markets Proprietary Limited of South Africa (Sanlam) in the Enterprise Group by acquiring the latter’s stake in the three subsidiary companies of the group namely Enterprise Life, Enterprise Insurance and Enterprise Trustees for $130 million.

Enterprise Group will retain its majority stake in each of these subsidiaries.

BSHL is a wholly owned subsidiary of LeapFrog Strategic African Investments LSAI, a separate account managed by LeapFrog Investments and in which Prudential Financial, Inc is a primary investor.

LeapFrog Investments is a private investment firm with about $1billion in assets under management and a portfolio of companies across Africa and Asia focused on financial services and health.

BSHL has also committed funds to support Enterprise Group's growth agenda over the coming years.

Board Chairman of Enterprise Group, Trevor Trefgarne described the transaction as an exciting one for Enterprise Group. “With our new partner, LeapFrog Investments, we expect to be able to grasp growth opportunities both in Ghana and across the wider West Africa Region.

Enterprise appreciates the long and productive association with Sanlam in Ghana over the past 12 years" he noted.

The Ghana Stock Exchange has been duly informed of the impending transaction which is subject to regulatory approvals and notifications in Ghana and South Africa.

CEO of Sanlam, Junior Ngulube also highlighted the good partnership and a mutually beneficial 12-year working relationship his company enjoyed with Enterprise Group in Ghana.

According to him “Considering our strategic partnerships with both Enterprise Group and Saham Finances, it was mutually agreed that Sanlam should exit from Enterprise Group. However, we will look to re-establish and grow our presence in Ghana, starting with Saham Ghana as our partner going forward."

The CEO of Enterprise Group, Keli Gadzekpo also welcomed the introduction of Leapfrog Investments into the Enterprise Family as timely for his outfit’s growth.

“They bring an incredible network of global insurance contacts and experience, and also the capacity to provide growth capital towards the realization of our very ambitious strategic objectives. We are pleased they have chosen to partner with us" he said.

Doug Lacey, who co-led the transaction with Norm Kelly on behalf of LSAI described Enterprise Group’s pioneering position and dominance in financial services with over 28 percent share of the insurance market in Ghana as a testament to the quality of service it provides.

Norm Kelly of LeapFrog Investments was also upbeat about the economic impact of the new synergy. "Leapfrog Investments is extremely pleased to enter into this strategic relationship with Enterprise Group which has built a robust platform for growth in West Africa."

"With our capital and expertise in the business, we are confident that the partnership will provide millions more people access to essential financial services." he noted.