Dangote-Backed Fund Completes Kenya Tour Operator Acquisition

Africa Travels Investment, backed by Nigerian billionaire Aliko Dangote and American investor David Rubenstein through Alterra Capital Partners, has acquired Pollman’s Tours and Safaris, Kenya’s oldest tour operator. The acquisition, valued at approximately Sh4 billion, was approved by the Competition Authority of Kenya (CAK), which confirmed that the deal would not affect market competition or lead to job losses in the highly regulated tourism sector. This investment aligns with Alterra's strategy to back high-growth potential businesses in Africa and reflects growing foreign interest in Kenya’s expanding economy, supported by favorable economic conditions such as digital transformation and monetary policy. The CAK emphasized that the merged entities do not compete directly, so the market structure and concentration of tour operators in Kenya will remain unchanged. The acquisition follows Alterra’s previous investment in the restaurant chain Java House, indicating a broader push into Kenya’s consumer and tourism sectors by Dangote and partners. This move highlights a strategic shift by African-focused private equity funds toward smaller, young companies with significant growth opportunities, contrasting with the retreat of global PE giants from the African market.