Investment bank Kestrel Capital East Africa Limited (KCEAL) marked its 30th anniversary by announcing its acquisition by a group of eight investors under the holdings company, Theo Capital.
Charles Field-Marsham, owner of Kestrel Capital, sold his stockbrokerage firm through a Management Buyout, marking the first unique MBO in Kenya’s capital markets history. The MBO ensured continued leadership and a commitment to market innovation.
Speaking during the anniversary celebrations, Mr. Marsham said that he was proud to entrust Kestrel Capital’s future to Francis Mwangi, the company’s Chief Executive Officer, and Eric Ruenji, Chairman of Theo Capital Holdings.
“This acquisition is about conviction, opportunity, and belief in the power of markets. We are proud to build on Kestrel’s strong legacy by deepening client service, positioning the firm for expansion. Our vision is to broaden client access to investment solutions that improve outcomes,” said Francis Mwangi.
Francis Mwangi is set to continue serving as the CEO of Kestrel, providing leadership continuity, while Eric Ruenji will serve as Chairman of Theo Capital Holdings, providing oversight. Mwangi and Ruenji currently hold 25% of Theo Capital’s stake each. The remaining six investors hold stakes ranging from 3.5% and 19%.
“This is more than an acquisition; it is the start of Kestrel’s bold future. Theo Capital honors Kestrel’s three decades of excellence, built on professionalism, trust, and integrity. Our task is to preserve that foundation while adding accessibility, innovation and global connectivity. We will strengthen Africa’s capital markets and create more investor-friendly market opportunities,” said Mr. Ruenji.
Marsham’s exit at Kestrel Capital after 30 years aligns with his succession plans. Mwangi said that the sale to the management was an attractive prospect.
Kestrel Capital’s legacy
Established in 1994, Kestrel Capital has been a leading stockbroker at the Nairobi Securities Exchange (NSE). The company offers solutions in sales and trading, research, corporate advisory, and private placements. Kestrel has acted as lead adviser on over 30 corporate advisory transactions in the last decade. The firm handles $17 billion in trades through its sales and trading department annually.
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