Geneva-based Bamboo Capital six years ago acquired a 29% share in Vitas, the microfinance arm of global development nonprofit Global Communities.
Vitas provides financing to unbanked and underserved small-business owners in Jordan, Lebanon, Romania, and Palestine. Over the course of Bamboo’s investment period, Vitas’ loan portfolio grew from $82 million to $247 million; it serves 112,000 borrowers.
Vitas CEO Elissa McCarter LaBorde said the firm’s success since Bamboo’s investment helped “crowd in” two local private-equity investors. Vitas repurchased Bamboo’s shares using internal funds.
The financial terms of the deal were not disclosed.