Africa-focused private equity fund manager Phatisa and Kanthu Nkhama Capital have agreed to acquire a 55 percent stake in South Africa-based construction equipment supplier Kanu Equipment from Johannesburg Stock Exchange-listed industrial group Torre Industries for a total consideration of US$27 million. Phatisa will invest through African Agriculture Fund and increase its total stake in the company to 89 percent. Kanu Equipment will use the new capital to eliminate external debt and bolster its cash position. The deal, which is subject to outstanding conditions, is expected to close no later than April 2017.