Kestrel Capital Marks 30 Years with Historic Management Buyout
Move ushers in a ‘Bold Future’ for East African Markets.
Kestrel Capital East Africa Limited (KCEAL), a pioneering East African investment bank and a leading stockbroker in Kenya, has announced its acquisition by Theo Capital Holdings Ltd through a landmark Management Buyout (MBO). The acquisition, a first of its kind in Kenya’s Capital Markets history, was announced during the firm’s 30-year anniversary celebration gala.
The MBO guarantees excellent service continuity, business stability, and Kestrel’s unwavering commitment to market leadership. The transaction is led by:
- Francis Mwangi, who will continue to serve as CEO of Kestrel Capital, providing leadership continuity while steering the company’s next phase of growth.
- Eric Ruenji, serving as Chairman of Theo Capital Holdings Ltd, providing strategic vision and oversight.
“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 and positioning the firm for expansion. Our vision is to broaden client access to investment solutions that improve outcomes,” said Francis Mwangi, CEO of Kestrel Capital, while speaking at the gala.
Theo Capital Holdings Ltd, which brings together a team of professionals with over 60 years of combined experience in capital markets, fund management, and global trade execution, will provide strategic oversight.
“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, and global connectivity innovation. We will strengthen Africa’s capital markets and create more investor-friendly market opportunities” said Eric Ruenji, Chairman of Theo Capital Holdings Ltd and CEO of Tradiam Investment Services Ltd, a next-generation fund manager licensed by the Capital Markets Authority (CMA) in January 2025.
Founded in 1994 by Charles Field-Marsham, Kestrel Capital has built a 30-year legacy as a trusted and innovative player in Kenya’s capital markets. The firm pioneered fundamental market and company research in Kenya and was the first broker to execute trades on the NSE’s Unquoted Securities Platform (USP).
