Increased demand for businesses in Africa from corporate buyers is helping to drive the continent’s exit market for private equity firms, giving dealmakers in the region a new-found confidence in their ability to sell out of investments.

Private equity firms sold 40 African companies last year, according to data published this week by professional services firm EY. This was a 38% increase on the exits recorded in 2013 and the largest total since 2007. Corporate buyers accounted for 56% of those exits, higher than the 45% average recorded between 2007 and 2014.