PRIVATE EQUITY - Bowmans Law · 2017-09-21 · Provident Fund in Stanlib Africa Infrastructure...
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PRIVATE EQUITY
Transcript of PRIVATE EQUITY - Bowmans Law · 2017-09-21 · Provident Fund in Stanlib Africa Infrastructure...
PRIVATE EQUITY
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Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurPrivateEquitySector
07 OurSpecialistServices
08 OurSignatureMatters
12 Accolades
14 KeyContacts
Private Equity
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Our Firm
WithsixofficesinfourAfricancountries
andover400specialisedlawyers,we
aredifferentiatedbyourgeographicalreach,
independenceandthequalityoflegalservices
weprovide.
Wedrawonouruniqueknowledgeofthe
Africanbusinessenvironmentandin-depth
understandingofthesocio-politicalclimateto
adviseclientsonawiderangeoflegalissues.
Ouraimistoassistourclientsinachievingtheir
objectivesassmoothlyandefficientlyaspossible
whileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognised
byindependentresearchorganisations.
WehavebeennamedAfricanLegalAdviser
byDealMakersforthelastthreeconsecutive
yearsandSouthAfricanLawFirmofthe
Yearfor2016bytheWho’s Who Legal.Most
recently,wewontheTechnology,Mediaand
TelecommunicationsTeamoftheYearAward
attheprestigiousAfricanLegalAwardshosted
byLegal WeekandtheCorporateCounsel
AssociationofSouthAfricain2017.Thefirmwas
also‘highlycommended’intheAfricanLawFirm
oftheYear–LargePracticeandLitigationand
DisputeResolutionTeamoftheYearcategories.
Bowmans is a leading Pan-African law firm. Our track record of providing specialist legal services, both domestic and cross-border, in the fields of corporate law, banking and finance law and dispute resolution, spans over a century.
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Our Footprint in Africa
Bowmans offices
Relationship firm
Significant transaction or advisory experience
Weprovideintegratedlegalservices
throughoutAfricafromsixoffices(Cape
Town,DaresSalaam,Durban,Johannesburg,
KampalaandNairobi)infourcountries
(Kenya,SouthAfrica,TanzaniaandUganda).
WeworkcloselywithleadingNigerianfirm
UdoUdoma&Belo-Osagie,andMozambique-
basedboutiquefirm,TacianaPeãoLopes&
AdvogadosAssociados.Wealsohavestrong
relationshipswithotherleadinglawfirms
acrosstherestofAfrica.
WearerepresentativesofLexMundi,aglobal
association,withmorethan160independent
lawfirmsinallthemajorcentresacrossthe
globe.Thisassociationgivesusaccesstothe
bestfirmsineachjurisdictionrepresented.
Private Equity
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OurPrivateEquitySectorprovidesafullrangeof
bespokeupstreamanddownstreamservicesto
theprivateequityindustry,includingprivateequity
housesandlimitedpartnersacrossAfrica.
FUND FORMATION
Wespecialiseinstructuringandformingprivate
equityfundswhosegeographicmandate
isfocusedwithinAfrica.Wehaveextensive
experienceinrepresentingbothprivateequity
housesandlimitedpartners.Wedevisebespoke
structuresthatmeettheneedsofinvestors,and
takeintoaccountthenatureoftheinstruments
andtheindustriesinwhichthefundswillinvest.
Weassistinselectingtheappropriatejurisdiction
forthedomicileofthefundfromataxandlegal
perspective,instructuringcarriedinterestplans
andindraftingandnegotiatingfundagreements.
Wealsoprovideexchangecontroladviceand
assistinobtainingtherequisiteapprovals(for
SouthAfricaninvestorsandfunds).Wehelpclients
obtaintheregulatorylicencesandapprovals
requiredtoactasfundmanagers.
Our Private Equity Sector
ACQUISITIONS AND EXITS
Wehavealonghistoryofadvisingprivate
equityfundsonallaspectsoftheirmergersand
acquisitionsactivity.Wearecommercialinour
approachandinnovativeinfindingsolutionsthat
balancetheneedsofdifferentinterestgroups.
Onacquisitionweassistwithduediligence,
structuring,draftingandnegotiatingacquisition
documentsandobtainingregulatory(including
competition)approvals.Wealsoassistwith
managementincentivearrangementsand
negotiatingfinancingagreements.
Ourextensiveexperiencehelpsuscreatesolutions
toshareholderissuesandtocraftshareholders
agreementsthatprotecttheinterestsofdifferent
stakeholdersinportfoliocompanieswhile
optimisingexitopportunities.Wehavebeen
involvedontheexitsideinnumerousauction
processes,proprietarysalesandIPOsandlook
toassistourclientsinachievingacleanexitthat
minimisespost-transactionliabilityandmaximises
valueforall.Ourclientsrangefromprivate
equityandventurecapitalhousestoinvestors,
management,banksandfinancialinstitutions,
throughoutAfricaandworldwide.
'Peers recognise the firm's extensive presence: "They have an attractive footprint in a number of countries”… Commentators praise the "high-quality advice" dispensed by the firm's "dependable and experienced partners." – Chambers & Partners, 2017
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UPSTREAM
• fundformation,includingGPand
LPrepresentation
• carry-structuringarrangements
• internationalandlocaltaxlaw
• financialregulatorylaw
• theregulatoryaspectsofblackeconomic
empowermentandlocalownership
requirementsacrossAfrica
DOWNSTREAM
• portfoliocompanyacquisitionsanddisposals,
includingmanagementincentives
• portfoliocompanyandfundfinancing
• competitionlaw
• restructuring
• internationalandlocaltaxlaw
• theregulatoryaspectsofblackeconomic
empowermentandlocalownership
requirementsacrossAfrica
Our Specialist Services
Private Equity
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Our Signature Matters
Wehaveadvisedon:
FUNDS WORK
• EthosPrivateFundVI
• AshburtonPrivateEquityFundI
• RussellstoneAfricanOpportunitiesFund
• restructuringthePan-AfricanInfrastructure
DevelopmentFund
• Harbourvest’sacquisitionofABSACapital’s
interestinABSACapitalPrivateEquity
Fund,re-namedRockwoodFundI,andthe
restructureofRockwoodFundI
• investmentsbyEskomPensionand
ProvidentFundinStanlibAfrica
InfrastructureFund,InvestecAfricafrontier
PrivateEquityFundII,HeliosAfricaFund
andtheAbraajAfricaFund
• CranemereAfricaFund
• BillionGroup’sInternationalPropertyFund
• Sanlam’sAfricaCoreRealEstateInvestment
Fund(Mauritius)
• RMBWestportAfricanRealEstateFund
• DeltaInternationalRealEstateFund
• StanlibAfricaDirectPropertyDevelopment
Fund(Mauritius)
• AthenaCapital’sAIHSub-Saharan
AfricaFund
• InvestecAssetManagement’sjointventure
withGrowthpointPropertiesLtd
• CapitalEye’sAfricanTechFund
• SanariVenturesFundI
• 4DiCapitalFundI
• HarithFundManagers’PAIDFSAandPAIDF
Mauritiusfunds
• Agri-VieFundIandII(Mauritius)
• ProgressionCapitalEastAfrica’ssetup
inKenya
• SouthSuezAfricaFundII
• InternationalHousingSolutionsFundII
• BotswanaPublicOfficersPensionFund
• InspiredEvolutionFundII
PRIVATE EQUITY-RELATED M&A DEALS
East Africa
• AdvisedCapitalworksontheacquisition
oftheAfricaninsurancebrokerageand
employeebenefitsbusinessofAONplc
in10Africancountries;
• AdvisedPhatisa’sAfricaAgricultureFund
ontheacquisitionofKanuEquipment’s
earthmoving,mining,agricultureandroad
constructionequipmentbusiness;
• AdvisedonaUSD140millionInvestment
byCDCGroupPLCinARMCementLimited
(ARM)bysubscriptionofsharesinARM.
• AdvisedAureosAfricaFundLLC,Swedfund
andAfricInvestFundinrespectoftheir
exitsfromUAPHoldingsLimitedtoOld
MutualGroup.
• ActedasKenyanlegalcounseltoCDCGroup
PLContheacquisitionof10.68%stakeinI&M
HoldingsLimited.
• AdvisedCatalystPrincipalPartnersinits
investmentinOrbitChemicalsGroup.
• AdvisingtheAfricaHealthFundonits
proposedinvestmentinISOHealthcare,a
companythatwilldevelopamulti-speciality
hospitalinNairobi.
• AdvisedAfricinvestGroupinaproposed
InvestmentinSilafricaPlastics&Packaging.
• AdvisedGeneralPlasticsLimitedonthe
USD14.2millioninvestmentbyafund
managedbyPhatisaFundManagers
LimitedinGeneralPlastics.
• AdvisedKenafricIndustriesLimitedinrespect
ofanequityinvestmentbyAmethis.
• AdvisedOrangeSAinrespectofitssale
ofa70%equitystakeinTelkomKenya
LimitedtoPrivateequityfirmHelios
InvestmentPartners.
• AdvisedQuantumGlobalFundonits
investmentonSavannahCementgroup.
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employeebenefitsbusinessofAONplc
in10Africancountries;
• AdvisedPhatisa’sAfricaAgricultureFund
ontheacquisitionofKanuEquipment’s
earthmoving,mining,agricultureandroad
constructionequipmentbusiness;
• AdvisedonthedualtrackM&AandIPO
process,whichresultedinAlexanderForbes
GroupHoldingslistingontheJSE(thelargest
IPOin2014);exitingshareholdersincluded
ActisandEthos.
• AdvisedonthedisposalbyTreaclePrivate
EquityandtheInternationalFinance
CorporationofTeracoDataEnvironments
toPermira.
• AdvisedInvestecAfricaFrontierPrivateEquity
FundIIonitsacquisitionsoftheIDMGroup
andwiGroup.
• AdvisedontheinvestmentbyDenhamCapital
inBioThermEnergy.
• AdvisedontheinvestmentsbySaltCapitalin
ChillBeveragesandWoody’sBrands.
• AdvisedCapitalworksonitsdisposalofentire
issuedsharecapitalofProntoHoldingstoPPC.
• AdvisedConvergencePartnersonthe
acquisitionofasignificantstakeinFibreCo,on
therestructuringofshareholdingarrangements
inVGG,onsubscriptionsofsharesinSnaptand
onitsinvestmentintoDarkFibreandVumatel.
• AdvisedStandardCharteredontherestructure
anddisposalofAfrifreshandtheacquisitionof
astrategicstakeinChoppies.
• AdvisedAfricaHealthFundLLC(SubsidiaryOf
TheAbraajGroup)onitsinvestmentinLusaka
TrustHospital–Zambia.
• AdvisedAfricaHealthFundLLConitsexits
fromNairobiWomensHospitalandAvenue
HospitalGroup.
• AdvisedAfricaHealthFundLLConits
investmentinagreenfieldcardiachospital
inKenya.
• AdvisedActisAfricaRealEstatePartnersona
numberofpropertyrelatedacquisitionssuch
asthepurchaseofprimerealestateinNairobi
forthepurposeofdevelopingaresidentialcum
commercialestate;dealvalueofKES1.2billion.
• AdvisingCentumininvestingoverKES100
milliontoacquireanextrathreepercentstake
inAlmasiBeverages.
• TheacquisitionbyCentumInvestment
CompanyLimited(NSElisted)andCassia
CapitalPartnersLimitedofa45%stakein
PlatcorpHoldingsLimited.
• AdvisedResolutionHealthKenyaLimitedon
investmentbyLeapfrogHoldings.Dealvalueof
USD18.7million.
• AdvisedAureosonitsinvestmentinDashen
BreweriesPLC,anEthiopianalcoholicbeverage
manufacturer,aspartofaconsortiumof
investorsputtogetherbyDuetCapital.
Southern Africa
• AdvisedEthosontheacquisitionofastakein
EatonTowers;
• AdvisedtheshareholdersofIdwalaIndustrial
HoldingsLimited(includingEthos,OldMutual
andKagisoTisoHoldings)onthedisposal
ofIdwalaIndustrialHoldingstoInvestec
PrivateEquity.
• AdvisedRockwoodFundIonthedisposalof
TseboHoldingstoWendel.
• AdvisedCapitalworksontheacquisition
oftheAfricaninsurancebrokerageand
‘Bowmans is a rapidly growing force in private equity funds and Africa-wide regulatory issues. The firm is “very responsive, highly experienced in Africa fund formation and very good value compared with international equivalents." –Legal 500, 2017
Private Equity
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West Africa
• AdvisedonapotentialinvestmentbySalt
CapitalinLiberia.
• AdvisedonaUSD80millioninvestmentby
AfricaFinanceCorporationinNigeriaina
listedminingcompany.
• AdvisedontheUSD225millionacquisitionby
GZIndustriesofFrigoglass’glassoperation
companiesinNigeriaandUAE.
• Advisedontheco-investmentbySouthSuez
Capital(withtheAbraajGroup)inFan
Milk,Nigeria.
• Advisedontheco-investmentbySouthSuez
Capital(withActis)intoaretailproperty
developmentinAbujaStarBrightHoldings
Ltd,aswellasotherinvestmentsinTanzania
andKenya.
• Advisedonapotentialinvestmentby
Phatisa’sAfricaAgricultureFundinaNigerian
manufacturingbusiness.
FUND FINANCING WORK
Wehaveadvisedon:
• asecuredfundfacilitymadeavailableto
RockwoodFundI.
• twosecuredfacilitiesmadeavailableto
LeapfrogFinancialInclusionFundII,LPand
LeapfrogFinancialInclusionFundII-B,LP.
• aforwardstartfacilitytoTheBraitIV
FacilityTrust.
• atermloanfacilitymadeavailableto
CapitalworksInvestmentPartnershipand
CapitalworksPrivateEquityPartnership.
• fundingpackagesmadeavailabletoAscendis
HealthLtd,aswellasBountyBrands,the
healthcareandconsumer/retailbusinesses
ofCoast2Coast.
“Bowmans was named Single Deal Advisor (Legal) and also recognised as Local Legal Advisor of the Year for Africa for 2017 at the Private Equity Africa Awards.”
“...often noted for its cross- border capabilities, including transactions involving multiple African jurisdictions. It has a long history of advising multinationals.” – Legal 500, 2016
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LEVERAGED FINANCING WORK
Wehaveadvisedon:
• therestructuringofAlexanderForbesEquity
HoldingsPtyLtdanditssubsidiaries.
• thefundingarrangementsofMeduCapitalin
connectionwiththeacquisitionof95%ofthe
sharesinEliteTruckHire.
• theleveragedfinancingprovidedbyABSA
Capital(asmandatedleadarrangerand
lender)toaspecialpurposevehiclein
connectionwiththeacquisitionbyEthos
PrivateEquityofAutozoneRetail
andDistribution.
• thefinancingbyTheStandardBankofSouth
AfricaLtdandRandMerchantBankofthe
acquisitionofMcDonald’sSouthAfricaby
ShandukaRestaurantsCompany.
• thefinancingprovidedbyRandMerchant
Bankandvariousotherfinancialinstitutions
inconnectionwiththeprivateequitybuy-
outofthemediahousePrimediaLtdbya
consortiumledbyBrait.
• therestructureofPrimediaPtyLtd.
• thesecuredloanadvancedbyInvestec
AssetManagementtoPersianisProperties
LtdinNigeria.
• UAPHoldingsLtdonthreecapitalraising
convertibleloansfromnewprivateequity
investors,AureosAfricaFundLLC,Swedfund
andAfricInvestFund.
• aloanbyTBLMirrorFundBVtoshareholders
ofHighlandsMineralWaterCompanyLtd.
Private Equity
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Accolades
AFRICAN LEGAL AWARDS 2017
WewontheTechnology,MediaandTelecommunicationsTeamof
theYearAwardattheprestigiousAfricanLegalAwardshosted
byLegal WeekandtheCorporateCounselAssociationofSouth
Africa.Thefirmwasalso‘highlycommended’intheAfricanLaw
FirmoftheYear–LargePracticeandLitigationandDispute
ResolutionTeamoftheYearcategories.
DEALMAKERS AWARDS 2017
WewereidentifiedastheleadinglegaladviserinAfricabyboth
dealvalueanddealvolumeforthethirdconsecutiveyear.Wealso
performedstronglyintheSouthAfricanawardsforM&Abydeal
valueanddealflowandCorporateFinancebydealflow.
INDIA BUSINESS LAW JOURNAL 2017
Wewerenamedasoneoftheleadinginternationallawfirms
forIndiawork.
WHO’S WHO LEGAL AWARDS 2016
WewerenamedSouthAfricanLawFirmoftheYear.
BOWMANS
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48 Recognised Lawyers28 Recognised
Lawyers60 Recognised Lawyers
TIER 1
KENYA
Banking,Finance&
CapitalMarkets
Commercial,Corporate&M&A
Employment
RealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&A
Competition
Employment
Projects&Infrastructure
Shipping&Transport
TIER 2
KENYA
DisputeResolution
Projects&Energy
SOUTH AFRICA
Banking&Finance
DisputeResolution
InvestmentFunds
Tax
TIER 1
KENYA
Financial&Corporate
Mining
SOUTH AFRICA
CapitalMarkets
Competition
Energy
M&A
UGANDA
Energy&Infrastructure
Financial&Corporate
TIER 2
KENYA
Energy
Infrastructure
SOUTH AFRICA
Banking
Infrastructure
Mining
Oil&Gas
ProjectFinance
BAND 1
KENYA
Banking&Finance
Corporate/Commercial
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Competition
CorporateInvestigations
Corporate/M&A
Employment
Environment
IT/Telecommunications
Projects&Energy
Shipping
UGANDA
GeneralBusinessLaw
BAND 2
KENYA
Employment
SOUTH AFRICA
Banking&Finance
DisputeResolution
Media&Broadcasting
Tax
THE LEGAL 500 EMEA 2017 RANKED US IN THE FOLLOWING AREAS
IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS
CHAMBERS & PARTNERS 2017 RANKED US IN THE FOLLOWING AREAS
Private Equity
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Key Contacts
RICHARD HARNEY
ManagingPartner,Kenya
Nairobi,Kenya
T: +254202899000
JOHN BELLEW
HeadofPrivateEquity
Johannesburg,SouthAfrica
T: +27116699494
ULRIKE NAUMANN
HeadofFinance
Johannesburg,SouthAfrica
T: +27116699377
WALLY HORAK
HeadofTax,CapeTown
CapeTown,SouthAfrica
T: +27214807935
ALEX MATHINI
Partner
Nairobi,Kenya
T: +254202899211
DAVID MPANGA
Partner
Kampala,Uganda
T: +256414254540
JAMES WESTGATE
Partner
Johannesburg,SouthAfrica
T: +27116699493
JOYCE KARANJA
Partner
Nairobi,Kenya
T: +254202899000
WILBERT KAPINGA
ManagingPartner,Tanzania
DaresSalaam,Tanzania
T: +255768988640
SHAMILAH GRIMWOOD
HeadofBankingandFinance
CapeTown,SouthAfrica
T: +27214807855
BOWMANS
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TIMOTHY MCDOUGALL
Partner
Johannesburg,SouthAfrica
T: +27116699259
PARAS SHAH
Partner
Nairobi,Kenya
T: +254202899279
PHILIP COULSON
Partner
Nairobi,Kenya
T: +254202899000
Private Equity
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Cape Town
T: +27214807800
Dar es Salaam
T: +255768988640
Durban
T: +27312650651
Johannesburg
T: +27116699000
Kampala
T: +256414254540
Nairobi
T: +254202899000
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
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