PRIVATE EQUITY · portfolio and finance a renewable energy company, being d.light design Inc....
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PRIVATE EQUITY
Transcript of PRIVATE EQUITY · portfolio and finance a renewable energy company, being d.light design Inc....
PRIVATE EQUITY
BOWMANS
22
04 OurFirm
05 OurFootprintinAfrica
06 OurPrivateEquityPractice
11 AfricaPrivateEquityNewsApp
12 Accolades
14 KeyContacts
Contents
Private Equity
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Our Firm
WithsevenofficesinfiveAfricancountries
andover400specialisedlawyers,we
drawonouruniqueknowledgeofthebusiness
andsocio-politicalenvironmenttoadvise
clientsonawiderangeoflegalissues.
Everywherewework,weofferclientsa
servicethatuniquelyblendsexpertiseinthe
law,knowledgeofthelocalmarketandan
understandingoftheirbusinesses.Ouraim
istoassistthemtoachievetheirobjectives
assmoothlyandefficientlyaspossiblewhile
minimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacross
arangeofindustrysectorsaswellas
financialinstitutionsandgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.Wewere
rankedfirstbydealvalueandsecondbydeal
countinMergermarket’s2018Africaleague
tablesforlegaladvisors.Wereceivedawards
infiveoutofsixcategoriesattheDealmakers
EastAfricaAwardsfor2018:toplegaladviser
inM&Aforbothdealflowandvalue,toplegal
adviserinGeneralCorporateFinanceforboth
transactionflowandvalue,andadvisedonthe
DealoftheYear.IntheDealmakers SouthAfrica
Awardsfor2018,wewereplacedfirstfordeal
flowintheGeneralCorporateFinancecategory.
WewerenamedSouthAfricanLawFirmofthe
Yearfor2018intheChambersAfricaAwardsfor
Excellence.Wealsoreceivedthe2019awardsfor
TransportationandInfrastructureTeamofthe
YearandTMTTeamoftheYearattheAfrican
LegalAwardshostedbyLegal Week andthe
CorporateCounselAssociationofSouthAfrica.
Bowmans exists to help our clients overcome legal complexity and unlock opportunity in Africa. 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.
BOWMANS
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Our Footprint in Africa
Weprovideintegratedlegalservices
throughoutAfricafromsevenoffices
(CapeTown,DaresSalaam,Durban,
Johannesburg,Kampala,MokaandNairobi)
infivecountries(Kenya,Mauritius,SouthAfrica,
TanzaniaandUganda).
Weworkcloselywithouralliancefirm,
AmanAssefa&AssociatesLawOffice,in
Ethiopia,andourbestfriendsinNigeriaand
Mozambique(UdoUdoma&Belo-Osagieand
TacianaPeãoLopes&AdvogadosAssociados,
respectively).Wealsohavestrongrelationships
withotherleadinglawfirmsacrossthe
restofAfrica.
WearerepresentativesofLexMundi,aglobal
associationwithmorethan160independentlaw
firmsinallthemajorcentresacrosstheglobe.
Thisassociationgivesusaccesstothebest
firmsineachjurisdictionrepresented.
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
Private Equity
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Weprovideafullrangeofbespokeupstream
anddownstreamservicestotheprivate
equityindustry,includingprivateequity
housesandlimitedpartnersacrossAfrica.
FUND FORMATION
Wespecialiseinstructuringandforming
privateequityfundswhosegeographic
mandateisfocusedwithinAfrica.Wehave
extensiveexperienceinrepresentingboth
privateequityhousesandlimitedpartners.
Wedevisebespokestructuresthatmeetthe
needsofinvestors,andtakeintoaccountthe
natureoftheinstrumentsandtheindustries
inwhichthefundswillinvest.
Weassistinselectingtheappropriate
jurisdictionforthedomicileofthefundfrom
ataxandlegalperspective;instructuring
carriedinterestplans;andindraftingand
negotiatingfundagreements.
Wealsoprovideexchangecontroladviceand
assistinobtainingtherequisiteapprovals(for
SouthAfricaninvestorsandfunds).Wehelp
clientsobtaintheregulatorylicencesand
approvalsrequiredtoactasfundmanagers.
Someofthesignaturefundswehaveworked
onrecentlyinclude:
• 4DiExponentialTechFundI
• AfricaPropertyDevelopmentManagers
LtdandGatewayDeltaDevelopment
HoldingsLtd
• Agri-VieFundII
• EthosPrivateFundVI
• EvolutionII
Our Private Equity Practice
• InternationalHousingSolutions
FundII–SouthAfrica
• InternationalHousingSolutions
FundII–Sub-SaharanAfrica
• KloofCapitalRealEstateFund
• MakalaniFundII
• PhatisaFoodFund2
• ProgressionCapitalEastAfrica’s
setupinKenya
• RPCaymanFundLP
• SanariVenturesFundI
• SouthSuezAfricaFundII
• StanlibAfricaDirectProperty
DevelopmentFund
ACQUISITIONS AND EXITS
Wehavealonghistoryofadvisingprivate
equityfundsonallaspectsoftheir
mergersandacquisitions(M&A)activity.
Wearecommercialinourapproachand
innovativeinfindingsolutionsthatbalance
theneedsofdifferentinterestgroups.
Onacquisition,weassistwithdue
diligence,structuring,draftingand
negotiatingacquisitiondocuments
andobtainingregulatory(including
competition)approvals.Wealsoassistwith
managementincentivearrangementsand
negotiatingfinancingagreements.
Ourextensiveexperiencehelpsusto
createsolutionstoshareholderissues
andtocraftshareholdersagreements
thatprotecttheinterestsofdifferent
stakeholdersinportfoliocompanieswhile
optimisingexitopportunities.
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Wehavebeeninvolvedontheexitsidein
numerousauctionprocesses,proprietary
salesandIPOsandlooktoassistourclients
inachievingacleanexitthatminimises
post-transactionliabilityandmaximises
valueforall.
Productinnovationintheprivateequity
andtaxspaceincludestheuseof
artificialintelligenceinourduediligence
competencyandtheconsiderationof
exitimplications(so-called‘pre-sale’
diagnostics)wellinadvanceofportfolio
companyexits.
Ourclientsrangefromprivateequity
andventurecapitalhousestoinvestors,
management,banksandfinancial
institutions,throughoutAfricaand
worldwide.
Bowmans was named Single Deal Advisor (Legal) at the Private Equity Africa Awards in both 2017 and 2018. The firm was also recognised as Local Legal Advisor of the Year in 2017 by the same organisation.
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Private Equity
Some of our recent signature transactions include advising:
ANGOLA, KENYA, LESOTHO, MALAWI, MOZAMBIQUE, NAMIBIA, SWAZILAND, TANZANIA, UGANDA AND ZAMBIA.
CapitalworksPrivateEquityon
itsacquisitionofAonplc’sshareholding
initsAfricaninsurancebrokerageand
employeebenefitoperationsinAngola,
Kenya,Lesotho,Malawi,Mozambique,
Namibia,Swaziland,Tanzania,Uganda
andZambia.
MAURITIUS
PhatisaFundManagersLtd,
throughitssubsidiary,AgricolaAfrica
Ltd,ontheincreaseofitsstakein
MauritiancompanyKanuEquipment
from40%to88.8%,througha
subscriptionforfurthersharesin
Kanuandarepurchaseofsharesheld
byTorreInternationalHoldingsand
JSE-listedentityTorreIndustriesin
Kanu.Asaresultofthetransaction,
TorreInternationalisnownolongera
shareholderinKanu.In2016Phatisa,
throughAAF,acquireda40%stake
inKanu,whichwealsoadvisedon.
NIGERIA
InvestecAfricaFrontier
PrivateEquityFund2onthedisposal
ofitsshareholdinginaNigerian
FMCGcompany.
BOTSWANA
StandardCharteredPrivate
EquityonthedisposalbyStandard
CharteredPrivateEquityand
DevelopmentCapitalPartnersoftheir
72%stakeinKAMOSODistribution
(basedinBotswana)toInvestecAsset
ManagementandRMBVentures.
SOUTH AFRICA
Ethosontheacquisitionof
Brait'sstakeinPrimediaHoldings.
UGANDA
Aconsortiumcomprising
CatalystPrincipalPartnersLLCand
StandardCharteredPrivateEquity
(Mauritius)IIILtdontheacquisitionof
HarrisInternational,aleadingfoodand
beveragecompanyinUganda.
EAST AFRICA
Abraaj,actingaslocalcounsel,
ontheacquisitionof100%oftheissued
sharecapitalofJavaHouseGroup,
EastAfrica’slargestrestaurantgroup,
fromECPAfricaFIIIInvestmentsLLP.
SEYCHELLES
FungAfricaFund(I)Ltd,
anAfricaninvestmentfirminvesting
throughSinoGuruLtdandSKC2
PCC,onaUSD4millioninvestmentin
MegafoodsLtd,aSeychellescompany
whichwhollyownsInterstratLtd,a
Kenyancompanywhichistheowner
andoperatorofseveralrestaurant
chainsandbrandsinKenyaincluding
BigSquare,PizzaMojoandSquare
Cafe.Interstratcurrentlyhasnine
outletsinKenyaandislookingto
expanditspresenceinKenyato
additionallocationsoverthenext
fouryears.
SOUTH AFRICA
Allthestakeholdersonthe
restructureofTheHouseofBusby’s
businessanddebtbywayofasaleof
theentirebusinessofTheHouseof
Busbytoanewlyincorporatedentity.
KENYA AND UGANDA
AfricaHealthFundLLConits
exitsfromNairobiWomen’sHospital
andAvenueHospitalGroup,andalso
onitsinvestmentsinagreenfield
cardiachospitalinKenyaandin
LusakaTrustHospitalinZambia.
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MAURITIUS
ANGOLA
NIGERIA
SWAZILAND
NAMIBIA
BOTSWANA
KENYA
UGANDA
ETHIOPIA
LESOTHO
SOUTH AFRICA
MALAWI
ZAMBIA
MOZAMBIQUE
TANZANIA
SEYCHELLES
ETHIOPIA
Aureosonitsinvestment
andsubsequentexitfromDashen
Breweriesplc,anEthiopian
alcoholicbeveragemanufacturer,
aspartofaconsortiumofinvestors
puttogetherbyDuetCapital.
KENYA
ARMCementLtd,based
inKenya,ontheUSD140million
InvestmentbyCDCGroupplc
inARMCementLtd.
BOTSWANA AND SOUTH AFRICA
TheRiseFundmanaged
byTPGGrowthonitsacquisition
ofapproximately34%ofthe
sharesinWildernessHoldings,
aleadingecotourismcompany
listedontheBotswanaand
Johannesburgstockexchanges.
KENYA, MAURITIUS, NIGERIA, TANZANIA, UGANDA AND INDIA
InspiredEvolution,an
Africaninvestmentadvisory
firmthatspecialiesintheenergy
sectorandthatpredominantly
fundsentitiesintheenergy
sector,initsbidtoexpandits
portfolioandfinancearenewable
energycompany,beingd.light
designInc.d.lightdesignInc.is
anAmericancorporationwith
subsidiariesacrossdifferent
countries(Kenya,Mauritius,
Nigeria,Tanzania,Uganda,India)
intherenewableenergysector,
particularlysolarenergy.
SOUTH AFRICA
InvestecAfricaFrontier
PrivateEquityFund2L.P.onits
acquisitionofthemajorityofthe
sharesintheultimateholding
companyof(amongothers)
RichfieldGraduateInstituteand
AAASchoolofAdvertising.
Private Equity
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TAX
Withthegrowinginterestinsoliciting
investmentfromAfricaninstitutional
investors,weprovideadviceonthetax
andregulatoryframeworksinnumerous
Africanjurisdictions.
Ourtaxservicestotheprivateequity
industryincludeadviceonfund
establishmentandstructuringaswellas
portfolioduediligence(auniqueoffering
withinalawfirm)andstructuring.
Weadviseonoptimaltransaction
structuresforacquisitionsandexitsand
specialiseinefficientstructuringfor
carriedinterestandportfoliocompany
managementincentiveschemes.
The AGF Africa Service Providers Awards 2018 placed Bowmans at the top in two categories: Best Tax Advisory Firm and Legal Services: Private Equity.
“Bowmans is noted for private equity funds, collective investment schemes and hedge funds in sub-Saharan Africa.” – Legal 500, 2018
BOWMANS
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Weareoneofthreemajorindustryplayers
whohavejoinedhandstosupportprivate
equityandtheAfricaninvestmentindustry-
at-largewithaninnovativedigital
informationplatform.
Bowmans,SouthernAfricanVentureCapital
andPrivateEquityAssociation(SAVCA)and
StandardBankareexclusivesponsorsofthe
AfricaPrivateEquityNewsApp(AfricaPE
News),awell-establishedone-stopmobile
informationhub.
AfricaPENewsoffersusersdailyhandpicked
transactionandfundraisingnews,insightful
featurearticlesandrevealinginterviews
withleadingdealmakersfromacrossthe
continent.Theplatformalsoprovidesaccess
toindustrynecessitiessuchasinternalrate
ofreturncalculators,liveUSdollar,euro,
poundandmajorAfricanexchangerates,
andkeycommodityprices.
JohnBellew,headofPrivateEquityat
Bowmanssays,“Inacontinentsuchas
Africa–with54countries–itisvitalfor
deal-doers,newandseasoned,tostay
abreastoflocal,competitionandtaxlaw
trends.AfricaPENewsisanidealplatformto
sharetheseknowledgeandlegalupdates.”
StuartBradley,jointmanagingpartner,
Phatisa(founderofAfricaPENews)says,
“No-onecouldhavepredictedthatsucha
nicheAfricanfinancialappwouldstillreceive
ongoingpositivesupportsinceitsoriginal
launchin2014.Wearehugelythankfulfor
thecontinuedusersupportandwelcome
Bowmans,SAVCAandStandardBank
aboard.Thenewsponsorswillenablethe
appteamtocreatemoreoriginalcontent
andrelayinvestmentnewsthatwillfurther
stimulateinformeddecisionmakingand
businessnetworkingintoandfromAfrica.”
TheAfricaPENewsAppcanbe
downloadedfreeofchargefrom
www.africaprivateequitynews.com.
Africa Private Equity News App
Private Equity
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Accolades
AFRICAN LEGAL AWARDS 2019
Wewontwopracticeawards-forTransportationand
InfrastructureTeamoftheYearandTMTTeamoftheYear.
CHAMBERS AFRICA AWARDS 2018
WewerenamedSouthAfricanLawFirmoftheYear.
DEALMAKERS SOUTH AFRICA AWARDS 2018
Wewereplacedfirstfordealflowandthirdfordealvaluein
theGeneralCorporateFinancecategory,andthirdfordeal
valueandfourthfordealflowintheM&Acategory.
DEALMAKERS EAST AFRICA AWARDS 2018
Wereceivedawardsinfiveoutofsixcategories:top
legaladviserinM&Aforbothdealflowandvalue,top
legaladviserinGeneralCorporateFinanceforboth
transactionflowandvalue,andadvisedontheDealof
theYear(theRubisEnergietakeoverofKenolKobil).
MERGERMARKET LEAGUE TABLES 2018
Wewererankedfirstbydealvalueandsecondbydealcount
intheAfricaleaguetablesforlegaladvisors,andthirdbydeal
countintheMiddleEast&Africaleaguetableforlegaladvisors.
BOWMANS
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75 40 66Recognised Lawyers
Recognised Lawyers
Recognised Lawyers
BAND 1
KENYA
Banking&Finance
Corporate/M&A
Employment
IntellectualProperty
RealEstate
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Competition/Antitrust
CorporateInvestigations
Corporate/M&A
Employment
Environment
IT&Telecommunications
Projects&Energy
PublicLaw
Shipping
Tax
TANZANIA
GeneralBusinessLaw
UGANDA
GeneralBusinessLaw
BAND 2
SOUTH AFRICA
Banking&Finance
DisputeResolution
Fintech
Media&Broadcasting
Restructuring/Insolvency
KENYA
Fintech
Projects&Energy
CHAMBERS & PARTNERS 2019 RANKED US IN
THE FOLLOWING AREAS
TIER 1
KENYA
Financial&Corporate
Mining
SOUTH AFRICA
CapitalMarkets
Power
M&A
UGANDA
Financial&Corporate
ProjectDevelopment
TIER 2
KENYA
Power
Infrastructure
SOUTH AFRICA
Banking
Infrastructure
Mining
Oil&Gas
ProjectFinance
TIER 3
TANZANIA
Financial&Corporate
ProjectDevelopment
IFLR1000 2019 RANKED US IN THE
FOLLOWING AREAS
TIER 1
KENYA
Banking&Finance
Commercial,Corporate&M&A
Employment
RealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&A
Competition
Employment
Projects&Infrastructure
Shipping
TANZANIA
LeadingFirm
UGANDA
LeadingFirm
TIER 2
KENYA
DisputeResolution
Privitisation&Projects
SOUTH AFRICA
Banking&Finance
Construction
DisputeResolution
InvestmentFunds
Tax
THE LEGAL 500 EMEA 2019 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
HeadofGeneralFinance
Johannesburg,SouthAfrica
T: +27116699377
WALLY HORAK
HeadofTax,CapeTown
CapeTown,SouthAfrica
T: +27214807935
ALEX MATHINI
Partner
Nairobi,Kenya
T: +254202899000
ADELE DE JAGER
TaxExecutive
Johannesburg,SouthAfrica
T: +27116699310
DAVID MPANGA
Partner
Kampala,Uganda
T: +256414254540
JAMES WESTGATE
Partner
Johannesburg,SouthAfrica
T: +27116699493
JOSHUA JANKS
Partner
CapeTown,SouthAfrica
T: +27214807859
WILBERT KAPINGA
ManagingPartner,Tanzania
DaresSalaam,Tanzania
T: +255768988640
BOWMANS
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TIMOTHY MCDOUGALL
Partner
Johannesburg,SouthAfrica
T: +27116699259
PARAS SHAH
Partner
Nairobi,Kenya
T: +254202899279
MICHAEL RUDNICKI
TaxExecutive
Johannesburg,SouthAfrica
T:+27116699314
ROBYN BERGER
TaxExecutive
Johannesburg,SouthAfrica
T:+27116699301
MOGOLA MAKOLA
Partner
Johannesburg,SouthAfrica
T:+27116699486
PHILIP COULSON
Partner
Nairobi,Kenya
T: +254202899000
JOYCE KARANJA
Partner
Nairobi,Kenya
T: +254202899000
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Private Equity
Cape Town, South Africa
T:+27214807800
Dar es Salaam, Tanzania
T: +255768988640
Durban, South Africa
T: +27312650651
Johannesburg, South Africa
T: +27116699000
Kampala, Uganda
T: +256414254540
Moka, Mauritius
T: +2304688411
Nairobi, Kenya
T: +254202899000
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, Ethiopia
T: +25114702868
