private equity - bowmans law...swedfund of shares in uap holdings ltd to old mutual; this was...

PRIVATE EQUITY

Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurPrivateEquitySector

07 OurSpecialistServices

08 OurSignatureMatters

12 Accolades

14 KeyContacts

Private Equity

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CONTENTS PAGE

Our Firm

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.

WWithsixofficesinfourAfricancountriesandover400specialisedlawyers,wearedifferentiatedbyourgeographicalreach,

independenceandthequalityoflegalservices

weprovide.

Wedrawonouruniqueknowledgeofthe

Africanbusinessenvironmentandin-depth

understandingofthesocio-politicalclimateto

adviseclientsonawiderangeoflegalissues.

Ouraimistoassistourclientsinachievingtheir

objectivesassmoothlyandefficientlyaspossible

whileminimisingthelegalandregulatoryrisks.

Ourclientsincludecorporates,multinationals

andstate-ownedenterprisesacrossarangeof

industrysectorsaswellasfinancialinstitutions

andgovernments.

Ourexpertiseisfrequentlyrecognised

byindependentresearchorganisations.

WehavebeennamedAfricanLegalAdviser

byDealMakersforthelastthreeconsecutive

yearsandSouthAfricanLawFirmoftheYear

for2016bytheWho’s Who Legal.Wealsowon

theBanking,FinanceandRestructuringTeam

oftheYear,theEmploymentTeamoftheYear,

andthePropertyTeamoftheYearAwardsatthe

prestigiousAfricanLegalAwardshostedbyLegal

WeekandtheCorporateCounselAssociationof

SouthAfricain2016.

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WeprovideintegratedlegalservicesthroughoutAfricafromsixoffices(CapeTown,DaresSalaam,Durban,Johannesburg,

KampalaandNairobi)infourcountries(Kenya,

SouthAfrica,TanzaniaandUganda).

WeworkcloselywithleadingNigerianfirm,

UdoUdoma&Belo-Osagie,whichhasofficesin

Abuja,LagosandPortHarcourt,andhavestrong

relationshipswithotherleadinglawfirmsacross

therestofAfrica.

WearerepresentativesofLexMundi,aglobal

association,withmorethan160independentlaw

firmsinallthemajorcentresacrosstheglobe.

Thisassociationgivesusaccesstothebestfirms

ineachjurisdictionrepresented.

Our Footprint in Africa

Bowmans offices

Relationship firm

Significant transaction

or advisory experience

Bowmans offices

Relationship firm

Significant transaction or advisory experience

SOUTH AFRICA

NIGERIA

KENYA

TANZANIA

UGANDA

Bowmans offices

Relationship firm

Significant transaction or advisory experience

SOUTH AFRICA

NIGERIA

KENYA

TANZANIA

UGANDA

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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).Wehelp

clientsobtaintheregulatorylicencesand

approvalsrequiredtoactasfundmanagers.

ACQUISITIONS AND EXITS

Wehavealonghistoryofadvisingprivate

equityfundsonallaspectsoftheirmergersand

acquisitionsactivity.Wearecommercialinour

Our Private Equity Sector

"High-quality firm acting on some of the largest and most significant corporate transactions... Similarly adept when advising on complex, cross-border matters through its extensive network of offices and 'best friend' affiliations across the continent." – Chambers & Partners, 2016

approachandinnovativeinfindingsolutionsthat

balancetheneedsofdifferentinterestgroups.

Onacquisitionweassistwithduediligence,

structuring,draftingandnegotiatingacquisition

documentsandobtainingregulatory(including

competition)approvals.Wealsoassistwith

managementincentivearrangementsand

negotiatingfinancingagreements.

Ourdeepexperiencehelpsuscreatesolutions

toshareholderissuesandtocraftshareholders

agreementsthatprotecttheinterestsofdifferent

stakeholdersinportfoliocompanieswhile

optimisingexitopportunities.Wehavebeen

involvedontheexitsideinnumerousauction

processes,proprietarysalesandIPOsandlook

toassistourclientsinachievingacleanexitthat

minimisespost-transactionliabilityandmaximises

valueforall.Ourclientsrangefromprivate

equityandventurecapitalhousestoinvestors,

management,banksandfinancialinstitutions,

throughoutAfricaandworldwide.

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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

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Wehaveadvisedon:

FUNDS WORK

• EthosPrivateFundVI

• AshburtonPrivateEquityFundI

• RussellstoneAfricanOpportunitiesFund

• restructuringRockwoodFundI

• restructuringthePIC’sPan-African

DevelopmentFund

• Harbourvest’sacquisitionofABSACapital’s

interestinABSACapitalPrivateEquityFund

• investmentsbyEskomPensionand

ProvidentFundinStanlibAfrica

InfrastructureFund,InvestecAfricaFundII,

HeliosAfricaFundandtheAbraaj

AfricaFund

• CranemereAfricaFund

• DeltaInternationalRealEstateFund

• BillionGroup’sInternational

PropertyFund

• Sanlam’sAfricaCoreRealEstateInvestment

Fund(Mauritius)

• RMBWestportAfricanRealEstateFund

• DeltaInternationalRealEstateFund

• StanlibAfricaDirectPropertyDevelopment

Fund(Mauritius)

• AthenaCapital’sAIHSub-Saharan

AfricaFund

• InvestecAssetManagement’sjointventure

withGrowthpointPropertiesLtd

• Investec’sAfricaPrivateEquityFundII

(Guernsey)

• CapitalEye’sAfricanTechFund

• SanariVenturesFundI

• 4DiCapitalFundI

• HarithFundManagers’PAIDFSAand

PAIDFMauritiusfunds

• Agri-VieFundIandII(Mauritius)

• ProgressionCapitalEastAfrica’ssetup

inKenya

• SouthSuezAfricaFundII

• InternationalHousingSolutionsFundII

• BotswanaPublicOfficersPensionFund

Our Signature Matters

PRIVATE EQUITY-RELATED M&A DEALS

East Africa

• theacquisitionbyAgri-VieFundPCCand

Agri-VieInvestmentsLtdofa45%stakein

StarBrightHoldingsLtd,aswellasother

investmentsinTanzaniaandKenya.

• theinvestmentbyAbraajinseveralEast

AfricaninvestmentsincludingDashen

Breweriesplc;VinePharmaceuticals,Avenue

GroupLtd;NairobiWomen’sHospitaland

itsinvestmentsinthebankingsectorinKenya

andTanzania.

• theacquisitionofprimerealestateinNairobi

byActisAfricaRealEstatePartners.

• theinvestmentbyAfricInvestinaregional

plasticsbusiness.

• theinvestmentsbyAscentCapitalinthe

InternationalClinicalLaboratory,inEthiopia;

andAfricanQueenLtdinUganda.

• theacquisitionbyBritishAmericanAsset

ManagerLtd(initscapacityasafund

managerofBAAMInvestmentPartners

OneLLPandBAAMInvestmentPartners

TwoLLP)ofa30%stakeinContinental

ReinsuranceLtd.

• theinvestmentsbyCatalystPrincipalPartners

inJamiiBankandOrbitChemicals.

• theacquisitionbyCentumInvestment

CompanyLtd(NSElisted)andCassia

CapitalPartnersLtdofa45%stakein

PlatcorpHoldingsLtd.

• theinvestmentsbyEmergingCapital

Partners,inNairobiJavaHouseLtd,Kenyan

GrainBulkHandlersandAfricanGas&Oil

CompanyLtd.

• theinvestmentsofPhatisa’sPan-African

HousingFundandAfricanAgricultureFund

inEastAfrica.

• thedisposalbyAbraaj,AfricInvestand

SwedfundofsharesinUAPHoldingsLtd

toOldMutual;thiswasreportedasthe

largestdealinEastAfricain2014.

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"...often noted for its cross- border capabilities, including transactions involving multiple African jurisdictions. It has a long history of advising multinationals." – Legal 500, 2016

Southern Africa

• thedualtrackM&AandIPOprocess,which

resultedinAlexanderForbesGroupHoldings

listingontheJSE(thelargestIPOin2014)

exitingshareholdersincludedActisandEthos.

• thedisposalbyTreaclePrivateEquityandthe

InternationalFinanceCorporationofTeraco

DataEnvironmentstoPermira.

• theinvestmentsbyInvestecAfricaPrivate

EquityintheIDMGroupandwiGroup

• theinvestmentbyDenhamCapitalin

BioThermEnergy.

• theinvestmentsbySaltCapitalinChill

BeveragesandWoody’sBrands.

• theacquisitionbyPPCoftheentire

issuedsharecapitalofProntoHoldings

fromCapitalWorks.

• theacquisitionofasignificantstakeinFibreCo;

restructuringofshareholdingarrangements

inVGG;subscriptiontosharesinSnaptand

investmentintoDarkFibreandVumatelfor

Convergence.

• therestructureanddisposalofAfrifreshby

StandardCharteredPrivateEquityandthe

acquisitionofastrategicstakeinChoppies.

• theacquisitionofastakeinEatonTowersand

thedisposalofIdwalaforEthos.

• thedisposalofTseboforRockwood.

West Africa

• apotentialinvestmentbySaltCapital

inLiberia.

• aUSD80millioninvestmentbyAfrica

FinanceCorporationinNigeriainalisted

miningcompany.

• theUSD225millionacquisitionbyGZ

IndustriesofFrigoglass’glassoperation

companiesinNigeriaandUAE.

• theco-investmentbySouthSuezCapital

(withtheAbraajGroup)inFanMilk,Nigeria.

• theco-investmentbySouthSuezCapital

(withActis)intoaretailpropertydevelopment

inAbujaStarBrightHoldingsLtd,aswellas

otherinvestmentsinTanzaniaandKenya.

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Private Equity

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LEVERAGED FINANCING WORK

• therestructuringofAlexanderForbes

EquityHoldingsPtyLtdanditssubsidiaries.

• thefundingarrangementsofMeduCapitalin

connectionwiththeacquisitionof95%ofthe

sharesinEliteTruckHire.

• theleveragedfinancingprovidedbyAbsa

Capital(asmandatedleadarrangerand

lender)toaspecialpurposevehiclein

connectionwiththeacquisitionby

EthosPrivateEquityofAutozoneRetail

andDistribution.

• thefinancingbyTheStandardBankofSouth

AfricaLtdandRandMerchantBankof

theacquisitionofMcDonald’sSouth

AfricabyShandukaRestaurantsCompany.

• thefinancingprovidedbyRandMerchant

Bankandvariousotherfinancialinstitutionsin

connectionwiththeprivateequitybuy-outof

themediahousePrimediaLtdbya

consortiumledbyBrait.

• therestructureofPrimediaPtyLtd.

• thesecuredloanadvancedbyInvestecAsset

ManagementtoPersianisPropertiesLtd

inNigeria.

• UAPHoldingsLtdonthreecapitalraising

convertibleloansfromnewprivateequity

investors,AureosAfricaFundLLC,Swedfund

andAfricInvestFund.

• aloanbyTBLMirrorFundBVtoshareholders

ofHighlandsMineralWaterCompanyLtd.

FUND FINANCING WORK

• asecuredfundfacilitymadeavailableto

RockwoodFundI.

• twosecuredfacilitiesmadeavailableto

LeapfrogFinancialInclusionFundII,LPand

LeapfrogFinancialInclusionFundII-B,LP.

• aforwardstartfacilitytoTheBraitIV

FacilityTrust.

• atermloanfacilitymadeavailableto

CapitalworksInvestmentPartnershipand

CapitalworksPrivateEquityPartnership.

• fundingpackagesmadeavailabletoAscendis

HealthLtd,aswellasBountyBrands,the

healthcareandconsumer/retailbusinessesof

Coast2Coast.

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Private Equity

CONTENTS PAGE

Accolades

AFRICAN LEGAL AWARDS 2016

WereceivedtheawardsforBanking,FinanceandRestructuring

TeamoftheYear,EmploymentTeamoftheYearandProperty

TeamoftheYear.

DEALMAKERS AWARDS 2017

WewereidentifiedastheleadinglegaladviserinAfricabyboth

dealvalueanddealvolumeforthethirdconsecutiveyear.Wealso

performedstronglyintheSouthAfricanawardsforM&Abydeal

valueanddealflowandCorporateFinancebydealflow.

INTERNATIONAL LAW OFFICE CLIENT CHOICE AWARDS

WewontheawardforSouthAfricafor2005,2006,2008,2011

andagainin2015.

INDIA BUSINESS LAW JOURNAL 2016

Wewereidentifiedasoneoftheleadinginternationallawfirms

forIndiawork.

WHO’S WHO LEGAL AWARDS 2016

WewerenamedSouthAfricanLawFirmoftheYear.

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51 Recognised Lawyers31 Recognised Lawyers58 Recognised Lawyers

BAND 1

KENYA

Banking&Finance

Commercial,Corporate&M&A

RealEstate&Construction

SOUTH AFRICA

Commercial,Corporate&M&A

Competition

Construction

Labour&Employment

Projects&Infrastructure

Shipping&Transport

TANZANIA

LegalMarketOverview BAND 2

KENYA

DisputeResolution

Projects&Energy

SOUTH AFRICA

Banking&Finance

DisputeResolution

InvestmentFunds

RealEstate

Tax

TIER 1

KENYA

Corporate&Financial

Mining

SOUTH AFRICA

CapitalMarkets

Competition

Energy

M&A

TANZANIA

Energy&Infrastructure

UGANDA

Energy&Infrastructure

Financial&Corporate

TIER 2

KENYA

Energy

Infrastructure

SOUTH AFRICA

Banking

Infrastructure

Mining

Oil&Gas

ProjectFinance

TANZANIA

Financial&Corporate

BAND 1

KENYA

Banking&Finance

Corporate/Commercial

SOUTH AFRICA

CapitalMarkets:Debt

CapitalMarkets:Equity

Competition

Construction

CorporateInvestigations

Corporate/M&A

Employment

Environment

IT/Telecommunications

Projects&Energy

TANZANIA

GeneralBusinessLaw

UGANDA

GeneralBusinessLaw BAND 2

SOUTH AFRICA

Banking&Finance

DisputeResolution

Media&Broadcasting

Tax

THE LEGAL 500 EMEA 2016 RANKED US IN THE FOLLOWING AREAS

IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS

CHAMBERS & PARTNERS 2016 RANKED US IN THE FOLLOWING AREAS

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Private Equity

CONTENTS PAGE

Key Contacts

RICHARD HARNEY

ManagingPartner,Kenya

Nairobi,Kenya

T: +254202899000

E: [email protected]

JOHN BELLEW

HeadofPrivateEquity

Johannesburg,SouthAfrica

T: +27116699494


FRANCISCO KHOZA

HeadofBankingandFinance


T: +27116699308


WILBERT KAPINGA

ManagingPartner,Tanzania

DaresSalaam,Tanzania

T: +255222198000


ULRIKE NAUMANN

HeadofFinance


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


T: +27116699493


JOYCE KARANJA

Partner

Nairobi,Kenya

T: +254202899000


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CONTENTS PAGE

TIMOTHY MCDOUGALL

Partner


T: +27116699259


PARAS SHAH

Partner

Nairobi,Kenya

T: +254202899279


PHILIP COULSON

Partner

Nairobi,Kenya

T: +254202899000


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Private Equity

Cape Town

T: +27214807800

E:[email protected]

Dar es Salaam

T: +255222198000


Durban

T: +27312650651

E:[email protected]

Johannesburg

T: +27116699000

E:[email protected]

Kampala

T: +256414254540

E:[email protected]

Nairobi

T: +254202899000

E:[email protected]

Follow us on Twitter:

@Bowmans_Law

www.bowmanslaw.com

CONTENTS PAGE

ContentsOur FirmOur FootprintOur PESOur Specialist ServicesOur Signature MattersOur AccoladesKey Contacts

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private equity - bowmans law...swedfund of shares in uap holdings ltd to old mutual; this was...

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