private equity - corporate lawyers | bowmans law

PRIVATE EQUITY

Contents

04 OurFirm

05 OurFootprintinAfrica

06 OurPrivateEquitySector

07 OurSpecialistServices

08 OurSignatureMatters

12 Accolades

14 KeyContacts

Private Equity

3

Our Firm

WithsixofficesinfourAfricancountries

andover400specialisedlawyers,we

aredifferentiatedbyourindependenceandthe

qualityoflegalservicesweprovide.

WedrawonouruniqueknowledgeoftheAfrican

businessenvironmentandin-depthunderstanding

ofthesocio-politicalclimatetoadviseclientsona

widerangeoflegalissues.Ouraimistoassistour

clientsinachievingtheirobjectivesassmoothly

andefficientlyaspossiblewhileminimisingthe

legalandregulatoryrisks.

Ourclientsincludecorporates,multinationals

andstate-ownedenterprisesacrossarangeof

industrysectorsaswellasfinancialinstitutions

andgovernments.

Ourexpertiseisfrequentlyrecognisedby

independentresearchorganisations.Wehave

beennamedAfricanLegalAdviseroftheYear

byDealMakers forthelastfourconsecutiveyears

andSouthAfricanLawFirmoftheYearfor2018

intheChambersAfricaAwardsforExcellence.

MostrecentlywewerenamedAfricanLawFirm

oftheYear–LargePracticeattheAfricanLegal

AwardshostedbyLegal Week andtheCorporate

CounselAssociationofSouthAfrica.Wewere

alsooneofonlytwofirmsthattookhomethree

practiceawards-forPropertyandConstruction

TeamoftheYear,EnergyandNaturalResources

TeamoftheYearandTMTTeamoftheYear.

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

associationwithmorethan160independent

lawfirmsinallthemajorcentresacrossthe

globe.Thisassociationgivesusaccesstothe

bestfirmsineachjurisdictionrepresented.

Private Equity

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OurPrivateEquitySectorprovidesafullrange

ofbespokeupstreamanddownstreamservices

totheprivateequityindustry,includingprivate

equityhousesandlimitedpartnersacrossAfrica.

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.

Our Private Equity Sector

ACQUISITIONS AND EXITS

Wehavealonghistoryofadvisingprivate

equityfundsonallaspectsoftheirmergersand

acquisitionsactivity.Wearecommercialinour

approachandinnovativeinfindingsolutionsthat

balancetheneedsofdifferentinterestgroups.

Onacquisitionweassistwithduediligence,

structuring,draftingandnegotiatingacquisition

documentsandobtainingregulatory(including

competition)approvals.Wealsoassistwith

managementincentivearrangementsand

negotiatingfinancingagreements.

Ourextensiveexperiencehelpsuscreate

solutionstoshareholderissuesandtocraft

shareholdersagreementsthatprotectthe

interestsofdifferentstakeholdersinportfolio

companieswhileoptimisingexitopportunities.

Wehavebeeninvolvedontheexitsidein

numerousauctionprocesses,proprietary

salesandIPOsandlooktoassistourclients

inachievingacleanexitthatminimisespost-

transactionliabilityandmaximisesvalueforall.

Ourclientsrangefromprivateequity

andventurecapitalhousestoinvestors,

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

Private Equity

7CONTENTS PAGE

Our Signature Matters

Wehaveadvisedon:

FUNDS WORK

• Agri-VieFundIandII(Mauritius);

• AshburtonPrivateEquityFundI;

• AthenaCapital’sAIHSub-Saharan

AfricaFund;

• BillionGroup’sInternationalPropertyFund;

• BotswanaPublicOfficersPensionFund;

• CapitalEye’sAfricanTechFund;

• CranemereAfricaFund;

• DeltaInternationalRealEstateFund;

• investmentsbyEskomPensionand

ProvidentFundinStanlibAfrica

InfrastructureFund,InvestecAfricaFrontier

PrivateEquityFundII,HeliosAfricaFund

andtheAbraajAfricaFund;

• EthosPrivateFundVI;

• Harbourvest’sacquisitionofABSACapital’s

interestinAbsaCapitalPrivateEquityFund,

re-namedRockwoodFundI,and

therestructureofRockwoodFundI;

• HarithFundManagers’PAIDFSAand

PAIDFMauritiusfunds;

• InspiredEvolutionFundII;

• InternationalHousingSolutionsFundII;

• InvestecAssetManagement’sjointventure

withGrowthpointPropertiesLtd;

• restructuringthePan-AfricanInfrastructure

DevelopmentFund;

• ProgressionCapitalEastAfrica’ssetup

inKenya;

• RMBWestportAfricanRealEstateFund;

• RussellstoneAfricanOpportunitiesFund;

• Sanlam’sAfricaCoreRealEstate

InvestmentFund(Mauritius);

• SanariVenturesFundI;

• SouthSuezAfricaFundII;

• StanlibAfricaDirectPropertyDevelopment

Fund(Mauritius);and

• 4DiCapitalFundI.

PRIVATE EQUITY-RELATED M&A DEALS

Wehaveadvised:

East Africa

• ActisAfricaRealEstatePartnersona

numberofproperty-relatedacquisitions

suchasthepurchaseofprimerealestate

inNairobiforthepurposeofdeveloping

aresidentialcumcommercialestate;deal

valueofKES1.2billion;

• AfricaHealthFundLLC(asubsidiaryof

theAbraajGroup)onitsexitsfromNairobi

WomensHospitalandAvenueHospital

Group,andalsoonitsinvestmentsina

greenfieldcardiachospitalinKenyaandin

LusakaTrustHospitalinZambia;

• AfricaHealthFundonitsproposed

investmentinISOHealthcare,acompany

thatwilldevelopamulti-specialityhospital

inNairobi;

• AfricinvestGroupinaproposedInvestment

inSilafricaPlastics&Packaging;

• AureosAfricaFundLLC,Swedfund

andAfricInvestFundinrespectof

theirexitsfromUAPHoldingsLtdto

OldMutualGroup;

• AureosonitsinvestmentinDashen

Breweriesplc,anEthiopianalcoholic

beveragemanufacturer,aspartofa

consortiumofinvestorsputtogether

byDuetCapital;

• Capitalworksontheacquisitionof

theAfricaninsurancebrokerageand

employeebenefitsbusinessofAONplc

in10Africancountries;

• CatalystPrincipalPartnersonits

investmentinOrbitChemicalsGroup;

• onaUSD140millionInvestmentby

CDCGroupplcinARMCementLtd

(ARM)bysubscriptionofsharesinARM;

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• ontheinvestmentbyDenhamCapitalin

BioThermEnergy;

• Ethosontheacquisitionofastakein

EatonTowers;

• theshareholdersofIdwalaIndustrial

HoldingsLtd(includingEthos,OldMutual

andKagisoTisoHoldings)onthedisposal

ofIdwalaIndustrialHoldingstoInvestec

PrivateEquity;

• InvestecAfricaFrontierPrivateEquity

FundIIonitsacquisitionsoftheIDMGroup

andwiGroup;

• onthedualtrackM&AandIPOprocess,which

resultedinAlexanderForbesGroupHoldings

listingontheJSE(thelargestIPOin2014),

exitingshareholdersincludedActisandEthos;

• Phatisa’sAfricaAgricultureFundonthe

acquisitionofKanuEquipment’searthmoving,

mining,agricultureandroadconstruction

equipmentbusiness;

• RockwoodFundIonthedisposalof

TseboHoldingstoWendel;

• ontheinvestmentsbySaltCapitalin

ChillBeveragesandWoody’sBrands;

• StandardCharteredontherestructureand

disposalofAfrifreshandtheacquisition

ofastrategicstakeinChoppies;and

• onthedisposalbyTreaclePrivateEquityand

theInternationalFinanceCorporationof

TeracoDataEnvironmentstoPermira.

• CDCGroupplc,asKenyanlegalcounsel,

ontheacquisitionofa10.68%stakeinI&M

HoldingsLtd;

• CentumininvestingoverKES100million

toacquireanextra3%stakeinAlmasi

BeveragesLtd;

• ontheacquisitionbyCentumInvestment

CompanyLtd(NSElisted)andCassia

CapitalPartnersLtdofa45%stakein

PlatcorpHoldingsLtd;

• GeneralPlasticsLtdontheUSD14.2million

investmentbyafundmanagedbyPhatisa

FundManagersLtdinGeneralPlastics;

• KenafricIndustriesLtdinrespectofan

equityinvestmentbyAmethis;

• OrangeSAinrespectofitssaleofa70%

equitystakeinTelkomKenyaLtdtoprivate

equityfirmHeliosInvestmentPartners;

• Phatisa’sAfricaAgricultureFundon

theacquisitionofKanuEquipment’s

earthmoving,mining,agricultureandroad

constructionequipmentbusiness;

• QuantumGlobalFundonitsinvestment

inSavannahCementGroup;and

• ResolutionHealthKenyaLtdonan

investmentbyLeapfrogHoldings

(dealvalueUSD18.7million).

Southern Africa

• Capitalworksontheacquisitionof

theAfricaninsurancebrokerageand

employeebenefitsbusinessofAONplc

in10Africancountries;

• Capitalworksonitsdisposalofthe

entireissuedsharecapitalofPronto

HoldingstoPPC;

• ConvergencePartnersontheacquisition

ofasignificantstakeinFibreCo,onthe

restructuringofshareholdingarrangements

inVGG,onsubscriptionsofsharesin

Snaptandonitsinvestmentinto

DarkFibreandVumatel;

Bowmans 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

• onaUSD80millioninvestmentby

AfricaFinanceCorporationinNigeria

inalistedminingcompany;

• ontheUSD225millionacquisitionby

GZIndustriesofFrigoglass’glass

operationcompaniesinNigeriaandUAE;

• onapotentialinvestmentbyPhatisa’s

AfricaAgricultureFundinaNigerian

manufacturingbusiness;

• onapotentialinvestmentbySaltCapital

inLiberia;

• ontheco-investmentbySouthSuez

Capital(withActis)intoaretailproperty

developmentinAbujaStarBrightHoldings

Ltd,aswellasotherinvestmentsinTanzania

andKenya;and

• ontheco-investmentbySouthSuezCapital

(withtheAbraajGroup)inFanMilk,Nigeria.

FUND FINANCING WORK

Wehaveadvisedon:

• fundingpackagesmadeavailableto

AscendisHealthLtd,aswellasBounty

Brands,thehealthcareandconsumer/retail

businessesofCoast2Coast;

• atermloanfacilitymadeavailableto

CapitalworksInvestmentPartnershipand

CapitalworksPrivateEquityPartnership;

• twosecuredfacilitiesmadeavailableto

LeapfrogFinancialInclusionFundII,LPand

LeapfrogFinancialInclusionFundII-B,LP;

• asecuredfundfacilitymadeavailableto

RockwoodFundI;and

• aforwardstartfacilitytoTheBraitIV

FacilityTrust.

“Bowmans was named Single Deal Advisor (Legal) at the Private Equity Awards in both 2017 and 2018. The firm was also recognized as Local Legal Advisor of the Year in 2017 by the same organisation.”

“Bowmans is noted for private equity funds, collective investment schemes and hedge funds in sub-Saharan Africa.” – Legal 500, 2018

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LEVERAGED FINANCING WORK

Wehaveadvisedon:

• theleveragedfinancingprovidedby

AbsaCapital(asmandatedleadarranger

andlender)toaspecialpurposevehicle

inconnectionwiththeacquisitionby

EthosPrivateEquityofAutozoneRetail

andDistribution;

• therestructuringofAlexanderForbesEquity

HoldingsPtyLtdanditssubsidiaries;

• thesecuredloanadvancedbyInvestec

AssetManagementtoPersianisProperties

LtdinNigeria;

• thefundingarrangementsofMeduCapital

inconnectionwiththeacquisitionof95%

ofthesharesinEliteTruckHire;

• therestructureofPrimediaPtyLtd;

• aloanbyTBLMirrorFundBVtoshareholders

ofHighlandsMineralWaterCompanyLtd.

• thefinancingprovidedbyRandMerchant

Bankandvariousotherfinancialinstitutions

inconnectionwiththeprivateequity

buy-outofthemediahousePrimediaLtd

byaconsortiumledbyBrait;

• thefinancingbyTheStandardBankof

SouthAfricaLtdandRandMerchantBank

oftheacquisitionofMcDonald’sSouthAfrica

byShandukaRestaurantsCompany;and

• UAPHoldingsLtdonthreecapitalraising

convertibleloansfromnewprivateequity

investors,AureosAfricaFundLLC,

SwedfundandAfricInvestFund.

Private Equity

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Accolades

AFRICAN LEGAL AWARDS 2018

WewerenamedAfricanLawFirmoftheYear(LargePractice).

Wewerealsooneofonlytwofirmsthattookhomethree

practiceawards-forPropertyandConstructionTeamofthe

Year,EnergyandNaturalResourcesTeamoftheYearand

TMTTeamoftheYear.

CHAMBERS AFRICA AWARDS 2018

WewerenamedSouthAfricanLawFirmoftheYear.

DEALMAKERS AWARDS 2018

WehavebeenidentifiedastheleadinglegaladviserinAfrica

byvolume.Thisisthefourthconsecutiveyearwehavebeen

recognisedthisway.

INDIA BUSINESS LAW JOURNAL 2018

WehavebeennamedasoneoftheTopRegionaland

SpecialistFirms(Worldwide).

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67Recognised Lawyers

BAND 1

KENYA

Banking&Finance

Corporate/Commercial

Employment

SOUTH AFRICA

CapitalMarkets:Debt

CapitalMarkets:Equity

Competition

CorporateInvestigations

M&A

Employment

Environment

IT/Telecommunications

Projects&Energy

Shipping

Tax

UGANDA

GeneralBusinessLaw

BAND 2

SOUTH AFRICA

Banking&Finance

DisputeResolution

Media&Broadcasting

Restructuring/Insolvency

KENYA

Projects&Energy

TANZANIA

GeneralBusinessLaw

CHAMBERS & PARTNERS 2018 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&

CapitalMarkets

Commercial,Corporate&M&A

Employment

RealEstate&Construction

SOUTH AFRICA

Commercial,Corporate&M&A

Competition

Employment

Projects&Infrastructure

Shipping

UGANDA

LegalMarketsOverview

TIER 2

KENYA

DisputeResolution

Projects&Energy

SOUTH AFRICA

Banking&Finance

Construction

DisputeResolution

InvestmentFunds

Tax

TANZANIA

LegalMarketsOverview

THE LEGAL 500 EMEA 2018 RANKED US IN

THE FOLLOWING AREAS

Private Equity

13CONTENTS PAGE

Key Contacts

RICHARD HARNEY

ManagingPartner,Kenya

Nairobi,Kenya

T: +254202899000

E: [email protected]

JOHN BELLEW

HeadofPrivateEquity

Johannesburg,SouthAfrica

T: +27116699494


ULRIKE NAUMANN

HeadofGeneralFinance


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


JOSHUA JANKS

Partner


T: +27214807859


WILBERT KAPINGA

ManagingPartner,Tanzania

DaresSalaam,Tanzania

T: +255768988640


SHAMILAH GRIMWOOD-NORLEY

HeadofBankingandFinance


T: +27214807855


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14CONTENTS PAGE

TIMOTHY MCDOUGALL

Partner


T: +27116699259


PARAS SHAH

Partner

Nairobi,Kenya

T: +254202899279


PHILIP COULSON

Partner

Nairobi,Kenya

T: +254202899000


JOYCE KARANJA

Partner

Nairobi,Kenya

T: +254202899000


Private Equity

15CONTENTS PAGE

Cape Town

T: +27214807800

E:[email protected]

Dar es Salaam

T: +255768988640


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

private equity - corporate lawyers | bowmans law

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