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PRIVATE EQUITY
2
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurPrivateEquitySector
07 OurSpecialistServices
08 OurSignatureMatters
12 Accolades
14 KeyContacts
Private Equity
3
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.
WithsixofficesinfourAfricancountries
andover400specialisedlawyers,we
aredifferentiatedbyourgeographicalreach,
independenceandthequalityoflegalservices
weprovide.
Wedrawonouruniqueknowledgeofthe
Africanbusinessenvironmentandin-depth
understandingofthesocio-politicalclimateto
adviseclientsonawiderangeoflegalissues.
Ouraimistoassistourclientsinachievingtheir
objectivesassmoothlyandefficientlyaspossible
whileminimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.Wehave
beennamedAfricaLegalAdviserbyDealMakers
forthelasttwoconsecutiveyears(2014and2015)
andSouthAfricanLawFirmoftheYearfor2016
bytheWho’s Who Legal.Mostrecentlywewon
theBanking,FinanceandRestructuringTeamof
theYear,theEmploymentTeamoftheYear,and
thePropertyTeamoftheYearAwardsat
theprestigiousAfricanLegalAwardshosted
by Legal WeekandtheCorporateCounsel
AssociationofSouthAfricain2016.
4
BOWMANS
CONTENTS PAGE
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction
or advisory experience
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction or advisory experience
SOUTH AFRICA
MADAGASCAR
NIGERIA
KENYA
UGANDA
Bowmans offices
Relationship firm
Francophone Africa coverage
Significant transaction or advisory experience
SOUTH AFRICA
MADAGASCAR
NIGERIA
KENYA
UGANDA
Weprovideintegratedlegalservices
throughoutAfricafromsixoffices
(Antananarivo,CapeTown,Durban,Johannesburg,
KampalaandNairobi)infourcountries(Kenya,
Madagascar,SouthAfricaandUganda).
WeworkcloselywithleadingNigerianfirm,
UdoUdoma&Belo-Osagie,whichhasofficesin
Abuja,LagosandPortHarcourt,andhavestrong
relationshipswithotherleadinglawfirmsacross
therestofAfrica.
WeprovidecoverageoffrancophoneOHADA
jurisdictionsacrossthecontinent(includingBenin,
BurkinaFaso,Burundi,Cameroon,CentralAfrican
Republic,Chad,CongoRepublic,Democratic
RepublicofCongo,Gabon,Guinea,IvoryCoast,
Mali,Mauritania,Niger,Rwanda,Senegaland
Togo)fromourofficeinMadagascar.
WearerepresentativesofLexMundi,aglobal
association,withmorethan160independentlaw
firmsinallthemajorcentresacrosstheglobe.This
associationgivesusaccesstothebestfirmsin
eachjurisdictionrepresented.
Our Footprint in Africa
5
Private Equity
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-qualityfirmacting
onsomeofthelargest
andmostsignificant
corporatetransactions...
Similarlyadeptwhen
advisingoncomplex,
cross-bordermatters
throughitsextensivenetwork
ofofficesand'bestfriend'
affiliationsacrossthecontinent." – 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.
CONTENTS PAGE
6
BOWMANS
UPSTREAM
• fundformation,includingGPand
LPrepresentation
• carry-structuringarrangements
• internationalandlocaltaxlaw
• financialregulatorylaw
• theregulatoryaspectsofblackeconomic
empowermentandlocalownership
requirementsacrossAfrica
DOWNSTREAM
• portfoliocompanyacquisitionsanddisposals,
includingmanagementincentives
• portfoliocompanyandfundfinancing
• competitionlaw
• restructuring
• internationalandlocaltaxlaw
• theregulatoryaspectsofblackeconomic
empowermentandlocalownership
requirementsacrossAfrica
Our Specialist Services
CONTENTS PAGE
7
Private Equity
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.
CONTENTS PAGE
8
BOWMANS
Southern Africa
• thedualtrackM&AandIPOprocess,which
resultedinAlexanderForbesGroupHoldings
listingontheJSE(thelargestIPOin2014)
exitingshareholdersincludedActisandEthos.
• thedisposalbyTreaclePrivateEquityandthe
InternationalFinanceCorporationofTeraco
DataEnvironmentstoPermira.
• theinvestmentsbyInvestecAfricaPrivate
EquityintheIDMGroupandwiGroup
• theinvestmentbyDenhamCapitalin
BioThermEnergy.
• theinvestmentsbySaltCapitalinChill
BeveragesandWoody’sBrands.
• theacquisitionbyPPCoftheentire
issuedsharecapitalofProntoHoldings
fromCapitalWorks.
West Africa
• apotentialinvestmentbySaltCapital
inLiberia.
• aUSD80millioninvestmentbyAfrica
FinanceCorporationinNigeriainalisted
miningcompany.
• theUSD225millionacquisitionbyGZ
IndustriesofFrigoglass’glassoperation
companiesinNigeriaandUAE.
• theco-investmentbySouthSuezCapital
(withtheAbraajGroup)inFanMilk,Nigeria.
• theco-investmentbySouthSuezCapital
(withActis)intoaretailpropertydevelopment
inAbujaStarBrightHoldingsLtd,aswellas
otherinvestmentsinTanzaniaandKenya.
"...oftennotedforitscross-
bordercapabilities,including
transactionsinvolvingmultiple
Africanjurisdictions.Ithasa
longhistoryofadvising
multinationals."–Legal 500, 2016
CONTENTS PAGE
9
Private Equity
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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BOWMANS
CONTENTS PAGE
11
Private Equity
CONTENTS PAGE
Accolades
AFRICAN LEGAL AWARDS 2016
WereceivedtheawardsforBanking,FinanceandRestructuring
TeamoftheYear,EmploymentTeamoftheYearandProperty
TeamoftheYear.
DEALMAKERS AWARDS 2016
WehavebeenidentifiedastheleadinglegaladviserinAfricaby
bothdealvalueandnumberoftransactions.Wewerealsoranked
thirdinSouthAfricaformergersandacquisitionsbydealvalue.
INTERNATIONAL LAW OFFICE CLIENT CHOICE AWARDS
WewontheawardforSouthAfricafor2005,2006,2008,2011
andagainin2015.
WHO’S WHO LEGAL AWARDS 2016
WewerenamedSouthAfricanLawFirmoftheYear.
INDIA BUSINESS LAW JOURNAL 2016
Wewereidentifiedasoneoftheleadinginternationallawfirms
forIndiawork.
12
BOWMANS
49 RecognisedLawyers30 Recognised
Lawyers57 RecognisedLawyers
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
BAND 2
KENYA
DisputeResolution
Projects&Energy
SOUTH AFRICA
Banking&Finance
DisputeResolution
InvestmentFunds
RealEstate
Tax
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
UGANDA
GeneralBusinessLaw
BAND 2
MADAGASCAR
GeneralBusinessLaw
SOUTH AFRICA
Banking&Finance
DisputeResolution
Media&Broadcasting
Tax
THE LEGAL 500 EMEA 2016 RANKED US IN THE FOLLOWING AREAS
CHAMBERS & PARTNERS 2016 RANKED US IN THE FOLLOWING AREAS
CONTENTS PAGE
TIER 1
KENYA
Corporate&Financial
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
IFLR1000 2017 RANKED US IN THE FOLLOWING AREAS
13
Private Equity
Key Contacts
CONTENTS PAGE
RICHARD HARNEY
ManagingPartner,Kenya
Nairobi,Kenya
T: +254202899000
JOHN BELLEW
HeadofPrivateEquity
Johannesburg,SouthAfrica
T: +27116699494
JOHN FFOOKS
HeadofFrancophoneAfrica
Antananarivo,Madagascar
T: +261202243247
FRANCISCO KHOZA
HeadofBankingandFinance
Johannesburg,SouthAfrica
T: +27116699308
ULRIKE NAUMANN
HeadofFinance
Johannesburg,SouthAfrica
T: +27116699377
14
BOWMANS
CONTENTS PAGE
ALEX MATHINI
Partner
Nairobi,Kenya
T: +254202899211
JOYCE KARANJA
Partner
Nairobi,Kenya
T: +254202899103
WALLY HORAK
HeadofTax,CapeTown
CapeTown,SouthAfrica
T: +27214807935
DAVID MPANGA
Partner
Kampala,Uganda
T: +256414254540
JAMES WESTGATE
Partner
Johannesburg,SouthAfrica
T: +27116699493
PARAS SHAH
Partner
NairobiKenya
T: +254202899279
PHILIP COULSON
Partner
Nairobi,Kenya
T: +254202899000
15
Private Equity
Antananarivo
T: +261202243247
Cape Town
T: +27214807800
Durban
T: +27312650651
Johannesburg
T: +27116699000
Kampala
T: +256414254540
Nairobi
T: +254202899000
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
CONTENTS PAGE
