The 2023 DealMakers AFRICA Annual issue is out.
Criteria changes are coming for West Africa deal and transaction tables... watch this space!
SPECIAL RECOGNITION AWARD 2022
The awarding by DealMakers AFRICA of the SPECIAL RECOGNITION Trophy seeks to acknowledge and showcase a deal or transaction for the year under review, the characteristics of which are noteworthy and make a significant contribution to the region or industry. This award is not region specific.
The following transaction is being recognised for 2022
Sanlam Allianz Joint Venture
and the advisers
This transaction reshapes the African insurance industry. The transaction involved 27 countries and 12 overlapping countries, creating complexity in terms of valuations, due diligence and regulatory approvals.
EAST AFRICA REGION
KCB Group’s acquisition of an 85% stake in Trust Merchant Bank
Advisers: Deloitte, Bowmans, Stein Scop and EY
Deal of the Year 2022
Shortlisted Nominees for the Deal of the Year
Following submissions from the advisory teams, these five deals (in no particular order) were shortlisted for the
East Africa Deal of the Year 2022
KCB Group’s acquisition of an 85% stake in Trust Merchant Bank
The acquisition of the majority stake in DRC-based Trust Merchant Bank, with the option to acquire the remaining 15% within two years, enables KCB to accelerate its market presence in the region. Trust Merchant Bank is one of the largest banks in the DRC with a strong offering in retail, small and medium enterprise corporate and digital banking markets.
Advisers: Deloitte, Bowmans, Stein Scop and EY
Disposal by HIL Holdings of Hillcrest Investments to Braeburn Schools
The acquisition of the Nairobi-based campus by Braeburn Group of International Schools, comes just three years after Hillcrest International was acquired by the Dubai-based GEMS Education from Fanisi Capital for Ksh1,8 billion (c. US$18m) – a deal which was shortlisted and won the East Africa Private Equity Deal of the Year for 2019.
Advisers: DLA Piper Africa | IKM Advocates and Bowmans
KITEA Group backed by Tana Africa Capital acquires a majority stake in Furniture Palace
The Moroccan furniture retailer and the pan-African private equity firm acquired, in early 2022, a 55.9% stake in Kenyan retailer known for its brands Furniture Palace and Big Save Furniture. The acquisition marks KITEA’s entry into the East African market, a move which speaks to its strategy of building a leading pan-African business servicing all segments of the African market.
Advisers: Grant Thornton, ENSafrica and ASAFO & CO.
The Metro Group’s acquisition of a majority stake in Metropolitan Hospital Holdings
The exit of Evercare from its investment in Metropolitan Hospital Holdings returns Metropolitan Hospital and Ladnan Hospital to its original founders, The Metro Group. The Evercare Health Fund, managed by Texas Pacific Group, acquired its 54.9% stake in 2019 from the then troubled Abraaj Holdings.
Advisers: I&M Burbidge Capital, Nedbank CIB, Bowmans, McKay Advocates and Debevoise & Plimpton.
Disposal of Golden Jubilee to Kasada Capital Management
The acquisition of Kenyan Crowne Plaza Hotel (owned by Golden Jubilee) by Kasada Capital Management from Nairobi businessman Nazir Ahmed Akbarali, is the second acquisition in East Africa by the private equity fund dedicated to investing in the hospitality industry of sub-Saharan Africa. Subsequent to the deal, the Crowne Plaza is undergoing an ‘ambitious’ renovation programme to reposition it in a post COVID environment.
Advisers: Horizon Africa Capital, O&M Law and Bowmans
Private Equity Deal of the Year 2022
Amethis Retail’s exit of Naivas
Advisers: Rothschild & Co, Bowmans, Benoit Chambers, Kaplan & Stratton, EY and PwC
Shortlisted Nominees for the Private Equity Deal of the Year
Following submissions from the advisory teams, these three deals (in no particular order) were shortlisted for the
East Africa Private Equity Deal of the Year 2022
Actis' exit of a 36% stake in AutoXpress to AfricInvest and IFC
In April 2022, Actis announced the successful exit of its 36% minority stake in AutoXpress International via an auction process. Its investment in the largest importer, distributor and retailer of tyres was sold to a consortium comprising AfricInvest and the International Finance Corporation. The founders retain the majority stake in the company.
Advisers: DC Advisory, Bowmans, Anjarwalla & Khanna and DLA Piper Africa | IKM Advocates
Amethis Retail’s exit of Naivas
Amethis Retail, Gakiwawa Family Investments, MCB Equity Fund, the International Finance Corporation and German fund DEG, have exited their investment in Kenyan retail chain Naivas in a deal estimated to be worth Ksh18,25 billion (US$151,97 million). The 40% stake will be acquired by a consortium led by Mauritian conglomerate IBL Group (taking a 30% equity stake), French fund Proparco and a reinvesting DEG.
Advisers: Rothschild & Co, Bowmans, Benoit Chambers, Kaplan & Stratton, EY and PwC
LeapFrog's partial exit of Goodlife Pharmacies
Eurapharma's (CFAO Healthcare) acquisition of a 30% stake in Goodlife Pharmacies was announced in March 2022, following LeapFrog Investments’ partial equity exit from the East African pharmacy chain. Established in 2014, Goodlife has developed into an integrated, omnichannel health hub, represented in c. 100 locations in Kenya and Uganda and reaching 1,7 million people.
Advisers: ADVANT Altana, Kaplan & Stratton, Debevoise & Plimpton, MMAN Advocates and Katende, Ssempebwa Advocates
ADVISORY FIRM AWARDS | LEAGUE TABLES | EAST AFRICA
DealMakers AFRICA awards the top advisers by Value and Flow in the following categories:
-
Investment Advisers
-
Legal Advisers
Awards are made to the top three M&A teams and the top three teams for work carried out in the General Corporate Finance space.
Mergers & Acquisitions
By Deal Value
By Deal Flow
By Deal Value
By Deal Flow
By Transaction Value
General Corporate Finance
By Transaction Flow
By Transaction Value
By Transaction Flow
WEST AFRICA REGION
Deal of the Year 2022
Access Holding plc’s acquisition of majority stake in First Guarantee Pension, and an indirect equity stake in Sigma Pensions and their subsequent merger
Advisers: Coronation Merchant Bank, Banwo & Ighodalo and Aluko & Oyebode
Shortlisted Nominees for the Deal of the Year
Following submissions from the advisory teams, these five deals (in no particular order) were shortlisted for the West Africa Deal of the Year 2022
Access Holding plc’s acquisition of majority stake in First Guarantee Pension, and an indirect equity stake in Sigma Pensions and their subsequent merger
The FGPL transaction was structured in two phases. Initially Access acquired a majority stake in the target which entitled Access to participate in the rights issue. Following the finalisation of its FGPL stake, Access via its subsidiary, indirectly acquired a significant minority stake in Sigma Pensions, through Actis Golf Nigeria, the sole investor in Sigma Pensions. Following the acquisition, FGPL and Sigma Pensions entered into a scheme of arrangement for the merger of both entities with Sigma Pensions remaining as the enlarged entity. It positions Access to gain relevant scale across Africa, global monetary centres and beyond banking verticals.
Advisers: Coronation Merchant Bank, Banwo & Ighodalo and Aluko & Oyebode
Acquisition by Guaranty Trust of Pension Managers and Investment One Funds Management
In February 2022, Guaranty Trust Holding Company (GTCO), a diversified financial services company with N5.144 trillion assets, announced it had concluded the acquisition of Investment One Pension Managers and Investment One Funds Management, held by Investment One Financial Services. The deal is set to expand GTCO’s product and service offerings into the asset management business, positioning it to become a fully-fledged end-to-end financial services company.
Advisers: Exotix Advisory, Vetiva Capital Management, Aluko & Oyebode, Banwo & Ighodalo, Deloitte & Touche (Nigeria)
Chevron Nigeria and the Nigerian National Petroleum Corporation forward sale financing
The joint venture between Chevron Nigeria and the Nigerian National Petroleum Corporation, secured, late last year, a USS$1,4 billion funding package from 16 lenders to finance the Kolmani Integrated Development project. The project is in line with the joint venture’s lower carbon ambitions.
Advisers: Standard Chartered Bank (UK), United Bank for Africa, G Elias and Banwo & Ighodalo
Private Equity Deal of the Year 2022
Verod Capital Management acquires significant minority stake in Medplus
Advisers: Stanbic IBTC Capital, Templars, Banwo & Ighodalo and G Elias
Shortlisted Nominees for the Private Equity Deal of the Year
Following submissions from the advisory teams, these three deals (in no particular order) were shortlisted for the
West Africa Private Equity Deal of the Year 2022
Verod Capital Management acquires significant minority stake in Medplus
West African private equity firm Verod Capital Management partnered with Medplus in March 2022, taking a significant minority stake in Nigeria’s largest pharmaceutical retail business. The investment was funded by Verod’s Capital Growth Fund III and will be used to expand Medplus’ network of stores across the country, deepen its digital channel and further address growing demand for convenient, reliable and accessible care.
Advisers: Stanbic IBTC Capital, Templars, Banwo & Ighodalo and G Elias
Sahel Capital’s exit of L&Z Integrated Farms
In 2015, Sahel Capital acquired a 25% stake in the Nigerian dairy producer and processor to support the expansion of its business operations by increasing the capacity of its processing plant and dairy farm. Seven years on the West African fund manager’s exit through a buyout led by its founder, leaves L&Z as a formidable brand in Nigeria’s dairy sector and one that has had significant development impact in the communities in which it operates.
Advisers: tba
Investment in Interswitch by LeapFrog Investments and Tana Africa Capital
Interswitch, a disrupter in the African payments ecosystem will use the strategic investment to support financial inclusion and the fintech ecosystem across Africa by enhancing innovative, digital capabilities to deliver sustainable scale. Shares were acquired from partial exits by existing shareholders including Ignite Holdco and Helios Investment Partners.
Advisers: Udo Udoma & Belo-Osagie and Banwo & Ighodalo
ADVISORY FIRM AWARDS | LEAGUE TABLES | WEST AFRICA
DealMakers AFRICA awards the top advisers by Value and Flow in the following categories:
-
Investment Advisers
-
Legal Advisers
Awards are made to the top three M&A teams and the top three teams for work carried out in the General Corporate Finance space.
By Deal Value
Mergers & Acquisitions
By Deal Flow
General Corporate Finance
By Transaction Value
By Transaction Flow
Highlights from the red carpet....
