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
5CONTENTS PAGE
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
9CONTENTS PAGE
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
11CONTENTS PAGE
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
37Recognised Lawyers
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
32Recognised Lawyers
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
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: +254202899211
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
SHAMILAH GRIMWOOD-NORLEY
HeadofBankingandFinance
CapeTown,SouthAfrica
T: +27214807855
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TIMOTHY MCDOUGALL
Partner
Johannesburg,SouthAfrica
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
Dar es Salaam
T: +255768988640
Durban
T: +27312650651
Johannesburg
T: +27116699000
Kampala
T: +256414254540
Nairobi
T: +254202899000
Follow us on Twitter:
@Bowmans_Law
www.bowmanslaw.com
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