dce parnters 2015 - private equity africa
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2015 private equity deal Flow marketing
DCE PartnersInvesting in Africa
L o n d o n ▪ C a p e T o w n
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 2
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Preamble DisclaimerLondon
DCE Partners Limited is authorised and regulated by the Financial Conduct Authority
DCE Partners Limited is authorised and regulated by the Financial Conduct Authority.
The information contained in this communication from DCE Partners is confidential and may be legallyprivileged. It is intended solely for use by the recipients. If you are not the intended recipient, you are herebynotified that any disclosure, copying, distribution or taking action in reliance of the contents of thisinformation is strictly prohibited and may be unlawful.
If you are not the intended recipient please delete in its entirety.
The information contained herein or attached hereto is not to be construed as an offer or solicitation to buyor sell any security, instrument or investment. DCE Partners Ltd., Company number: 8286248, 139 Piccadilly,Mayfair, London W1J 7NU.
This document may contain projections and statements about the future which are either based onmanagement’s current views and assumptions or taken from the views and assumptions of third parties.These views and assumptions involve known and unknown risks and uncertainties that could cause actualresults, performance or events to differ materially from those expressed or implied in such statements.
Actual results, performance or events may differ materially and substantially from those in such statementsdue to, but no imitated to, general economic conditions, capital market conditions, commodity prices,interest rate levels and changes in laws and regulations.
It is noted and acknowledged by DCE Partners Ltd. that all parties involved in the transaction referred toherein will obtain their own advice on matters relating to this proposal, and that this document should notbe solely relied upon for making any decision to invest or otherwise.
Non-Reliance and Risk DisclosureThis material is for the general information of our clients and is a solicitation of business generally, only forthe purposes of, and to the extent it would otherwise be subject to the United Kingdom Financial ServicesAct 2012.
This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in
any jurisdiction where such an offer or solicitation would be illegal.
We are not soliciting any specific action based on this material. It does not constitute a recommendation ortake into account the particular investment objectives, financial conditions, or needs of individual clients.Before acting on this material, you should consider whether it is suitable for your particular circumstancesand, if necessary, seek professional advice.
The price and value of the investments referred to in this material and the income from them may go downas well as up, and investors may realize losses on any investments. Past performance is not a guide to futureperformance. Future returns are not guaranteed, and a loss of original capital may occur. We do not providetax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax,accounting, or legal advisers regarding any potential investment.
The material is based on information that we consider reliable, but we do not represent that it is accurate,complete and/or up to date, and it should not be relied on as such. Opinions expressed are our currentopinions as of the date appearing on this material only and only represent the views of the author and notthose of DCE Partners Limited, unless otherwise expressly noted.
Legal Entities Disseminating this MaterialThis material is disseminated in the United Kingdom by DCE Partners Limited (registration number 8286248)(DCE), 139 Piccadilly Mayfair W1J 7NU; appears in the FCA's Register (Registration No.: 604544). DCE issubject to the FCA rules and guidance, details of which can be found on the websites of the FCA and PRAat www.fca.co.uk.
The FCA is located at 25 The North Colonnade, Canary Wharf, London E14 5HS. This material is not fordistribution to retail clients, as that term is defined under The European Union Markets in FinancialInstruments Directive (2004/39/EC), and any investments mentioned in this material will not be madeavailable by us to any such retail client.
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DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 3
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Contents Investing in AfricaLondon
DCE Partners
I. Overview
II. Why Africa
III. Our focus
IV. Ghana
V. Mozambique
VI. Kenya
VII. Tanzania
VIII. Uganda
IX. DCE Partners
Appendix
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 4
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Overview Executive summaryLondon
DCE Partners in brief
1 All currency figures in this document are US Dollars unless otherwise specified
DCE Partners: a bespoke conduit for private equity capital into Africa.
Business description: DCE Partners is a private equity firm that identifies, structures, and actively manages direct investments in Africa.
Why Africa: we believe Africa represents the next lucrative opportunity for private equity investment. Exceptional current and forecasted growth, ease of accessibility compared to emerging Asia, massive scalability and the emergence of increasingly stable and welcoming democratic governments are among some of the contributing factors.
Team and advisory committee: a highly skilled and accomplished team with decades of African investment experience. The advisory committee provides operational and management expertise in a broad range of sectors.
Point of difference: DCE Partners will operate on a deal-by-deal basis and physically base our team on-site to actively manage investments. Investors can control their risk return profile, sector and geographical exposure, time horizon, and other deal metrics to suit their investment needs.
Alignment of interests: we have broken away from the traditional fund investment model. Rather than siphoning away investors funds through management fees, we ensure alignment of interests via an incremental performance fee structure.
Investment strategy: DCE Partners will utilise the following investment strategies: Buy and Build or organic business creation to exploit inefficiencies Turn around in distressed and special situations Aggregation plays to capitalise on economies of scale
Investment size
Investments between US$5 million and $30 million 1
Geographic focus
Primary focus: Eastern and Southern Africa
Sector focus
Focus on financial services, infrastructure services and energyNo resource extraction or telecommunications
Ownership and control
Controlling stake where possible
Investor return
Investments with an expected IRR > 30%
DCE Partners’ investment
DCE Partners will invest in every deal it manages, targeting 2% of equity invested as a typical contribution
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 5
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Why Africa Africa’s economic pulse is quickening Sub-Saharan Africa
Africa is growing at twice the rate it was in the 1980s and 1990s 1
It is expected that African consumers will spend over 2 trillion on
goods and services by 2020.2
Scale
The argument for Africa is one of potential: Africa has as many cities with a population of 1 million as do Europe and North America
Africa’s consumer-facing sectors (consumer goods, telecom, banking) are growing two to three times faster than those in countries belonging to the OECD
Accessibility
Inefficiencies such as bribery, corruption, lack of infrastructure, inflation and bureaucracy are ever-present in emerging markets worldwide. Many African governments have realised that foreign investment is crucial to their long term growth and success and are subsequently welcoming FDI via favourable legislation and regulatory changes.
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India
Africa
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Latin AmericaProjectedconsumerspending (2020)
Total consumerspending (2010)
1 The World Bank, figures exclude Mayotte, Saint Helena, Somalia, Western Sahara, DRC where data is unavailable2 World Data Bank, Bain Consumer Products Brief 2012 (Latin America refers to countries that are neither least developed countries, nor of the newly industrialized countries
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 6
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Why Africa Africa is at an inflection pointSub-Saharan Africa
Over the next five years, the average African economy will outpace its Asian counterpart 1
1 The Economist June 20112 IMF 2010, World Economic Outlook: Rebalancing Growth3 IMF Data Bank, refers to countries that are neither least developed countries, nor of the newly industrialized countries4 The World Bank (World Data Bank), data after 2010 is estimated based on assumptions from The Economist
Projected real GDP growth worldwide2
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African countries
Africa is at an inflection point.
The key overarching themes that support our view that Africa is, and will continue to be, an attractive destination for private equity investment are:
Unprecedented current and forecasted growth, even surpassing Asian countries within the next 5 years
Ease of accessibility compared to emerging Asia, complemented by welcoming regulatory reform for foreign capital
Massive scalability. The aggregated market of Africa dwarfs those of Latin America
High level of forecasted income growth and an exponentially growing middle class
Rapid consumption growth
Increasing FDI and reverse diaspora
Improving democratised and stable political landscape
Broad-based growth across a number of sectors and no longer limited to mining
Growth
According to the IMF, six of the top ten fastest growing economies in 2010 were in Sub-Saharan Africa and that is expected to increase to seven of the top ten in the next five years.
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 7
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Ghana is a key focus for DCE Partners:
Good growth
Link between Southern and Eastern markets
Great local contacts, politicians and business leaders
Increasing income and consumption
Stable and friendly government with low corruption levels
Countries to watch: Mozambique, Ethiopia, and Zimbabwe:
Mozambique: Huge recent discoveries of gas and coal and incredibly fertile land.
Ethiopia: Strong economic growth and similar agricultural potential to the EAC; political stability and infrastructure development required
Zimbabwe: Blessed with natural resources, fertile land and a highly skilled and educated labour force
Our focus Our geographic focusSub-Saharan Africa
High growth countries in both East and West Africa
The East African Community is a union of high growth & stable economies:
Over 130 million inhabitants and a combined nominal GDP of $82.9 billion
Extraordinary economic growth with three of its members, Uganda, Rwanda and Tanzania, featuring in the top 20 fastest growing economies globally since 2006
Vast network of quality local partners, particularly in Kenya and Tanzania
Fertile land and low labour costs make it an ideal region for agricultural opportunities
The push towards unity will drive interregional trade and scalability potential
Broad based growth across a number of sectors
“Reverse Diaspora” accompanied by a surging inflow of FDI
Kenya, Uganda, Tanzania, Rwanda
ZambiaMoz., Ethiopia, Zim.
Primary focus
Secondary focus
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 8
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Our focus Our geographic focusSub-Saharan Africa
High growth countries in both East and West Africa
Source: Rand Merchant Bank, World Data Bank
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Gabon
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Namibia
South Africa
Mauritius
Sudan Angola
Ghana
Ethiopia
MozambiqueTanzania
Kenya
Nigeria
Botswana
Uganda
GDP size Key focus rationale
Growth across a number of sectors Relatively good business environment Good local contacts (local partners,
politicians and business leaders) Gateway countries to the large consumer
markets Ever increasing income and consumption Stable and friendly government with
relatively low corruption levels
Operating environment score 1
The operating environment score is our internal adjusted index combining data from the World Bank Ease of Doing Business Index, the World Economic forum’s Global Competitiveness Index, and the RMB’sinvestment attractiveness ratings 2012.
Our geographic focus is driven by the attractiveness of the operating environment, market size, growth and local
relationships.
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 9
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Our focus A bespoke offering for African investmentSub-Saharan Africa
Breaking away from the traditional PE fund model
Private equity fund structure – A flawed model for Africa
Numerous private equity funds have been launched to capture the superior growth opportunities that Africa offers however, the traditional PE fund model has fundamental pit-falls in the developing economies of Africa:
Self imposed investment horizons, dictated by fund terms, limit both investor returns and the scope of potential investments African economies are “developing”. The operating landscape has inherent time lags and a lack of liquidity. PE funds are subsequently forced to exit portfolio companies at times which may be far from optimal and additionally, limit themselves to sectors with large incumbent cash heavy Corporates in an effort to ensure a timely exit. The restricted universe of companies that fit this profile for PE funds has increased competition and prices in certain sectors.
Management fees drain the pool of investors’ capital as PE funds embark on the lengthy process of identifying suitable investmentsDue to the limited transparent deal flow and intrinsic risks associated with investing in Africa, the identification and DD process is prolonged relative to the developed world. PE funds siphon significant proportions of investor capital over this drawn out process.
Funds are focused on the 50 million+ bite size which has increased competition in this range & artificially inflated prices
DCE Partners – the ideal conduit of PE capital in Africa
DCE Partners is a private equity firm that identifies, structures and actively manages direct investments, on the ground, in Africa for its network of investors who seek exposure to private equity deals in the region.
DCE Partners operates on a deal by deal basis and will thus provide investors with an expected time horizon for each individual deal This deal by deal method grants investors with discretion, an absent luxury in the traditional PE fund model. A potential investor can determine whether the risk return profile, sector and geographical exposure, time horizon, and other deal metrics suit their investment needs. This model promotes communication and collaboration between DCE Partners and its “Club” of investors.
DCE Partners will not rely on management fees in the investment identification process To ensure the ultimate alignment of interests, DCE Partners’ compensation will be solely reliant on the success of the investment. Investor capital will be fully utilised in the investment and no capital will be siphoned in management fees.
DCE Partners will not limit itself in terms of a bite size
DCE Partners will focus on the fundamentals and will look at any investment between 1 million and 30 million dollars.
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 10
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Our focus De-risking AfricaSub-Saharan Africa
Key characteristics for successful investments
Management of risk in African countries
Liquidity
Reduce liquidity risk by pre identifying multiple plausible exit strategies as a key criteria to investment success.
Leverage
Seek to invest in businesses that can achieve significant returns without the use of excessive financial or operational leverage.
Corruption
Identify opportunities in sectors that are less prone to corruption. Incentivise local partners through carried interest and investment upside.
Currency
Use instruments to reduce the risk of currency movements such as World Bank insurance, hedging, and contracts in USD.
Political
Make investments that have a relatively fast payback period in countries that are considered relatively politically stable.
Investment concept
Driven by corporate advisory and consulting work across Africa and by a substantial network of local partners built up over the last 5 years.
Investment conceptBrining together ideas, research and exposure to markets
AnalysisRigorous due diligence and investment idea scrutiny
InvestmentExecution of the investment
ManagementEarly stage on the ground managementand later stage oversight
ExitSale the investment to thetarget market
Analysis
Rigorous due diligence and analysis of investment concepts that have passed basic requirements like sector, geography, local partner.
Investment
DCE Partners will invest in every deal it manages, raising additional capital via its extensive network of Family Offices, Institutions and High Net Worth's.
Management
We will actively manage each deal by physically locating to the relevant African country and maintaining a present throughout.
Exit
Our remuneration model is tied to performance so we’re incentivised to peruse and execute an accretive trade sale as soon as optimal.
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 11
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Our focus Investment strategySub-Saharan Africa
Key characteristics for successful investments
African focused PE firms in the US$30m+ target range
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ActisCitadel
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Investment strategy
The Market Opportunity
20% compound growth in FDI since 2007
Since 2007 more FDI has flowed to Africa annually than to either Russia or Brazil
Origination
Utilise our substantial network of African contacts (political, corporate and local family offices)
DCE Partners consulting arm will provide high visibility on local deals and investor appetite
Analysis
Seek to buy and build organic businesses where we can exploit inefficiencies
Leverage our Advisory Committee of industry leaders as they will provide invaluable experience and advice
Execution
Grow businesses into the 30 million+ range so they become acquisition targets
Actively manage investments on the ground in Africa
Exit
Pre-identify a number of accretive exit strategies
Ensure a short payback period via a swift exit if necessary
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 12
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Our focus Target investment metricsSub-Saharan Africa
Key characteristics for successful investments
Investment strategy
Buy and build organic businesses to exploit competitive advantages or local inefficiencies
Turn around in distressed and special situations
Aggregation plays to capitalise on economies of scale
Bite size US$5 - 30 million
Avoid the competitive 30 million+ range saturated by the large private equity funds
Our strategy is to grow businesses into the 30 million+ range so they become acquisition targets for the large funds and corporates
OwnershipControlling stake Controlling stake is fundamental for DCE Partners
to actively manage investments and control its own destiny
Sector focusAvoid resource extraction and teleco’s
Resource extraction is highly competitive and specialised, capital intensive and politicised
The telecommunication market has powerful and mature incumbents
DCE Partners will however, actively focus on ancillary services in these sectors
Investment strategy and metrics
Fast payback periodImportant risk mitigant – particularly in politically unstable areas
Trusted quality local partnerProvides greater understanding and mitigation of local nuances
ScalabilityA key characteristic for enhancing returns in the massive African market
Expected IRR greater than 30%Deemed an appropriate return given the risk profile of the region
Free from corruption and briberyAn ethically defendable position must be established from day one
Limited moving partsAfrica is frontier investing and unnecessary complexity should be avoided
Established or quantifiable demandEstablished demand will decrease volatility in potential returns
Strong and smooth cash flow stream Provides protection as well as the ability to use leverage
Non-reliance on a single customer Eliminate single customer risk
DCE Partner’s investment must haves
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 13
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Our focus Key opportunitiesSub-Saharan Africa
Our private equity areas of focus
Sector and business overviewsData centres
Attractive characteristics
African data centre market expanding, fuelled by:
Growing Internet penetration levels
Demand for content at lower latencies
Increasing awareness of data centre benefits by corporations and governments
Desire to outsource non-core activities like security, data integrity and power reliability
Regulatory changes that will require important national digital data to be stored in-country are another growth driver
Geographies
Our key geographies are driven by a strong network in sector within these countries:
Nigeria
Tanzania
Timeframe
6 to 12 months
Mining, oil & gas services
Attractive characteristics
Extraordinary demand being driven by discoveries and ramping up of operations across the continent:
Astonishing natural gas discoveries off the coasts of Tanzanian and Mozambique
Increasing oil production operations in Kenya and Uganda
A strong desire for oil and gas companies to unburden their balance sheets of the supply and service related assets
Geographies
Our key geographies are driven by a strong network in sector within these countries:
Uganda
Mozambique
Kenya
Timeframe
3 to 9 months
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1 & 2 The Tariff Consultancy Ltd (TCL) Data Centre Africa - 2012 report2 DCD Global Census Growth Figures
Growth in data centres3 Growth areas
Top mining destinations in Africa
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Annual investment in African mining sector (USD MM)
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 14
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Our focus Key opportunitiesSub-Saharan Africa
Our private equity areas of focus
Sector and business overviewsProperty & hotels
Attractive characteristics
Markets being driven by real demand factors:
Demographics, new gas and oil discoveries,
infrastructure improvements and the
pressure of rapid economic development
Low cost of land (often land for script deals available)
Burgeoning demand for retail, commercial and residential
Geographies
Our key geographies are driven by a combination of opportunityand local partners:
Ghana
Uganda
Mozambique
Timeframe
3 to 6 months
Investment rational:
Rapid economic growth, political stability and abundant youthful workforce are fuelling investments in hospitality industry across Africa.
Those targeting the high end market are backing burgeoning middle and upper income population that has been driving the demand for luxury goods and services across the continent.
For example. hotel demand grew strongly across the three main economic centres in Western and Eastern Africa for year-to-date 2012.
Financial services
Attractive characteristics
Usually incredibly scalable, profitable, high margin and capital efficient businesses
Exposure to a very fast growing sector but without credit and capital risk
Evidence of consolation plays in this sector by the big funds which supports argument for ease of exiting investments
Geographies
Our key geographies are driven by sector growth potential:
Zimbabwe
Uganda
Timeframe
6 to 12 months
Investment rational:
The financial services sector is underpinned by key drivers such as bank deposits, private sector credit and employment which are expected to grow significantly in the medium term across our target countries.
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Supply and demand percentage change, 2012
Key markets for financial services growth
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 15
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DCE Partners DCE Partners’ capabilitiesLondon
Highly experienced team
① Deal Origination Vast network of African contacts (political, corporate and local family offices) Advisory Committee’s extensive network Organic origination arising from operating within Africa Consulting and advisory arm provides access to significant deal flow Established relationships with African focused PE funds & Industry Associations
② Analysis and Due Diligence Honed analytical skills from successful investment banking and private equity experience Advisory Committee of industry leaders provide invaluable experience and advice
③ Structuring and Packaging Team experienced in structuring and packaging deals across the agribusiness, energy,
aviation, shipping and mining sectors in Asia, Europe and Africa
④ Capital Raising An established network of institutional and private investors built up over the last 3 years
⑤ Active Asset Management Many years experience actively managing companies in several sectors
⑥ Accretive Exit Strategy Across the board, company wide experience in accretive trade sale exit transactions
Deal origination
Analysis and due diligence
Structuring and packaging
Capital raising
Active asset management
Accretive exit strategy
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 16
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DCE Partners The teamLondon
Partners
Chris Coe Partner
Founding Partner of DCE Partners
Prior to founding DCE Partners, Chris worked with Minerva Capital, a private equity investment, advisory and placement firm in London Chris was co-head of Minerva’s London office and made investments for Minerva across a number of sectors including; soft commodities & agribusiness, oil & gas,
transportation and logistics, all of which generated significant positive returns for Minerva Chris established a diverse European and Middle Eastern LP distribution network Prior to Minerva, Chris worked at SEL, a sports and entertainment entrepreneurial organisation headquartered in Sydney. Chris was sent in to key management roles in SEL’s portfolio companies to turn them around Chris started his career in investment banking at UBS Chris was an equities trader from 2005 - 2008 and specialised in financial and property stocks. Chris was a Designated Trading representative on the ASX and is an FSA approved in the UK Chris has an MBA from Oxford University Chris has a Bachelor of Commerce with a double major in finance from Sydney University and a B.A. majoring in philosophy and history from Sydney University
Will Digby Partner
Founding Partner of DCE Partners
Prior to founding DCE Partners, Will had a successful career as an IT and software entrepreneur He founded, SKD Pty. Ltd, a software and IT services company in Australia SKD expanded to include a data centre located in Melbourne Will successfully sold SKD after a 5 year holding period Will is a Green Beret Commando with the Australia Army Special Forces He deployed to Afghanistan and conducted offensive combat operations with the Special Operations Task Force; he was awarded the Commando Silver Dagger during
Commando selection Will has an MBA from Oxford University Will has a Bachelor of Commerce with a major in finance from the University of Melbourne
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 17
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DCE Partners The teamLondon
Advisory committee
Simon Freer Advisory committee
Established private equity investor Global head of TMT at international investment firm 3i Group for over 10 years Deep expertise in Fund raising and transaction structuring and execution Established investing expertise in infrastructure roll outs, payments technologies and software businesses Consultant at Arthur Andersen, UK
Duncan Simpson-Craib Advisory committee
Mergers, acquisitions and strategic growth at Safika Holdings Chief executive and chairman of the iOCORE group of companies (previously Intec) Founder, Independent Technology Holdings (Intec) LSE listed in 2000 Senior manager in TI’s international B.Sc. Computer Science from Napier University, Edinburgh
Andrew Love Advisory committee
Senior executive with a vast amount of Board experience Consultant at Ferrier Hodgson Deputy Chairman of Riversdale Mining Limited Previously senior Partner of Ferrier Hodgson Chartered Accountants for 30 years Independent Non executive director Champion Iron Ltd, a joint TSX, ASX listed iron ore company Experience in aged care sectors in Australia and Office REIT sector in America and Australia
Kevin Harris Advisory committee
Established private equity investor Portfolios range from traditional listed assets to private equity investments, with a particular focus on the property, energy and technology sectors in Africa Equity proprietary trader with Rand Merchant Bank, Johannesburg and London Interest rate and scrip lending desk, Old Mutual Specialised Finance B.Sc. Commerce Honours (cum laude), Stellenbosch University
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 18
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DCE Partners The teamLondon
Advisory committee
Adrian Mackenzie Advisory committee
Established private equity investor Managing Partner of CVC Capital Partners, a leading global private equity firm for 17 years in London, Hong Kong and Australia Established the CVC Asia Pacific business Deep experience in structuring, financing and negotiating equity transactions and has been an active board member for a range of private and public companies Corporate finance desk for J Henry Schroder Wagg & Co Ltd and HSBC in London and New York
Rob Hersov Advisory committee
Senior executive, private investor and entrepreneur. Managing Partner of merchant bank Sapinda, chairman of the VistaJet Advisory Board, chairman of Adoreum Partners, chairman of Taggstar, chairman of Medikidz, and non-executive
chairman of AIM-Listed Paragon Entertainment Previously vice chairman of NetJets Europe Ltd., a subsidiary of NetJets, Inc., a private aviation company BBS from the University of Cape Town and a MBA from the Harvard Business School
Jeremy Ord Advisory committee
Senior executive, investor and entrepreneur. Executive Chairman and former Chief Executive Officer of Dimension Data Holdings PLC Previously Non-Executive Director of Paracon Holdings Ltd Former Non-Executive Director of Datacraft Asia Ltd Council Member and Member of the Board of Governors of the South African Foundation Member of the Board of Governors of the University of the Witwatersrand Foundation Businessman of the Year in South Africa in 2000
R. Todd Ruppert Advisory committee
Senior executive, investor and entrepreneur. Founder and CEO of RTR International, Inc. a firm with diversified interests globally in the arts, film, distribution, merchandizing, and private equity Previously board member, CEO and president of T. Rowe Price Global Investment Services, a global investment management firm with over US$600 billion under management Venture partner with Greenspring Associates, a US based venture capital firm with US$2.7 billion under management Founding board member of the Duke of Edinburgh’s Award in the US and a global ambassador and benefactor of the International Award President of the board of London’s Royal Parks Foundation (USA)
DCE Partners Investing in Africa DCE Partners Limited is authorised and regulated by the Financial Conduct Authority. Page 19
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DCE Partners Company detailsLondon
Disclaimer
DCE Partners Ltd.139 Piccadilly Mayfair LondonW1J 7NUUnited Kingdom
T: +44 20 7125 0084F: +44 20 3514 3378
www.dcepartners.com
© 2014 DCE Partners Ltd. (UK)The information contained in this communication from DCE Partners (Company number 8286248) is confidential and may be legallyprivileged. It is intended solely for use by the recipients. If you are not the intended recipient, you are hereby notified that any disclosure,copying, distribution or taking action in reliance of the contents of this information is strictly prohibited and may be unlawful. If you are notthe intended recipient please delete in its entirety. The information contained herein or attached hereto is not to be construed as an offer orsolicitation to buy or sell any security, instrument or investment.
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