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FM. Private Equity and Venture Capital in SA 2012 Industry Review

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FM. Private Equity and Venture Capital in SA 2012 Industry Review Financial Mail Page 1 -2012/05/21 09:13:06 AM 2012 2012 Financial Mail Page 2 -04/05/2012 12:27:47 PM hhh Financial Mail Page 3 -04/05/2012 11:45:08 AM hhh Contents Foreword By Savca chairman Emile du Toit....................... 5 contents The industry in review Developments and trends in private equity........ 6-16 An insider’s view A closer look at Fundamo .................................. 17 Savca member matrix Overview of Savca member firms....................... 28-33 Profiles SA private equity fund managers ........................ 18-121 Savca associate members Short profiles of what these firms offer ............ 122-138 HEAD OFFICE: 4 Biermann Avenue, Rosebank, 2196. Box 1744, Saxonwold 2132. Tel: (011) 280-3000. Fax 280-3337/8/9 FM Tel: (011) 280-5808. Fax: 280-5800. E-mail: [email protected] Financial Mail editor: Barney Mthombothi Projects editor: Luleka Mangquku Savca Yearbook editor: Sasha Planting Projects co-ordinator & administrator: Matshepo Gumede Systems & Production: Pearl Lewis (manager), Patty Brits Design, layout, cover & graphics: Siyethemba Kunene P h o t o g ra p h y : Robbie Tshabalala (chief photographer), Russell Roberts Advertising executive: Jurgen Fourie Advertising production: Teresa Lord Savca Yearbook 2012 3 FINANCIAL MAIL • May • 2012 Financial Mail Page 4 -04/05/2012 03:42:56 PM hhh 38659/E TJDR (CT) The buck starts here. When the pen comes out, that’s the start of new business, new ideas and new growth. Work with the team committed to getting the signatures that close deals. Call us on 011 778 6613. www.spe.sanlam.com LICENSED FINANCIAL SERVICES PROVIDER Private Equity Financial Mail Page 5 -04/05/2012 11:45:26 AM hhh Foreword he fight for the Republican most topical are the final amendments presidential nomination to regulation 28 of the Pension Funds Tcandidate has focused the Act, which provide clarity and new American public’s attention on the scope for investment opportunities editorial private equity industry. Because he’s into the industry. the former head of Bain Capital, Mitt We are also continuing our work Romney’s profile has raised a lot of with the Financial Services Board to debate over the asset class — and, create a Financial Advisory & unfortunately, it’s not been all that Intermediary Services (Fais) Act positive. licence category for private equity And in his personal capacity, practitioners. We expect category 6 to Romney has been attacked for his be implemented later this year, which approach to creative destruction and will result in category-specific exams, his disproportionately lower tax bill. meaning practitioners will not be However, the fact remains that expected to write the standard Fais private equity builds businesses and examination. creates quality jobs while offering Looking ahead, we expect that investors good returns. And despite overall activity will continue to some blow ups, a vast number of increase. Though fundraising remains businesses in the US exist today only a challenge, more investment because of private equity. opportunities are presenting Some in our local industry are themselves. With low levels of concerned about the potential economic and social infrastructure negative fallout from the political and a population that is expected to mudslinging abroad. However, it’s not reach 1,4bn people by mid-2025 — anything we should be overly contributing to consumer spending in concerned about as we are starting to excess of US$1,5 trillion annually — see increased activity in the SA investment opportunities on the m a r ke t . African continent abound. Regardless of its current political The challenge for the local private status, private equity remains an equity industry will be how to attract outstanding choice for long-term new investors. Though regulation 28 investment. The most recent SA now allows a substantial increased Emile du Toit Venture Capital & Private Equity allocation to private equity for local Association (Savca) RisCura SA pension funds, trustee and member Private Equity Performance Report, for education about the benefits of the the quarter ending December 2011, asset class needs to be stepped up. shows that the asset class continues to Investment interest in Africa is at its deliver returns that outperform listed highest among foreign investors and equity over the long term. Over both pension funds, but only a fraction of five and 10 years, the pooled internal these have actual allocations on the rate of return (IRR) of private equity continent. And SA has been pitched as has outperformed the Findi, Alsi and the investment gateway into the rest Swix. of Africa. However, we cannot rest on The year under review has brought our laurels, we must continue to some finality to important regulations develop our industry. Emile du Toit affecting our industry. Probably the Savca chairman Savca Yearbook 2012 5 FINANCIAL MAIL • May • 2012 Financial Mail Page 6-7 -04/05/2012 11:48:54 AM married to venture capital and private Watkins. “Middle Eastern countries Generating maximum equity investors with patience and have amassed an estimated resources. US$3 trillion in sovereign wealth The improving investment climate funds. Their interest in private equity value for the investor meant that last year Ethos was able to as an asset class is increasing,” he says. successfully exit its majority invest- With recent public pronouncements ment in sporting goods retailer on using infrastructure investment to editorial rivate equity surprisingly came world when debt markets tightened Holdsport through a R1,3bn JSE listing. continue SA’s economic revival, editorial under fire as the race for the and deal flow dissolved, private equity There has been a lot of activity in investors will be watching the PRepublican nomination, ahead managers had no choice but to the venture capital space. infrastructure sector for opportunities. of the US presidential elections, heated concentrate their time and capital on PoweredbyVC, which manages HBD’s “The sectors that are likely to be the up. Critics of private equity have used existing portfolio companies. The venture capital portfolio, concluded winners are construction companies, Republican candidate Mitt Romney’s added focus paid off and in many the exit of CSense Systems to US- transport and logistics,” says Watkins. past as head of Bain Capital to attack cases these companies continued to based GE Intelligent Platforms. The ICT and the green economy are also the industry as one that destroys jobs, grow turnover through the recession, R5bn sale of Pepkor out of a Brait considered growth areas in SA. But businesses and communities. though profitability may have slowed. fund may distort the exit figures the big opportunity — after years of It is a tired argument. However, As economies spark back to life and somewhat as Brait itself was the hype — lies in the improving prospects three years into the global financial deal-making opportunities re-emerge, ultimate buyer. for Africa. Across the continent crisis, legitimate questions can be many of these companies find Increased activity levels are economies are growing at a healthy asked about the validity of the themselves in good shape. The recent underpinned by a slight urgency. “The click, democracy is spreading and leveraged buyouts contribution to the sale of motor and transformer industry lives from one fund to the improving legal and governance issues global economy. Private equity-backed maintenance and repairs company next. If you stop your fundraising, make business easier to do. companies are all too often perceived Savcio is a case in point. In the six you are challenging your own going This growth presents multiple as overloaded with debt and have years that it was private-equity concern assumption,” says Warren opportunities. Though oil and mining been accused of being focused on owned, it diversified revenue streams Watkins, KPMG partner responsible companies driving the growth are improving profitability through across sub-Saharan Africa. It also for private equity. beyond the focus of private equity, the cutting costs rather than growth. maximised operational efficiencies, Raising funds in 2011 was less companies servicing these industries As private equity comes of age in disposed of noncore assets and, during successful than in 2010. Watkins are creaking under the strain of SA, it is healthy to ask questions the global financial crisis, astutely expects this will improve in the exponential growth. In addition the about the benefits delivered. What is repurchased a portion of its euro high- coming year. “The change in pension banking, retail and other consumer clear is that the SA industry is yield bond at a discount. fund regulations means that pension sectors also present opportunities. emerging from the recession intact “This is a textbook example of how funds are allowed greater exposure to The focus is on maximising growth Wa r re n and confident about the role it has to private equity can generate value for private equity. Despite some hesitation opportunities, but there is an Wa t k i n s play in the economy. all stakeholders,” says Ethos Private on their part, we expect they will increasing awareness of governance This quiet confidence is evidenced Equity partner Christo Roos. gradually increase their exposure.” issues. “Our research is showing that by the increase in M&A activity and Creating saleable businesses with Though more funds will be there is a growing appreciation by continued successful fundraising by enhanced valuations is the objective available, the fundraising environment private equity practitioners in SA and other local firms. “The size of deals is for private equity and there are signs remains tough and traditional other Bric countries of the issues scaling back,” says Chad Smart, co- that the past year marked a turning investors are cautious. Ironically, the around environmental, social and founder of Capitalworks. “It is not point in the exit market.
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