DealMakers (South Africa) 2021 Awards

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DealMakers (South Africa) 2021 Awards
Credit: © Reuters.

The Ansarada DealMakers Annual Awards are just a few weeks away. The following are those deals shortlisted for the Private Equity Deal of the Year 2021. The DealMakers Independent Panel have selected these deals from the nominations submitted by the M&A industry advisers. They are, in no particular order:

Lonsa and Legacy Africa's acquisition of Everite

The building materials company was acquired by a private equity consortium comprising Lonsa (55.49%), Legacy Africa Capital Partners (25.01%), Everite management (14.5%) and M Netshitangani (5%) following a highly competitive auction. The sale was part of Group Five's business rescue process which commenced in March 2019. The c. R600 million deal entailed complicated structuring given that Group Five was in business rescue but realised positive value for both the seller and purchaser relative to pre-business rescue valuations.

The local advisers to the deal were: Metis Strategic Advisers, Birkett Stewart McHendrie, Werksmans, Cox Yeats, Allen & Overy, Webber Wentzel, Tiefenthaler, ENSafrica, Hogan Lovells, Van Wijk, Norton Rose Fulbright and Fasken. [Group 5 Business Rescue Advisers]

Ata Fund III / Manco SPV acquisition of Respiratory Care Africa

Surgical Innovations disposed of RCA in May 2021 to a newly formed special purpose vehicle held by Ata Fund III (80%), managed by black-owned alternative asset class fund manager Ata Capital, and RCA management (20%). The R450 million disposal of the supplier of respiratory, monitoring, radiology and other medical equipment, formed part of Ascendis Health (JO: ASCJ )'s deleveraging strategy. RCA yielded extraordinary results in the Financial 2021 year, reflecting demand for products in the treatment of patients of COVID-19 related ailments.

The local advisers to the deal were: Rothschild & Co, Sapila Capital, Questco, ENSafrica, Webber Wentzel, Falcon & Hume and PwC

MVM Holding's acquisition of a majority stake in The Sharks

In January 2021 New York-based international investment consortium MVM Holdings acquired a 51% majority stake in The Sharks franchise. The deal, the first of its kind for sport in South Africa, provides long term stability boosting its ability to attract and retain talent, grow the game locally and internationally and create opportunities for players from diverse backgrounds. Existing shareholders KZN Rugby Union and SuperSport collectively hold the remaining 49%.

The local advisers to the deal were: Werksmans and Webber Wentzel

Acorn Agri & Food's acquisition of Ascendis Animal Health

Acorn Agri & Food (AAF), managed by Acorn Private Equity, first engaged in 2020 with Ascendis Health on the sale of Ascendis Animal Health (AAH), a provider of animal health and veterinary products. The attractiveness of AAH was its significant competitive advantages and barriers to entry. After extensive engagement and negotiations, with two preferred bidders, heightened by the processes of restructuring, recapitalisation and time constraints the holding company was under, the R770 million deal with AAF was concluded in July 2021.

The local advisers to the deal were: Absa (JO: ABGJ ) CIB, Questco, ENSafrica, Webber Wentzel, Werksmans and PwC

The Ansarada DealMakers Annual Awards will take place on Tuesday 22 February 2022. Venue: Ballroom, Sandton Convention centre. Join us in celebrating the achievements of SA's corporate finance industry.

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