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Private	
  Equity	
  
Exits	
  in	
  Africa	
  
Sponsored	
  by:	
  	
  
Based	
  on	
  Privcap’s	
  exclusive	
  report	
  
In	
  this	
  slideshow:	
  
• Typical	
  and	
  attractive	
  exits	
  in	
  Africa
• Forms	
  of	
  investment	
  realizations
• Minority	
  ownership	
  maintenance
• Sizing	
  up	
  Africa’s	
  largest	
  markets
Informed	
  by	
  EY	
  and	
  AVCA’s	
  2013	
  African	
  Exits	
  
African	
  PE	
  has	
  a	
  strong	
  history	
  of	
  exits	
  
Watch	
  video	
  |	
  Read	
  full	
  report	
  
Share	
  this	
  slideshow	
  
“The	
  exit	
  is	
  a	
  reality	
  in	
  Africa,	
  
especially	
  in	
  North	
  and	
  South	
  
Africa	
  but	
  also	
  in	
  the	
  sub-­‐Saharan	
  
region—and	
  the	
  returns	
  are	
  also	
  
there.	
  If	
  I	
  go	
  back	
  to	
  pre-­‐2006,	
  
our	
  average	
  multiple	
  was	
  around	
  
1.7.	
  Afterward	
  it	
  was	
  around	
  2.5.”	
  
-­‐Ziad	
  Oueslati	
  of	
  AfricInvest-­‐TunInvest	
  Group	
  
Trade	
  sales	
  are	
  the	
  predominant	
  form	
  
of	
  investment	
  realization	
  
Watch	
  video	
  |	
  Read	
  full	
  report	
  
Share	
  this	
  slideshow	
  
A	
  recent	
  study	
  of	
  African	
  exits	
  by	
  EY	
  
and	
  the	
  Africa	
  Venture	
  Capital	
  
Association	
  con[irmed	
  that	
  data.	
  
Trade	
  buyers	
  accounted	
  for	
  half	
  of	
  
all	
  exits	
  from	
  2007	
  to	
  2012.	
  The	
  
study	
  further	
  revealed	
  that	
  regional	
  
trade	
  buyers	
  are	
  a	
  growing	
  force.	
  
Between	
  2010	
  and	
  2012,	
  sales	
  to	
  
regional	
  trade	
  buyers	
  accounted	
  for	
  
half	
  of	
  all	
  sales	
  to	
  trade	
  buyers.	
  
That’s	
  up	
  from	
  the	
  2007–2009	
  
period,	
  when	
  local	
  trade	
  buyers	
  were	
  
more	
  dominant.	
  
Basic	
  governance	
  improvements	
  can	
  
transform	
  African	
  businesses	
  
Watch	
  video	
  |	
  Read	
  full	
  report	
  
Share	
  this	
  slideshow	
  
“We	
  see	
  a	
  lot	
  of	
  the	
  private	
  buyouts.	
  
It’s	
  typically	
  family-­‐owned	
  businesses	
  
that	
  need	
  to	
  be	
  transformed	
  into	
  a	
  
corporation.	
  So	
  a	
  lot	
  of	
  the	
  value-­‐add	
  
done	
  by	
  private	
  equity	
  is	
  putting	
  in	
  
place	
  governance	
  in	
  running	
  the	
  
companies.”	
  
-­‐Sandile	
  Hlophe,	
  EY	
  
Minority	
  ownership	
  requires	
  constant	
  
communication	
  and	
  guidance	
  
Watch	
  video	
  |	
  Read	
  full	
  report	
  
Share	
  this	
  slideshow	
  
It’s	
  more	
  dif[icult	
  for	
  a	
  private	
  
equity	
  [irm	
  with	
  a	
  minority	
  
stake	
  to	
  exert	
  in[luence	
  and	
  
impose	
  governance	
  on	
  a	
  
portfolio	
  company.	
  Often	
  it’s	
  
impossible.	
  
Capturing	
  consumer	
  growth	
  means	
  
attractive	
  exits	
  to	
  strategics	
  
Watch	
  video	
  |	
  Read	
  full	
  report	
  
Share	
  this	
  slideshow	
  
“The	
  middle	
  class	
  is	
  growing,	
  and	
  the	
  
internaConal	
  investors	
  know	
  that	
  the	
  
consumer	
  story	
  in	
  Africa	
  is	
  a	
  real	
  story,	
  
because	
  middle-­‐class	
  growth	
  is	
  sCll	
  in	
  
the	
  beginning	
  and	
  it’s	
  going	
  to	
  
conCnue.”	
  
-­‐Ngalaah	
  Chuphi,	
  Ethos	
  Private	
  Equity	
  
For	
  more	
  private	
  equity	
  video	
  
interviews,	
  special	
  reports	
  and	
  
commentary,	
  visit	
  www.privcap.com	
  
Share	
  this	
  slideshow	
  

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Private Equity Exits in Africa

  • 1. Private  Equity   Exits  in  Africa   Sponsored  by:    
  • 2. Based  on  Privcap’s  exclusive  report  
  • 3. In  this  slideshow:   • Typical  and  attractive  exits  in  Africa • Forms  of  investment  realizations • Minority  ownership  maintenance • Sizing  up  Africa’s  largest  markets Informed  by  EY  and  AVCA’s  2013  African  Exits  
  • 4. African  PE  has  a  strong  history  of  exits   Watch  video  |  Read  full  report   Share  this  slideshow   “The  exit  is  a  reality  in  Africa,   especially  in  North  and  South   Africa  but  also  in  the  sub-­‐Saharan   region—and  the  returns  are  also   there.  If  I  go  back  to  pre-­‐2006,   our  average  multiple  was  around   1.7.  Afterward  it  was  around  2.5.”   -­‐Ziad  Oueslati  of  AfricInvest-­‐TunInvest  Group  
  • 5. Trade  sales  are  the  predominant  form   of  investment  realization   Watch  video  |  Read  full  report   Share  this  slideshow   A  recent  study  of  African  exits  by  EY   and  the  Africa  Venture  Capital   Association  con[irmed  that  data.   Trade  buyers  accounted  for  half  of   all  exits  from  2007  to  2012.  The   study  further  revealed  that  regional   trade  buyers  are  a  growing  force.   Between  2010  and  2012,  sales  to   regional  trade  buyers  accounted  for   half  of  all  sales  to  trade  buyers.   That’s  up  from  the  2007–2009   period,  when  local  trade  buyers  were   more  dominant.  
  • 6. Basic  governance  improvements  can   transform  African  businesses   Watch  video  |  Read  full  report   Share  this  slideshow   “We  see  a  lot  of  the  private  buyouts.   It’s  typically  family-­‐owned  businesses   that  need  to  be  transformed  into  a   corporation.  So  a  lot  of  the  value-­‐add   done  by  private  equity  is  putting  in   place  governance  in  running  the   companies.”   -­‐Sandile  Hlophe,  EY  
  • 7. Minority  ownership  requires  constant   communication  and  guidance   Watch  video  |  Read  full  report   Share  this  slideshow   It’s  more  dif[icult  for  a  private   equity  [irm  with  a  minority   stake  to  exert  in[luence  and   impose  governance  on  a   portfolio  company.  Often  it’s   impossible.  
  • 8. Capturing  consumer  growth  means   attractive  exits  to  strategics   Watch  video  |  Read  full  report   Share  this  slideshow   “The  middle  class  is  growing,  and  the   internaConal  investors  know  that  the   consumer  story  in  Africa  is  a  real  story,   because  middle-­‐class  growth  is  sCll  in   the  beginning  and  it’s  going  to   conCnue.”   -­‐Ngalaah  Chuphi,  Ethos  Private  Equity  
  • 9. For  more  private  equity  video   interviews,  special  reports  and   commentary,  visit  www.privcap.com   Share  this  slideshow