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Fourth quarter 2008 CLAIRFIELD REVIEW A publication of Clairfield Partners: leaders in mid-market M&A and corporate finance in Europe, the USA, and Australia Africa on the move In spite of challenges, Africa offers attractive investment opportunities Albert Schander is founder and partner of SynCap Management. Hartmut Sieper is director of SynCap Management and Trans Africa Invest. Africa, the final frontier in the investment landscape, has finally been discovered by both financial and strategic investors. High commodity prices, stable currencies, liberalization of many local markets, high returns on investments, and strong economic growth rates in rapidly expanding markets contribute to a compelling investment story. Clairfield’s German partner, SynCap Management, has covered Africa since 2007 through the company Trans Africa Invest GmbH (www.trans-africainvest.com). Trans Africa Invest (TAI) is directed by Hartmut Sieper, a well-known expert on African economic affairs. In the last six years, Africa has enjoyed the longest run of prosperity since the colonial period, growing by 5.5% percent. The world’s second largest continent, with a population of approximately 900 million people, Africa has the resources and population to become another economic powerhouse. The market is driven by strong economic growth, high commodity prices, Internet and telecom connectivity, and inflow of foreign capital. The continent consists of 53 countries that show a high degree of diversity. Several countries are especially attractive to investors: • • • • South Africa (pop.: 44 million) is the leading African market in many aspects. The country is well-established and industrialized. The Johannesburg stock exchange contributes to two-thirds of Africa’s total market capitalization. Nigeria (pop.: 138 million), an oil-rich country, is the powerhouse of West Africa. Goldman Sachs includes Nigeria in its list of the “Next Eleven” countries with potential to join the world’s largest economies. Kenya (pop.: 38 million) is the regional hub for East Africa. The Democratic Republic of the Congo (pop.: 67 million) is extremely rich in natural resources. Angola (pop.: 12.5 million), rich in oil, diamonds, and metals, is the fastest growing economy in the world (in 2007, the GDP grew by over 30 %.) Economic and political woes in Africa have created a perception of complete instability in the region. While the situation is improving in many African countries, African markets remain challenging to investors. Regulatory frameworks are very different from those in the West. Personal contacts and local knowledge are essential ingredients for longterm success in Africa. On-the-ground contacts are also imperative for successfully performing direct investments in African companies. In Africa, corporate finance and M&A activities include public-private partnerships, project financing, private equity investments, privatization issues, and stock-market-related transactions. Transaction volume in the continent quadrupled from 2004 to 2007 across the entire range of deal sizes. SynCap named Investment Banking Adviser of the Year by ACQ magazine Clairfield’s German partner SynCap Management received the Investment Banking Adviser of the Year award in a special 2008 edition of ACQ Finance Magazine. The award is the result of a poll of industry peers and ACQ’s in-house panel. SynCap founder Albert Schander notes that SynCap has enjoyed a fruitful 2007-2008 with a high volume of both local and crossborder deals. International corporate clients advised by SynCap in this period include Bombardier Transportation, Christ Water Technologies, Coca-Cola, Fenner Group, Hawesko Holding, and Rentokil Initial. SynCap ranked at the top of all German advisory firms in the 2007 Thomson Financial league tables. “We are pleased that our unique service range, sector expertise, and international access is recognized by our peers in the financial industry,” says Dr. Schander. • 200 150 100 50 0 Transactions in Africa: deal volumes 2000-2008 Deals greater than €500 million Deals between €100 million and €500 million Deals lower than €100 million 2000 2001 2002 2003 2004 2005 2006 2007 The year 2007 saw the completion of several interesting transactions including Bain Capital’s acquisition of Edgars Consolidated Stores Ltd., the Source: mergermarket continued on page 2

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