Financial Mail Page 1 -06/05/2010 4:11:10 PM · Imbewu Capital Partners (Imbewu Capital) was estab-lished as a black-owned and controlled private equity and investment company in

Financial Mail Page 1 -06/05/2010 4:11:10 PM


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Moving Forward

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Authorised financial services and registered credit provider (NCRCP15)The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). SBSA 36806/R-4/10


F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0 3

CORPORATE REPORT IMBEWU CAPITAL PARTNERS

In bloomBarely five yearsold, this nicheplayer is a l rea d ycreating a stir of itsow n

In SA’s world of multibillion rand pri-vate equity companies and mega dealsthat make headlines, a niche player basedin KwaZulu Natal has emerged with thecredentials, track record and backing ofthe best in the country.

Imbewu Capital Partners(Imbewu Capital) was estab-lished as a black-owned andcontrolled private equity andinvestment company in 2005.However, Imbewu Capital CEGcina Zondi is emphatic thatthe company was establishedfirst and foremost as aKwaZulu Natal-based private equitycompany managed by a team of highlyskilled professionals to take advantage ofthe untapped local market. The fact thatit is able to overlay exceptional blackeconomic empowerment (BEE) creden-tials is the “cherry on top”.

“Our portfolio includes pure privateequity, such as the management buyoutof Reebok SA, and BEE transactions likethat of Richards Bay Minerals, where wewere appointed as transaction manager,which demonstrates our investmentbanking skills base,” says Z ondi.

Furthermore, when raising finance orsecuring investment opportunities Im-bewu (a Zulu word that means seed)Capital is competing with other industryplayers and it is its value proposition thathas won the deals, says Zondi.

Within its first four years, the companyconcluded 10 investment deals. It nowhas a diversified portfolio of strongly

branded companies — from fast movingconsumer goods to mining and services.This includes household names such asReebok SA, Rainbow Chicken, Hulamin,Richards Bay Minerals and NPC-Cimpor,which are among the cream of KwaZuluNat a l ’s (KZN) businesses.

Established as a private equity busi-ness shortly before the financial marketstook off, Imbewu Capital has weatheredthe recent economic storm exceptionallywell. Not only are all its investments stillsafely under its belt but it also closed aBEE deal with two major internationalmining companies in 2009.

Its ability to ride out the downturnhinges on its investment ap-proach and the structures putin place from the outset —which have helped to protectits investments. These struc-tures include special purposevehicles for each investment,which preserves the value cre-ated in the holding company.

SA ’s economy is recovering.As the private equity sector draws newlife, Imbewu Capital — a full member ofthe SA Venture Capital Association — isworking on a number of deals and hasplans to double its portfolio over the nextfew years. “We are poised to grow ourbusiness. We are ready to take it to thenext level and create stakeholder value,”says Zondi.

When Imbewu Capital was launchedthere were few black-owned private eq-uity companies focusing on the province.So it made sense to fill the gap withstrategic and preferential partnershipswith leading financial institutions thathad a local presence.

Though opportunity may lie in thevastly untapped market of KZN, privateequity is about capital to invest. Access tofinance is a challenge, particularly foremerging companies. But Zondi’s trackrecord and that of his business partners,chief financial officer Craig Coombe and

WHAT IT MEANS

> Has weatheredthe financialstorm well

> Has more thanR1,5bnacquired value

“We are poised togrow our business.We are ready totake it to the nextlevel and createstakeholder value”

— GCINA ZONDI

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4 F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0

executive director Nomcebo Mkhize,combined with a thorough under-standing of financial institution re-quirements and personal financialcommitments, has helped secure ac-cess to funding for Imbewu Capital.

“We decided that we would notopt for a fully fledged fund but thatwe would invest on the strength ofour own balance sheet and raisethird party funding on a deal-by-deal basis. This has enabled us toappropriately price the funding inline with the risk presented by theinves tment,” says Zondi.

Proof of the confidence thefledgling company was able to instilis Standard Bank’s 20% strategicequity shareholding, Investec’sR300m funding facility and a fur-ther R65m funding provided byNedbank along with the formationof a preferential relationship.

Standard Bank corporate & in-vestment banking CE Kennedy Bun-gane says the bank believes thatImbewu Capital does indeed standout as a black-owned investmenthouse. “We believe that, over themedium term, Imbewu Capital willprovide attractive returns for Stan-dard Bank and its other sharehold-ers. This belief is premised on ourinteraction with the Imbewu Capitalteam since the business was founded.

“Our continued assessment of thebusiness is positive and this assessmentis based on its executive directors, thestrength, experience and credibility of itsboard of directors and the capacity of itsexecutive management to source, assess,negotiate, structure, invest and add valueto business investment opportunities indiversified industries,” says Bungane.

All these attributes, as well as thebank’s desire to increase its exposure totransactions in the KZN region, encour-aged Standard Bank to take the share-holding in Imbewu Capital. “We tookassurance from the two founding prin-cipals who, at that stage, already hadmany years of investment banking ex-perience, and we believe Imbewu Cap-ital’s track record has subsequently jus-tified our investment decision,” he says.

Clive Howell, head of private equity atNedbank Capital Private Equity says: “AtNedbank a key element of any privateequity relationship is the chemistry, mu-

tual respect and trust that is developedwith our shareholders and management.

“Having worked for many years doingdeals with the Imbewu Capital exec-utives, I was able to see firsthand theircommitment and can-do attitude. This,together with their private equity trackrecord and the chemistry that was de-veloped, ensured that Imbewu Capitalstood out from the pack as an investmentteam to work with and support.”

Similarly Brendan Stewart, KZN re-gional head of Investec Private Bank,says in Imbewu Capital they saw anopportunity to work with a dynamic,KZN-based empowerment business.

“The founders were well known toInvestec. Also, the company incorporatesa broad base of empowerment bene-ficiaries within their shareholding struc-ture. This dovetails with our own desireto fund private equity deals, and em-powerment transactions in particular.”

The achievement with limitedcapital in the short span of fiveyears is exceptional. The com-pany has acquired and managesequity value of more thanR1,5bn, which excludes the valuemanaged on behalf of other co-investment partners.

Following the global financialmeltdown, the more cautious ap-proach to business by financialinstitutions poses another sig-nificant challenge for private eq-uity funding.

Despite the hurdles, ImbewuCapital is open to exploring dif-ferent avenues of funding in-cluding that of a hybrid fund sothat it can continue to take ad-vantage of the opportunitiesavailable in the market.

Perhaps a reason that the KZNmarket has been largely over-looked by major private equityinvestors is that the majority ofcompanies are medium sized,unlisted and operate outside ofthe limelight. However, with Im-bewu Capital’s strategic focus,passion for the province and adeep understanding of KZNbusinesses, there is excellent in-vestment opportunity. “T hesecompanies fit our philosophy likea glove and though we are notlimited to KZN, we intend to

mine our own backyard first,” says Zondi.He points out that, in general, some

industry players do not fully understandthe dynamics of these owner-managedbusinesses. Over generations substantialvalue has been created in these busi-nesses and private equity investment pro-vides an avenue for owner-managers topartially realise the inherent value and toalso diversify risk.

However, entrepreneurs who have builtsuccessful companies are unlikely to berushed into deals. It is in understandingthis and presenting a value propositionthat Imbewu Capital has found a niche.

Ultimately, the intention is to build aworld-class private equity and a financialservices firm that is not restricted to SA.

Imbewu might be a common name, asa friend once told Zondi. But he intendsto ensure that his firm becomes a pre-mier brand in SA — the Imbewu Capitalwith a credible investment portfolio. ■

Kennedy Bungane


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6 F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0

panies should have strong cashflows and good potential forsustainable growth and the op-portunity for Imbewu Capital toacquire a sizeable minorityequity shareholding.

“We look for companies withdynamic management teamswhere there is still room forsustainable growth. Most im-portantly it’s an entrepreneurial type ofmanagement that we really back. It’sw h at ’s behind and driving the companythat makes it a success,” says Zondi.

Then finally comes the big question:how or where can Imbewu Capital addvalue? “We have empathy for manage-ment and understand that they are fo-cused on driving the business day-to-dayand we complement them in their op-erational activities. We interact with avery wide network and management cantap into this network.

“The extent of our involvement isdriven by management’s appetite to inviteus to be active partners. However, ourbusiness model is such that we are nothands-on operational managers,” he says.

Imbewu Capital becomes in-volved at a strategic board levelwhere, through its skills andabilities, it can assist a com-pany to position itself forgrowth. It also takes an activerole in board subcommitteesincluding the critical audit, riskand management committees.

At another level, ImbewuCapital’s investment banking backgroundand knowledge is valuable should theinvestee company need to raise finance,make acquisitions or restructure its bal-ance sheet. “Financial institutions willalways be conservative. We know exactlyhow to approach the matter so that thecompany is successful in actually raisingthe funds,” says Zondi.

From a client perspective, ContainerC o nv e r s i o n s MD Guy Murray says:“When we initially concluded our trans-action, Imbewu Capital provided adviceon the optimal funding structure, and wewere able to introduce not only them butalso our staff as shareholders. The com-p a ny ’s black shareholding is now in ex-cess of 26% and we have achieved a level4 rating (100% BEE recognition).

“The Imbewu Capital team has sub-stantial experience in private equity andinvestment banking and provides valu-able input in the strategic planning pro-cess for the company, and takes an activeinterest in the company,” he says.

Despite not flying the “we are black-owned card”, there is a natural benefitfor investee companies in having a blackshareholder and Zondi acknowledgesthat it does give their partners an edge.

“The challenge will be that once allcompanies are empowered, businesseswill have to continue relying on theirown credentials, management’s abilityand other value-add brought to bear byImbewu Capital to remain competitive.We don’t promise additional contractsbut we do promise our expertise andsupport as it is in our interest to makesure the business prospers and grows,”says Zondi.

When Rainbow Chicken was seeking anempowerment partner it was looking forlike-minded people with whom it could

Viability is what countsAdding value toe nt re p re n e u r i a lb u s i n esses

WHAT IT MEANS

> Prefers firmswith productsthat stay indemandd es p i tee co n o m i cd ow ntu r n sThe first year of Gcina Zondi’s seven-

year private equity and investment bank-ing career was spent managing stresseddeals handed over to him. It taught hima valuable lesson: not every deal is aviable deal, and bad deals carry enor-mous costs — not only financially but intime wasted and missed opportunities.“Every deal has to be assessed for itsmerits and its risks,” says Zondi.

So Imbewu Capital has investment cri-teria that are fundamental to the com-pany and taken seriously.

The investment criteria list starts withcompanies with credible partners, soundbusiness models and well branded prod-ucts for which there is a demand evenwhen the economy is down. Though com-pany size is not a key issue, there is apreference for businesses with enterprisevalues in excess of R100m. These com-

“They have never represented themselvesas being able to provide something that isnot within their expertise” — MILES DALLY




8 F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0 8 F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0

CORPORATE REPORT IMBEWUbuild a long-term partner-ship, says CEO Miles Dally.“Imbewu Capital is a young,dynamic and extremely pro-fessional business. They arepartners of high integrity,have a similar value systemand have impressed us greatlywith their approach to theirbusiness interests.

“They have never repre-sented themselves as beingable to provide somethingt h at ’s not within their exper-tise, and their private equityand investment banking skillsare and will be of value to us

as a business,” says Dally.Perhaps the endorsements

that give greatest insightsinto the success of the part-nerships are the personalones. “Gcina and his team aregreat fun and we enjoy work-ing together,” says Mu r ray.

For Dally: “They are warmand approachable peoplewho strike a good balance inlife — hard working profes-sionals, people with strongfamily orientations and socialawareness, seen throughtheir involvement in commu-nity upliftment projects.” ■

FO U N DAT I O N

A good matchCreating a vision to be aworld-class private equityand investment holdingcompany while simultane-ously contributing to SA’seconomic growth and trans-formation was only the startfor Imbewu Capital foundersGcina Zondi and CraigCoombe.

Putting together a team ofindividuals who would sharethe same vision and values,and have the experience tomake things happen was thenext major step.

The value of the businessis imbedded in the team —executive and nonexecutive— who were all chosen forthe depth of knowledge andexperience they could bringto the fledgling company.The result: a like-mindedteam that is diverse in race,age and gender.

Founding CE Zondi hasthe overall responsibility forthe company’s operational,strategic and investment ac-tivities. He has more than 10years’ experience in the pri-vate equity industry, ofwhich six years were withNedbank Capital Private

Equity as a private equityspecialis t.

Coombe, a founding ex-ecutive director, is respon-sible for investment activitiesand is also the chief financialofficer. Prior to joining Im-bewu Capital, Coombe was adirector and shareholder ofGadlex, a BEE company that

JB Magwaza

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Rainbow is proud to be associated with

IMBEWU CAPITAL PARTNERS

Rainbow Chicken Ltd, One The Boulevard,

Westway Offi ce Park, Westville.

WWW.RAINBOWCHICKENS.CO.ZA

29376/RAINBOW


1 0 F I N A N C I A L M A I L M AY 1 4 , 2 0 1 0

CORPORATE REPORT IMBEWU


owns 25% of Business Con-nexion. He was also thecommercial director forBusiness Connexion.

Nomcebo Mkhize is an ex-ecutive director responsiblefor investment activities. Shejoined the company in July2007 after working for theNedbank Capital CorporateFinance division, where sheadvised on many major cor-porate finance transactions.

The nonexecutive teamcomprises seasoned corpo-rate business people. JBMagwaza, the nonexecutivechairman, is chairman of theTongaat-Hulett Group, aswell as of Pamodzi Invest-ment Holdings, MotsengProperty Investment Hold-ings, Mutual & Federal Ltdand Nkunzi InvestmentHoldings. Other director-ships include Richards BayMinerals, Rainbow Chicken,NPC-Cimpor, Dorbyl, Hu-lamin and KAP Interna-tional.

Imogen Mkhize, a nonex-ecutive director, has exten-sive leadership and manage-ment experience in thecorporate and nonprofit sec-tors. She is currently chair ofRichards Bay Coal Terminal,one of the largest export coalterminals in the world, andserves on the boards ofSasol, Murray & RobertsHo l d i n g s , Allan Gray, MobileTelephone Networks, MondiPlc and Mondi Ltd.

Njabulo Sithole is OmameInvestments MD, a companyowned and managed bymultiskilled black womenwith strong entrepreneurialskills. In addition to beingthe owner-manager of a psy-chology practice that shestarted in 1999, other com-mitments include serving onthe boards of Impilo Con-sortium, Umoja Property So-lutions and Tsogo SunKwaZulu Natal.

Embedded in the team is a

passion for KwaZulu Natal(KZN). This is a criticalpoint for Imbewu Capital’sdirec tors. “It ’s about peoplewho want to make a dif-ference in the province, andour success demonstratesthis zeal,” says Zondi.

This desire to make a dif-ference in KZN influencedtheir broad-based BEEthinking and the final struc-ture of the company thatfrom the outset has on boardwomen and women’s organ-i s at i o n s .

The company is structuredso that management is themajor shareholder with 60%,with a further 10% set asidefor future executives. Stan-dard Bank has a 20% share-holding and Omame Invest-ments and the ImbewuCapital Partners Develop-ment Trust have a combined10% equity shareholding.

As a black-owned and con-trolled private equity and in-vestment company the exec-utives are conscious of theshort-term attitude of invest-ment companies and how

Nomcebo Mkhize

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Richards Bay Minerals

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Building stronger communitiesRichards Bay Minerals (RBM) a leading producer of

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RBM has signed off its 26% Broad Based Black

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Horizon Investments (24%) and RBM permanent

employees (2%). The deal represents the largest

BBBEE transaction in KwaZulu-Natal to date

through the sale of a 24 per cent equity interest in

RBM to Blue Horison, which is made up of a group

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this has tarnished the reputation of theprivate equity sector. “A long-term at-titude and approach form an integral partof our investment strategy,” says Zondi.

It was the significance of corporategovernance to the founders’ thinking andtheir passion for what they do that im-pressed JB Magwaza when he was ap-proached to become nonexecutive chair-man of Imbewu Capital.

“I was also highly impressed by thelevel of professionalism demonstrated intheir young lives, as well as the seriousvalues and corporate governance thatwas imbedded in their DNA. Unlike somany young executives who look at mak-ing considerable money quickly, they re-alised that this attitude would hurt thebusiness and investors,” he says.

Magwaza also found the company’sbusiness model very attractive. “T hefounders had asked the fundamentalquestions about what type of businessthey wanted to create and what their rolewould be as executives. From the start itwas clear they did not intend to work atarm’s length, rather they would look athow they could add real value and makea difference to the future of the com-panies in which they invested.”

Zondi works on the principle that ifthe team has only one hour in which topresent its value proposition, it has tocreate sufficient interest to ensure thatmanagement will want to see it again.

For the team, using its own network toestablish business, this philosophy hasbeen vital. It was the key in the NPC-Cimpor transaction, which was alreadywell under way when they asked if theycould make their presentation — re-sulting in them becoming a co-lead part-n e r.

“NPC-Cimpor was the acid test. Wewere the last to be considered but be-came the partner of choice. Being chosenas the lead partner in the Richards BayMi n e ra l s ’ BEE transaction was a similare xperience,” says Zondi.

Imbewu Capital believes all its dealsare significant transactions, irrespectiveof size. Zondi says they bring differentdimensions to the investment portfolio.Reebok is mentioned most often becauseit was their first deal. “We had beencourting the deal and others for somemonths when the board instructed us tokiss the frog and make it happen. So, in away, Reebok holds a very interestingplace in our success journey.” ■

Njabulo Sithole

CS I

On a missionto upliftThe embedded ethos of Imbewu Capitaland its passion for KwaZulu Natal (KZN)does not begin and end with business butembraces the desire to uplift the un-derprivileged in the province.

From the outset half of the 10% share-holding allotted to broad-based share-holders was assigned to the Imbewu Cap-ital Partners Development Trust. Thetrust aims to contribute constructivelytowards building and enhancing the qual-ity of life of disadvantaged children andyouth living in KZN. Its main focus iseducation and leadership development,working with public benefit organisationsand youth empowerment.

“We are a young business with limitedoperational funding so our funding sup-port goes towards smaller expenditure,covering the gaps left by bigger com-

panies,” says Imbewu Capital chief fi-nancial officer Craig Coombe, who hastaken a personal interest in youth de-velopment and leadership projects inwhich the trust is involved.

An example, which draws on founderGcina Zondi’s own experience as ayoungster, is that of providing financialassistance to matriculants attending aJunior Achievement Mini EnterpriseProgramme for travel from school to thevenue and then home. The programme isaimed at preparing young people for lifeafter school by raising their awareness ofeconomic issues. It also teaches thementrepreneurial and life skills, and en-hances their sense of personal respon-sibility through practical business ex-perience.

The trust has also partnered the publicbenefit organisation Vukukhanye, ofwhich Coombe is chairman. NomceboMkhize, an Imbewu Capital executive,also serves on the board. Vukukhanyeuplifts the Chesterville community, whichnumbers well above 60 000 residents.Within the greater Cato Manor com-Craig Coombe



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munity and on the doorstep of the Dur-ban CBD the area is characterised bypoverty, unemployment, a prevalence ofHIV, crime, abuse and poor educationachievement, says Coombe.

Among its many programmes,Vukukhanye is focusing on implementingtwo after-school sports programmes fol-lowing the Sport For All social franchisemodel. It provides a trusted, safe, after-school environment with sports coachingfor more than 300 learners.

As part of a medium-term fundingplan, Imbewu Capital advanced a loan tothe trust so that it could participate inpublic broad-based black empowermenttransactions such as Asonge, Sasol Inzaloand Yebo Yethu. It is envisaged that theprofit earned on the realisation of theinvestments will be used to further thetrus t’s objectives.

With its focus on youth and education,the trust has provided study loans todeserving youth wanting to study ac-countancy at a tertiary level. The firstrecipient is in his second year at theUniversity of KwaZulu Natal.

Imbewu Capital Partners DevelopmentTrust chair Monica Malunga says: “T hetrust is firmly positioned to deliver on itsobjectives through the investments thatwe have undertaken and the systems thathave been developed. We have enteredthe year full of hope that we will con-tinue to perform well and contribute tothe improvement of the quality of life inour target communities.” ■

INVESTMENT PORTFOLIO

Able and capable to lead

An overview of Imbewu Capital’s port-folio offers an interesting list that in-cludes some household names.❑ Reebok SA, 2005: Imbewu Capitalsourced and participated in the ReebokSA management buyout, for which thetransaction finance was raised throughan existing strategic funding line withInvestec. It acquired a minority equityshareholding in Reebok SA.❑ NPC-Cimpor, 2006: It led the Im-bewu-AKA Consortium that participatedin the NPC-Cimpor BEE transaction thatresulted in Imbewu Capital acquiring aminority equity shareholding in NPC-C i m p o r.❑ Isegen SA, 2007: Imbewu Capital andNedbank Capital Private Equity led asecondary leveraged buyout transactionwith the management of Isegen SA. Im-bewu Capital acquired a minority equityshareholding.❑ Hulamin, 2007: It led the Imbewuconsortium that participated in the Hu-lamin BEE transaction that resulted inImbewu Capital acquiring a minority eq-uity shareholding in the company.❑ Container Conversions, 2007: Im -bewu Capital acquired a minority equityshareholding in Container Conversions,an industry leader in the provision ofinstant temporary site accommodationand storage facilities.❑ Rainbow Chicken, 2008: Imbe wuCapital led the Imbewu consortium thatparticipated in the Rainbow ChickenBEE transaction that came into effect inthe first quarter of that year. It acquired

a minority equity shareholding in Rain-bow Chicken.❑ GMA Logistics, 2008: Imbewu Cap-ital acquired a minority equity share-holding in GMA Logistics, a companyspecialising in international forwarding;warehousing; road transport; and supplychain management.❑ Autovest, 2008: It acquired a mi-nority interest in Autovest, a holdingcompany of an automotive-focused groupof companies. The Autovest group com-prises five operating businesses: SACanopy Centre; Rhino Linings, a supplierof locally developed spray-on bin liningsfor light commercial vehicles; Maxe, sup-plier of locally manufactured stainlesssteel accessories; Kilber Products, spe-cialist manufacturer of exhaust systemsand related products for the heavy dutytruck and bus and offroad/earthmovingmarke ts; and StarTrek, specialists in thedesign and manufacture of top-qualityfixed and detachable towbars.❑ Richards Bay Minerals, 2009: Im -bewu Capital led the Imbewu consortiumthat participated in the Richards BayMinerals (RBM) BEE transaction andacquired a minority interest in RBM, aleading producer of titanium slag, highpurity pig iron, rutile and zircon. Im-bewu Capital is the transaction managerand has the overall operational respon-sibility for BEE Holdco. ■

Corporate Report written byLesley van Duffelen

Advertising executive: Basil JacobsMonica Malunga


In operation One of ImbewuCa p i ta l ’s mining interests

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We’d prefer to not talk

about BEE transactions.At Investec Private Bank, our GROWTH AND ACQUISITION finance specialist team is too busy DOING them.

At Investec, we believe actions speak louder than words. As testament to this belief, we concluded the leveraged

buyout deal with Reebok (South Africa) and Imbewu Capital. Our specialised Growth and Acquisition division provided

Reebok with a composite funding package, including senior debt, mezzanine debt and working capital.

If you need a minimum of R20 million as an active entrepreneur to fund your transaction, call Investec Private Bank

Growth and Acquisitions division on 031 575 4000 or visit www.investec.com

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Investec Private Bank, a division of Investec Bank Limited Reg. No. 1969/004763/06. An authorised financial services provider. A registered credit provider registration number NCRCP9.

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Financial Mail Page 1 -06/05/2010 4:11:10 PM · Imbewu Capital Partners (Imbewu Capital) was estab-lished as a black-owned and controlled private equity and investment company in