Absa Capital, the investment banking division of Absa Bank Ltd, dominated the ten largest private equity transactions reported in 2007. This is according to the KPMG and SAVCA Venture Capital and Private Equity Industry Performance Survey released on Wednesday night.
Absa Capital Private Equity led and/or participated in five of the top ten largest private equity transactions last year. The five deals included the Edcon transaction, the largest ever leveraged buy out in South Africa, as well as Steinfurn (5th), Tsebo Outsourcing Group (7th), Vox Telecom (9th) and Mvelaphanda Holdings (10th).
Absa Capital Private Equity was the main funder of the Vox Telekom transaction through its interest in the Lereko Metier Capital Growth Fund.
Commenting on the survey results, Andre Pieterse, Head of Private Equity at Absa Capital, said: “We are very pleased with our overall ranking and improved year-on-year performance. It goes a long way to confirming our position as a preeminent player in the South African private equity market.”
In 2006, Absa Capital Private Equity was involved in three of the top ten transactions.
“Our impressive performance in 2007 is even more noteworthy considering the phenomenal growth in total funding year-on-year,” said Pieterse.
The top ten largest reported private equity transactions in 2007 raised funding in excess of R56bn, compared to the R4.4bn in 2006.
The survey pointed out that both locally and internationally 2007 was a year characterised by ‘jumbo’ deals.
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About Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays Capital, is a leading South African investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.