Leading business and financial adviser Grant Thornton UK LLP is pleased to announce that it has been recognised as an Advisor of the Year at the Private Equity Africa Awards 2017 (PEA Awards). The Single Deal Advisor – Frontier category award, collected by Amaechi Nsofor, Partner, Grant Thornton UK LLP, recognises Grant Thornton’s commitment to advising on challenging transactions in Africa and, in particular, the Microcred Zimbabwe deal.
About the Microking transaction
Amidst the uncertain and volatile trading environment prevalent in Zimbabwe, Grant Thornton successfully advised on the sale of Microking (now Microcred). One of the key factors in achieving the sale of Microking as a going concern was early engagement with stakeholders, particularly regulators to ensure that the necessary regulatory approvals were obtained.
Grant Thornton’s process ensured that value for the creditors and members of Afrasia Bank was maximised. The preferred joint-bid of $20.3 million from Microcred SAS (based in France) and Africinvest Financial Sector Fund (based in Mauritius) was completed in March 2016.
Microking is a strategically important financial institution in Zimbabwe, specialising in providing funds to SMEs. This deal will help to strengthen its market position and accelerate its growth strategy, leveraging the full technical and financial support of Microcred and AfricInvest.
About the award process
The accolade was presented at the 6th Annual PEA Awards Gala Dinner on 1st June 2017. The dinner was hosted at London’s prestigious Savoy hotel and attended by about 250 industry participants.
The final winners were chosen by an independent panel of leading industry professionals with representation from CDC, HarbourVest, IFC, LPEQ, Hamilton Lane, Rede Partners, Aon Hewitt, Swedfund, Sarona Asset Management and Cebile Capital.
The 2017 Awards attracted over 120 self-entries, and were complemented by recommendations from the PEA editorial team and supported by industry data. The nominations were in partnership with the London Business School Private Equity Institute.
Amaechi Nsofor, Partner and Head of Africa Advisory at Grant Thornton UK LLP, said:
“We are proud to receive the award from Private Equity Africa who have been at the forefront of successfully promoting private equity activity in Africa for a number of years. I believe that the award is testament to the robust, resilient and pragmatic approach we apply when advising on transactions in Africa and I am pleased that these attributes shone through from our colleagues in Zimbabwe on the Microcred deal.”
Gail Mwamba, the Awards Chair and Editor of Private Equity Africa, said:
"The 2017 Awards have demonstrated that astute dealmakers and advisors can deliver strong private equity deals to global standards across the continent, despite challenging macro-economic conditions. We were hugely impressed by the calibre of all the entries this year, a remarkable achievement against challenging conditions.”
“The results that the award winners have achieved in the last year truly demonstrate the immense opportunity in African private equity and the resilience of the industry. Congratulations to Grant Thornton and all the winners for this year and we look forward to gathering again next year.”