AFR Business

April 2013

During a ceremony held at NMB head office in Harare, FMO (the Netherlands Development Finance Company) and Africlnvest (a pan-African investment group) signed agreements, each for the purchase of 8.99% of NMBZ’s shares. This issuance of new shares is meant to help NMB Bank strengthen its capital base, supporting the growth of the bank and helping it to comply with recently-increased minimum capital criteria. The investment is part of a total package of capital injections that also includes Norfund (the Norwegian development institution). In addition to their financial contribution, the investors plan to contribute to the bank’s development by nominating top-level experienced board members and by providing technical assistance in areas requiring further strengthening.
The signing ceremony was well attended by the Ambassador of the Netherlands to Zimbabwe, Mrs H M B Joziasse, NMB and NMBZ top management and directors, representatives of FMO and Africlnvest, and representatives of the local press. The Ambassador’s attendance underscored the importance of the ties between the Netherlands and Zimbabwe, both in terms of business and development cooperation.
Speaking at the ceremony on behalf of FMO, Decio Tractenberg (Senior Investment Officer) commented: “For FMO, this equity investment cements a relationship with NMB Bank that has been developing over the last three years. An equity participation is the logical next step after concluding a loan term financing facility in 2011 and providing a trade finance facility earlier this year. With a unique combination of excellent management, strong local roots and world class international shareholders, NMB is well-positioned to become one of the top banks in Zimbabwe.”
“With a unique combination of excellent management, strong local roots and world class international shareholders, NMB is well-positioned to become one of the top banks in Zimbabwe.”

James Mushore, Group Chief Executive Officer of NMBZ stated: “We are delighted that we have been able to attract investors of this calibre to become shareholders in NMB.

This investment speaks volumes of the trajectory that NMB is now pursuing – an enhanced shareholder profile, robust Risk and Corporate Governance systems and a strong management team to propel NMB into the top tier of banks in Zimbabwe.”

Ziad Queslati, Founding Director of Africlnvest said, “I was first in Zimbabwe four years ago and have been impressed by the progress made by the country since then. AfricInvest has a history of supporting sustainable development of African businesses since 1994. We are proud to become a shareholder and a partner to NMB and to contribute with all stakeholders in building it into one of the best-run banks in terms of service offering in the region and increasing its outreach to local SMEs.”

About NMBZ
NMBZ is a Zimbabwean based investment holding company whose principal subsidiary is NMB Bank Limited, a registered commercial bank. The Group has dual listing on the Zimbabwean Stock Exchange and the London Stock Exchange. NMB Bank Limited was established in October 1992. The Bank is led by a strong management team supported by a highly qualified board of directors with diversified skills base. www.nmbz.co.zw.

June 2013

TLG Capital has structured USD $10 million financing with NMB Bank in Zimbabwe. The facility will be used to support infrastructure redevelopment.

Africinvest, FMO and Norfund invested in the bank earlier this year, each purchasing a minority stake of NMBZ’s shares behind African Century and Old Mutual; over 45% of NMBZ’s shares are now privately held by leading African PE and DFI investors. The new shareholders will provide technical assistance as well as experienced directors. In addition, NMB has loans from FMO and Norfund and has significantly increased its access to credit lines in the last year.
The deal team at TLG was led by Isha Doshi, Dominic Clive and David Hartnett. Isha Doshi, Partner at TLG Capital, said: “Investment risk in Zimbabwe has been, and continues to be, mispriced. The adoption of the dollar in 2009 ended the country’s years of hyper-inflation almost overnight which in turn has catalysed growth. The recent political stabilisation combined with strong macro fundamentals make Zimbabwe an attractive investment destination with great upside potential. The financial services sector, as a highly defensible and systemic sector, represents the best opportunity for risk adjusted returns in the current environment.”
“The financial services sector, as a highly defensible and systemic sector, represents the best opportunity for risk adjusted returns in the current environment.”

Francis Zimuto, the Deputy Group CEO of NMBZ Holdings, said:
“NMB Bank is excited at having concluded this transaction with TLG Capital as it demonstrates that the bank is an attractive destination for foreign lines of credit. The bank is actively looking at growing its portfolio of non-bank sources of funding. This transaction will therefore assist in that effort as it increases NMB Bank’s visibility within the international PE market.”

NMB Bank
NMB Bank is a registered commercial bank owned by NMBZ Holdings. NMB bank was established in October 1992 as a merchant bank and acquired commercial banking license in December 1999. The bank offers a range of corporate finance & advisory as well as commercial and retail banking services. The bank operates 10 retail branches across Zimbabwe. NMB Bank enjoys a strong brand with an established niche in the corporate and high net-worth individual sectors. More information about the company can be found here:
www.nmbz.co.zw

November 2018
TLG announced today a 3 year credit deal of US$30million with Atlas Mara (Lon: ATMA), through its Credit Opportunities Fund. TLG will be funding $10million of the total facility in 2018, whereas, the remaining amount is expected to be funded in 2019. This marks TLG’s seventh investment in the African banking sector.

Partnering with Atlas Mara provides TLG with a great long term opportunity to back a well-diversified banking platform with presence in West, Southern, and East Africa. Led by Bob Diamond as the chairman and John Staley as the CEO, Atlas Mara has a strong management team with a vast experience of working with different financial institutions across Africa. With more than $3Bn of assets, Atlas Mara reported its highest ever net profitability of $45M in 2017. This is a testimony of a growing momentum and successful on-going implementation of operating cost reduction programme at the group. Nigeria has always represented an important location for TLG within Africa. Recent reforms by the government to create a better economic environment have produced positive results. With Union Bank of Nigeria being Atlas Mara’s largest asset, we believe that the group is in a strong position to benefit from rising credit growth and consumer activity in the country. Atlas Mara is focused on digitising its offering and using technology to grow its future revenues. TLG’s fund injection would allow the group to grow lending to small and medium enterprises and invest in technology driven channels such as Digital Bank Lending.
ZhiYong Heng, Head of Special Situations Group, who led the deal for TLG, said “Africa’s banking sector is one of the most compelling growth stories in the world today and we want to capitalise on it by taking strategic positions in Africa’s promising financial services markets. This deal, our largest single transaction since the inception of our Credit Fund in 2016, demonstrates our long-term commitment to promoting financial inclusion and technological innovation in Africa. Atlas Mara, with its globalised shareholder base and experienced management is well-placed to become a foremost Pan-African Banking Group. Through our partnership with Atlas Mara, we hope to reach more quality African businesses and this transaction represents an exciting step forward in our fund’s continued efforts to support growth and job creation in the region.”
“Through our partnership with Atlas Mara, we hope to reach more quality African businesses and this transaction represents an exciting step forward in our fund’s continued efforts to support growth and job creation in the region.”

London, November 2018

Global private investment firm TLG Capital announced today an investment of $11.5m in Grace Lake Partners (GLP) Nigeria, through its Credit Opportunities Fund. GLP is an investment and advisory firm based in Lagos, Nigeria with a philosophy of creating shared value. GLP who are JC Decaux’s exclusive partners in Nigeria, build and operate profitable businesses that address important societal needs in Nigeria while creating economic value.

With the investment, TLG will further demonstrate its commitment to investing in impact driven businesses in Sub Saharan Africa (SSA). The partnership will allow TLG Capital to expand its investment portfolio to Nigeria, giving them exposure to all of GLP’s businesses including its flagship investment in JCDecaux Grace Lake (the Nigerian Subsidiary of JC Decaux, the world’s Number 1 outdoor advertising company). TLG’s investment provides GLP with the growth capital to expand its advertising, pharmaceutical & medical retail and data analytics businesses across West Africa.

Speaking on the investment, Jide Odunsi, co-Founder of GLP said. “We are delighted to announce the partnership with TLG Capital as it represents a major step forward in our mission and drive to ‘Build a Nigeria we can be proud to call home’. TLG’s investment will support our vision of becoming Nigeria’s preeminent investment firm that builds and operates profitable businesses that address important societal needs in Nigeria”.

Saad Sheikh, Principal Private Investments at TLG Capital said: “With our investment in Grace Lake Partners, we believe there is significant opportunity to help accelerate the expansion of the company’s businesses in Nigeria. We are committed to the growth story of Sub Saharan Africa and this being our first private investment in Nigeria, are excited to be part of the largest economy on the continent. Through our partnership with Grace Lake Partners, we look forward to supporting their portfolio of high-quality businesses, making this an exciting step forward in our fund’s continued efforts to support growth and job creation in SSA. We look forward to a fruitful relationship with GLP that helps them reach their full potential.”

“We are committed to the growth story of Sub Saharan Africa and this being our first private investment in Nigeria, are excited to be part of the largest economy on the continent. ”

About Grace Lake Partners: Founded in 2014, GLP is an investment and advisory firm based in Lagos, Nigeria. Based on the philosophy of creating shared value, GLP builds and operates profitable businesses that address important societal needs in Nigeria while creating economic value for GLP and its shareholders. GLP’s core mission is to “build a Nigeria we can be proud to call home”. Today, the company has an extensive portfolio of companies ranging from Outdoor advertising to pharmaceutical retail. The company’s is positioning itself as a shared value venture studio. Find out more about Grace Lake Partners.

London, August 2018

TLG Capital announced today it is providing Metafoam Limited, Rwanda, with growth capital through its Credit Opportunities Fund. In keeping with TLG’s theme of investing in growing companies in Africa with strong downside protection, the investment is backed by a guarantee issued by Equity Bank Rwanda and confirmed by Equity Bank Kenya. Metafoam is a key Rwandan mattress player manufacturing for the low to middle income sector and fits in with TLG’s mandate to invest in viable businesses with a positive social impact. With this investment, TLG Capital bolsters support to Presidents Paul Kagame’s strategy of ‘Made in Rwanda’, aimed at making Rwanda an upper middle-income country by 2035. Nisk Capital was the advisor on the transaction.

TLG will leverage this partnership with Equity Bank to establish a pipeline of investment opportunities in Rwanda and broadly across East Africa.

Metafoam Limited currently manufactures over two hundred thousand mattresses a year and with TLG Capital’s investment, the business will increase production capacity, to meet the growing demand within country and across the East African region.

Equity Bank’s commitment to be a ‘listening and caring’ partner for SMEs in the region is demonstrated with this transaction; the bank’s vision is to be the champion of socio-economic prosperity for the people of Africa. It offers inclusive, customer focused financial services that socially and economically empower our clients and stakeholders. “We have chosen to support businesses in the region, through partnership. We at Equity Bank, consider conclusion of this transaction as proof. We are confident that together we will deliver even better results for our customers across our markets serving as a catalyst for wealth creation, strong risk and strategic business management best practices.” said Hannington Namara, The Managing Director, Equity Bank Rwanda.

Saad Sheikh, Principal private investments at TLG Capital said: “We are delighted to close our first deal in Rwanda, focusing on the growing middle class, with one of the largest banks in East Africa. Metafoam aspires to be the market leader in mattress manufacturing across the East African region and TLG is excited to be contributing to that success. We have found a great partner in Equity Bank and NISK Capital and will continue to provide the much-needed capital to entrepreneurs, not only in Rwanda but in the wider East African region.”

Irene Ndikumwenayo, Managing Partner of NISK Capital who was instrumental in closing this deal said: “Businesses like Metafoam are why we do what we do. We believe that with the right partners, such opportunities can truly realize their potential and contribute to the broader economic development within East Africa. We are delighted to have created this partnership between TLG, Equity Bank and Metafoam. TLG’s strong reputation and unwavering commitment to Metafoam should lead to significant growth within Rwanda and beyond.”