Seth Keshwar

AFCORP Senior Advisor

SETH KESHWAR

Professional Experience

  • Mr Keshwar is an experienced investment banker and strategic advisor with over 13 years’ experience.

Selected Client Experience:

  • Significant institutional private equity experience in Fund of Funds investment assessment, deployment of institutional capital and portfolio management on the equity and debt team in sub-Saharan Africa managing a more than $1 billion USD portfolio including direct investments at DEG (Deutsche Investitions und Entwicklungsgesellschaft GmbH).
  • Sourcing, term sheet negotiation, deal structuring, due diligence, financial modelling/analysis, creation and presentation of investment memoranda to credit committee, contracting and legal negotiations for equity, mezzanine and private equity fund transactions focusing on Africa.
  • Portfolio management, client relationship management, board attendance, preparation of board meetings, quarterly review of financial performance, exiting investments.

Afcorp Investments

  • Provided a range of strategic advisory and investment banking services to the largest privately black-owned engineering company engaged primarily in the manufacturing, repairing and distribution of industrial engineering products and services, and assisted in growing the business from realised revenues of ZAR193 million in FY07 to approximately ZAR960 million in revenue as a group for FY13.

In support of the company’s strategic business objectives and investor solicitation efforts, compiled a comprehensive information memorandum that detailed the background of the Company, its operations, competitive market analysis, and a strategic business plan for the future. Developed an integrated financial model, which is used as an analytical tool for forecasts internally and externally, developed a group valuation model, and capital budgeting and return on investment analysis.

Facilitated the expansion of the Company, concluding the financings with debt and equity funding institutions for four successful mergers and acquisitions, with exposure to deal structuring and term sheet negotiations.  In addition, undertook investment assessment and due diligence exercises on the proposed acquisitions and offered analyses with respect to strategic fit and operational synergies. Assisted with the companies’ business development strategy to successfully supply its products and services into African markets, i.e. Kenya, Tanzania and Ethiopia.

  • Provide investment and transaction advisory services to a leading BEE Investment Holdings company. Supplying the client with a full range of investment assessment and execution services which include, financial modelling and analysis, market research, risk assessment, compiling investment memorandums, and conducting investment due diligence. In addition, working closely with the client on deal structuring, term sheets negotiation and evaluating the necessary agreements. Also conducts a range of valuation methodologies on prospective investments that include DCF, NAV and public comparables methods. Assist with the formulation of the Group’s corporate and Africa expansion strategies.
  • Provided business plan formulation, transaction advisory, financial modelling and valuation services for a South African based Mobile Virtual Network Operator/Enabler (MVNO/E).
  • Conducted due diligence in Zambia on a leading local security company, one of Zambia’s largest employers with a staff compliment of over 5000 employees.
  • Provided transaction advisory, financial modelling and valuation services for the construction and development of a USD250 million Bleached Chemi Thermo Mechanical Pulp Mill.

African Venture Partners

  • Formed part of the team that provided advisory and placement services to the African Development Bank for its USD500 million fund of funds strategic initiative to establish and significantly expand its capacity to support agricultural and agribusiness investment in Africa.
  • National Empowerment Fund – Formed part of the team responsible for developing a restructuring strategy and business process re-engineering of a R5 billion development organization. Participated in the Business Model Transformation Strategy of the NEF’s iMbewu Fund, to further leverage its human capital and financial resources to deepen its impact in the small and medium-sized enterprise (“SME”) financing arena targeting substantially increasing the number of black SMEs it funds on an annual basis.
  • Part of the three-man transaction advisory team to the largest privately black-owned construction and property development group in South Africa and assisted growth in turnover from ZAR342 million in 2007 to ZAR765 million in 2010. In support of the Company’s strategic business objectives and investor solicitation efforts, compiled a comprehensive Information Memorandum (IM) that detailed the background of the Company, its operations, competitive market analysis, and a strategic business plan for the future. Developed an integrated financial model, which is used as an analytical tool for forecasts internally and externally, a group valuation, also a capital budgeting and return on investment analysis. Facilitated the expansion of the Company, serving as transaction advisor, concluding the due diligence exercise on the proposed acquisitions and offered its assessment with respect to strategic fit and operational synergies.
  • Advised EDI Holdings on the R40 billion restructuring of the electricity distribution industry in South Africa. This involved the proposed merger and acquisition of the distribution businesses and assets of Eskom, and 187 municipalities for the creation of six Regional Electricity Distribution companies and a regulated monopoly.
  • Conducted enterprise valuations of Eskom and the 187 electricity distributing municipalities of South Africa.
  • Formed part of the team that raised approximately ZAR250m in equity, debt and mezzanine financing commitment for BEE clients to support growth and acquisition strategies.
  • Provided oversight to research team study conducted by the Georgetown University McDonough Graduate School of Business compiling a report on the existing private equity investment models and opportunities in the agribusiness sector in Africa, as part of the firm’s commitment to explore new important economic development and investment sectors in Africa for institutional investment.
  • Constructed and designed financial models to assist in analysing the financial performance of companies under a variety of transaction structures and business conditions. Conducted financial forecasts and valuations for companies seeking to raise private equity financing for acquisitions, growth strategies.
  • Analysed and researched various industries/markets to advise clients on growth and development strategies. Assisted in measuring portfolio companies’ performance.
  • With direction supervision from the team leader on the transaction, drafted information memorandums to raise private equity.
  • Performed investment due diligence on prospective acquisitions as part of acquisition strategies.
  • Assist the transaction team leader in “going to market” by overseeing the logistics of manufacturing the financing and offering memoranda. Quality checking the memoranda in terms of typos, grammatical correctness and aesthetics.