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SAVCA is hosting Prof Eli Tlamor for a Masterclass on two private equity case studies: “Edcon” and “Sunray Renewable Energy on 5 October 2011. To register for this masterclass please download the application form via the following link: www.avca-africa.org/index.php/files/2/3
Date: 5 October 2011
Time: 09h30 to 16h00 (SAVCA AGM will follow the Masterclass)
Cost: R2500 (ex VAT) per delegate. AVCA Members get a 20% discount
Venue: KPMG Wanooka Place, 1 Albany Road, Parktown, Johannesburg
Edcon – Going Shopping in South Africa
The case documents Bain Capital’s $3.5 billion taking private of Edcon, the leading retailer in South Africa, in what has become the biggest acquisition ever in Africa. It examines the complex issues faced by Bain Capital in its due diligence and ultimate bid. Key themes:
- detailed deal analysis in an emerging market – opportunities and risks;
- factors influencing the risk premium paid for an investment;
- financial structuring – bank versus bond financing;
- bid strategy in an auction scenario.
SunRay Renewable Energy
This case recounts the story of the spectacular growth of SunRay, an entrepreneurial venture focused on solar energy projects. Since its foundation in 2006, the firm attracted the interest of private equity firm, Denham Capital and was subsequently bought out by Sunpower, an international supplier of solar power technology for a sum of US300 million in 2010. Key themes:
- Renewable energy – analysis of technologies, value chain of a solar PV developer and government incentive schemes in Europe;
- Issues faced in market entry;
- Funding of the business – seed funding, private equity, project finance and the advantages and disadvantages of each;
- Analysis of SunRay’s first project in Italy and how it established a relationship with Sunpower, the EPC contractor for that project and who eventually made an offer to acquire SunRay.
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