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SAVE THE DATE: The Ansarada DealMakers Annual Awards will take place on Tuesday 23 February 2021 as a virtual event. Registration is FREE of charge

This year we introduce a NEW AWARD - The Business Rescue Transaction of the Year
Due to the increase in business rescue proceedings over the last few years, compounded by the COVID-19 pandemic, DealMakers has taken the decision to recognise the valuable work undertaken in the business rescue space.

The shortlisted transactions for 2020 are, in no particular order :
Shortlisted transactions for the
Business Rescue Transaction of the Year 2020
Comair 
Comair entered voluntary business rescue proceedings in May 2020 in order to safeguard the company and its shareholders by restructuring the airline as quickly as possible so the business could once again be operational. The internal restructuring process begun in March but was interrupted by the grounding of flights in line with the COVID-19 travel restrictions. Comair become financially distressed and unable to meet debt obligations resulting in the company filing for business rescue.  The evaluation of multiple bids, negotiations with lenders, aircraft lessors, creditors and stakeholders resulted in a transaction with the Moritz Consortium enabling Comair to resume trading operations in December 2020.

The local advisers to the process were: ASOCapital, PSG Capital, Werksmans, ENSafrica and Letsema Corporate Finance.
Edcon
In 2019 Edcon, which had been struggling for a number of years under a growing debt burden secured R2,7 billion from lenders, landlords and the Public Investment Corporation in a restructuring plan that freed the company of interest-bearing debt. In May 2020 after losing R2 billion in sales as a result of SA’s COVID-19 lockdown restrictions the owner of the Edgars and Jet chains filed for administration. Unable to find investors for the business, the administrators opted for a sale plan to transfer ownership of parts of the group in SA and Southern Africa and to save jobs. Durban-based Retailability backed by Metier Private Equity and DEG of Germany acquired 120 Edgars stores and The Foschini Group took over 425 Jet stores.

The local advisers were: Matuson Associates, Rand Merchant Bank, Investec Bank, UBS, ENSafrica, Cliffe Dekker Hofmeyr and EY
Phumelela Gaming and Leisure 
The company entered business rescue proceedings in May 2020 after deciding against voluntary liquidation. Phumelela was experiencing financial difficulties prior to the pandemic but it was the devastating financial impact of COVID-19 which led to its decision to enter business rescue proceedings. Phumelela received R100 million in post-commencement finance from local company Mary Oppenheimer and Daughters (MOD), to ensure the continuation of operations while the company underwent restructuring and the sale of assets. Bids to acquire all or some of its assets were received from among others UK bookmaker Betfred and MOD. In September creditors voted in favour of MOD (4Racing) to take control of the racing assets including the local and offshore totes and broadcasting rights. 

The local advisers were: RS Advisory, Werksmans and Fluxmans
The winning transaction will be announced at the virtual Ansarada DealMakers Annual Awards on Tuesday 23 February 2021
Tuesday 23 February 2021
Join the South African Mergers and Acquisitions industry as it celebrates the achievements of 2020.

DealMakers
 awards the top advisers by Value and Flow in the following categories:
  • Investment Advisers
  • Sponsors
  • Legal Advisers
  • Transactional Support Services
Awards are made to the top four M&A teams and the top three teams for work carried out in the General Corporate Finance space. Recognition is also given to the top investment advisers and legal advisers (by deal value and flow) for BEE deals - listed and unlisted.

Plus:
Ince Individual DealMaker of the Year
Brunswick Deal of the Year
Catalyst Private Equity Deal of the Year 
Exxaro BEE Deal of the Year
Business Rescue Transaction of the Year

 
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