Verified Expert in Finance
Steve's managed over 100 M&A and restructuring transactions for a listed financial services group in South Africa, where he gained in-depth buy-side transaction experience, including valuations, due diligence, deal structuring, and transaction agreements. In 2015, he moved his family to the countryside and started his own freelance advisory business, focusing on transaction advisory, strategy, and financial modeling.
Founder | Managing Director
- Reviewed the high net worth investment sectors in South Africa and internationally to understand key trends, and then presented a shortlist of suitable acquisition targets for a large client in the wealth management sector.
- Collaborated with the executive team to produce a strategy document for a benefit consulting startup in South Africa.
- Investigated five potential acquisition targets in the benefit consulting sector of South Africa. Activities included due diligence, valuation, and transaction management. Successfully executed a transaction with one of the targets investigated.
- Reviewed the concept and investment proposal of a potential new venture for a listed agricultural inputs company. The venture included financing and risk management for farmers and off-takers.
- Built a rolling forecast projection model for a health insurance company operating in over 30 countries. The model calculated results at a product option level and then rolled up multiple jurisdictions and currencies to give consolidated projections.
- Produced a detailed business architecture view of a large pensions business in South Africa for each product and service and then at a consolidated level, along with an operating environment analysis.
- Reviewed multiple business cases for a listed financial services company and gave feedback to the authors to ensure the quality was sufficient. The financial sections had been fully interrogated before being tabled for approval.
- Performed macro-economic, operating environment, and industry trends analysis for the Africa division of a listed financial services company and assisted the executive team with a refresh of their strategy.
- Performed a market review for a multi-national health insurer looking to prioritize countries for entry in Africa. The exercise included market sizing and segmentation, market growth prospects, competitor review, and opportunity driver analysis.
- Reviewed the commercial drivers and built a financial model to support the 5- 10 strategy review for a listed food services franchise in South Africa, operating in 18 countries in Africa, Europe, and the Middle East.
Corporate Finance Manager
- Managed the due diligence and transaction process for the potential acquisition of a USD 1+ billion listed financial services group in South Africa in a competitive auction process.
- Managed and executed multiple buy-side (72) and sell-side (four) transactions across sub-Saharan Africa.
- Performed the initial valuation and managed the transaction process for the potential acquisition of a USD 170 million insurance company in South Africa in a competitive auction process.
- Managed and was part of the team that performed the confirmatory valuation and due diligence of a listed financial services group in East Africa. Assisted with the transaction execution, including approvals and regulatory filings.
- Planned and executed legal entity and balance sheet restructuring exercises in South Africa, Botswana, Lesotho, Namibia, and Uganda.
- Investigated the acquisition of numerous companies in the following sectors: insurance, asset management, health insurance and administration, pensions/employee benefits, consumer financing, benefit consulting, and financial product distribution.
- Undertook various ad hoc projects, including phantom share scheme development and modeling, internal greenfield and startup business case reviews, holding structure investigation, and market opportunity reviews.
Corporate Finance and Corporate Development Manager
Liberty Health Holdings
- Established a holding company in preparation for acquisitions and was part of an initial team of three (plus an assistant); over two years, grew the business through acquisitions to include four new businesses with over 400 employees in total.
- Managed the acquisition of three companies in the medical aid administration industry in South Africa, including a specialist software development company. Was integrally involved in all parts of the transaction process, including business case development, valuations, due diligence, transaction structuring (including earn-outs), transaction agreement review, and transaction execution.
- Executed the acquisition of a majority stake in a Nigerian health insurance company. In conjunction with the Group Head of Corporate Finance, modeled and introduced an earn-out structure which successfully bridged a wide pricing gap between the parties.
- Compiled and reviewed various business cases and proposals for smaller ancillary businesses in the health industry.
- Undertook ad hoc projects and financial modeling exercises, including industry research, an exercise to propose premium levels of merged medical aid schemes for approval by the regulator, and an exercise to model distribution incentives and their net impact on the financial performance of the benefiting businesses.
- Developed and managed the performance models which were used for the group's industry analysis (life insurance, asset management, and unit trusts).
- Monitored the performance of the group’s five asset managers on a monthly basis (including a fund-of-hedge-funds manager) and prepared the performance reports, including an economic outlook review, for the group's asset/liability matching committee.
- Served as a member and secretary of the group's asset/liability matching committee which was responsible for ensuring that the group's assets and liabilities were sufficiently matched on a monthly basis.
- Reviewed and documented the end-to-end internal unit pricing process for the investment products written on the group's three life insurance licenses.
- Performed the analysis for an odd lot share buyback, whereby small shareholders would be bought out at a premium in order to reduce the size of the company's share register.
- Assisted with the due diligence, valuation, and research for four acquisitions: one in the asset management sector and three in the individual financial advisory sector.
Postgraduate Degree in Finance and Economics
University of KwaZulu Natal - Pietermaritzburg, South Africa
Bachelor's Degree in Finance and Economics
University of Natal - Pietermaritzburg, South Africa
Financial Modeling & Valuation Analyst (FMVA)
Corporate Finance Institute
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