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NOVA CAPITAL PARTNERS ANNOUNCES GROUNDBREAKING INVESTMENT IN NIGERIA’S INTERCONTINENTAL BANK, PLC
New York, NY – May 29, 2007 – Nova Capital Partners, LLC, a leading middle market investment bank focused on secondary emerging markets, announced today the investment of $161 million of convertible preferred equity in Intercontinental Bank, Plc, one of Nigeria’s largest and most profitable banks. Nova Capital was the sole manager of the transaction and strategic advisor to Intercontinental Bank.
“We’re pleased to announce this historic investment,” said Wm. Terry Krueger, Senior Managing Partner of Nova Capital Partners, “and look forward to strengthening our relationship with Intercontinental Bank, Plc in the future.”
“The transaction is a testament to the high degree of confidence that we, and the investment consortium, have in the bank and in the economy of Nigeria,” said Peter M. Storment, Managing Partner who led the transaction on behalf of Nova.
Funds for the transaction were provided by Vectis Capital, a leading emerging markets private equity firm based in Athens, Greece; EMP Africa Fund II, the largest of five funds under the management of Emerging Capital Partners (ECP), a leading pan-African private equity fund manager; AIG Global Emerging Markets Fund II, L.P., a fund sponsored by AIG Capital Partners; Rand Merchant Bank (RMB), the investment and merchant banking division of FirstRand Limited, one of South Africa’s largest, listed financial services groups; and RICO, an investment arm of a leading business group in the Middle East.
David S. Levin, Senior Managing Partner, added, “We believe this deal will help to continue our expansion into sub-Saharan Africa as the investment community realizes the opportunities that exist in this often overlooked region.”
“We’re very excited to welcome this group of investors to Intercontinental Bank,” said Dr. Erastus Akingbola, Group Chief Executive of Intercontinental Bank. “Nova Capital and the investment consortium will not only provide Intercontinental Bank with extraordinary financial resources and leadership, but unmatched strategic and operational direction as well. This capital will help Intercontinental Bank reach its goal of becoming a premier banking institution in Nigeria and beyond.”
Nova Capital Partners is a leading middle market investment bank with offices in New York, Johannesburg, Geneva and Sao Paulo. The company offers a full range of investment banking products and services to privately held and publicly traded middle market companies, and specializes in facilitating transactions in emerging markets. Nova Capital Partners provides its clients with access to all forms of capital including equity, senior debt, subordinated debt, convertible debt, and mezzanine financing. The company has the capacity to raise up to $500 million in debt or equity. For more information about Nova Capital Partners, please visit: www.novacapitalpartners.com.
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Division
United States:
Nova Capital Partners, LLC
122 East 42nd Street
21st Floor
New York, NY 10168 |
South Africa:
Nova Global Markets Group
52 Corlett Drive Illovo, Gauteng 2128
Johannesburg, South Africa |
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