July 2008

Spirit Capital Opens Cape Town Office

Spirit Capital has opened an office in Cape Town to extend its Private Equity and Corporate Advisory services to the Cape region. Duncan MacRobert has been heading up the Cape Town office since the 1st June, 2008, and shall manage Spirit’s new and existing investments and relationships in the area.

After completing his audit articles in 1996, Duncan spent three years working in London in the Financial Services sector. On his return to South Africa, Duncan worked for Coronation Capital, managing a start-up venture owned jointly with Dimension Data.

Since 2002, Duncan has worked in investment banking advisory roles, working in the Corporate Finance Divisions of Standard Bank and Cadiz respectively. During this period, Duncan has advised various listed and unlisted clients with regard to Mergers and Acquisitions, Valuations, Black Economic Empowerment transactions, JSE-related matters and general Corporate Advisory matters.

Spirit Capital welcomes Duncan to the team and looks forward to a long and prosperous partnership.

Corporate Advisory Transactions

Iams South Africa

Spirit Capital, corporate advisors to IAMS South Africa (Pty) Ltd, is pleased to announce that the existing management members have acquired a 100% interest in IAMS SA from Procter & Gamble International Operations S.A.

IAMS SA is an established pet food distributor and serves sub-Saharan Africa through specialist channels to market. IAMS SA’s products include the Eukanuba and IAMS brands of dog and cat food, respectively.

The transaction was concluded in June and the terms of the transaction remain confidential.

Magic Company Management Buy-out

The existing management members of Magic Company (Pty) Ltd have acquired a 100% interest in Magic Company from Ethos Private Equity.

Magic Company is a leisure retailer that operates entertainment venues across Southern Africa, primarily in casino and resort locations. Its product offering comprises video games, redemption games, bowling, go-karts and other amusement rides.

Spirit Capital advised management on the acquisition of the remaining 75.1% of the ordinary shares in Magic Company, that they did not already own. The transaction was concluded in June and the terms remain confidential.

We are continually looking for new opportunities in the market and look forward to working with you on your next transaction.

Best Regards,
Team Spirit

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