Deal Origination
  • Deal Sourcing
  • Deal Facilitation
  • Buy-side Advisory
Corporate Advisory
  • Investment Appraisal and Due Diligence
  • Valuations
  • Investment Structuring
  • Management Advisory
  • Tailored Business Development
Deal Placement
  • Investment Promotion
  • Growth Capital Fundraising
  • Sell-side Advisory

about us

ACI is an independent corporate advisory boutique with an entrepreneurial approach to African M&A

ACI was established to capitalise and contribute on the emergence of the African consumer class driven by strong economic growth, demographic trends and urbanisation. Our team is made up of industry professionals who understand local markets and have backgrounds in private equity, corporate finance, M&A, strategic advisory and portfolio management.

We are headquartered in London and have offices in Johannesburg and Cape Town. ACI’s operations are supported by an international network of sector-specific advisors and consultants. ACI, in partnership with Invest Africa (IA), is in direct contact with, or is one degree of separation from, key decision makers in both the private and public sector across the continent.

view our track record

sector focus

Sector agnostic but with a focus on the sectors driving the new African economy

consumer

market context

Household consumption is expected to grow at 3.8% a year to 2025 reaching $2.1trn

Opportunity

A fast-growing consumer class with an immediate demand for a wide variety of locally manufactured and international goods

POWER & ENERGY

market context

$60bn-$90bn annual investment required to address Africa’s power supply shortfall

Opportunity

Falling technology costs, resource abundance, maturing governments and support of DFIs driving roll out of new power infrastructure

FINANCIAL SERVICES

market context

Only 22% of companies in Africa have a loan or line of credit vs 43% in other emerging markets

Opportunity

Commoditise banking technology to open loan and insurance products to the newly “banked” African consumer

TMT

market context

Number of mobile subscriptions across Africa reached 1 billion in 2016

Opportunity

Technology is the tip of the arrow for growth in Financial Services, Education, Healthcare and more

SERVICES

market context

42% of Africa’s population currently live in urban areas. That figure will be 62% by 2050

Opportunity

Gradual maturing of specific countries through intellectual and financial capital will create developed market style ‘service economies’

HEALTHCARE

market context

Africa has 15% of the worlds population and less than 5% of its medical facilities

Opportunity

Capture outbound medical tourism market and complement public sector services with high quality private offering

senior team

Experienced deal executors with meaningful business relationships across the continent

ROBERT HERSOV

Cape Town

Rob is a founder of ACI and Invest Africa, and serves as Chairman of both businesses

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Gianpaolo Pera

London

Gianpaolo is the Chief Executive Officer and a co-founder of ACI

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David Murphy

Johannesburg

David is a Managing Director at ACI

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Gareth Thomas

London

Gareth is the Chief Financial Officer & Compliance Officer at ACI and Invest Africa

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  • Africa contains 60% of the world’s unutilized but potentially available cropland, as well as the world’s largest reserves of vanadium, diamonds and gold

  • Half of Africa’s population is under 25 years old, making it the youngest population; fastest growing middle class with the world’s fastest urbanizing region

  • Africa is skipping traditional technology: Africa has the fastest take up of ‘mobile money’

  • The continent has 400 companies with revenue of more than $1 billion per year, and these companies are growing faster, and are more profitable in general than their global peers

  • FDI into SSA increased from c. $5bn in 2000 to c. $50bn in 2013 to $57bn in 2016

  • It is estimated that the continent could double its manufacturing output in just ten years, thereby boosting GDP and productivity growth

Robert Hersov

Cape Town

Rob is a founder of ACI and Invest Africa, and serves as Chairman of both businesses

  • He also serves as Advisor to the Chairman of Vistajet and is Chairman of Adoreum Partners
  • Previously Executive Director of Enic plc, a holding company listed on the LSE that invested primarily in the sports and media sectors
  • Prior to this, Rob was an Executive Director of Richemont, the luxury goods and media group listed on the SWX and has held senior roles at Morgan Stanley and Goldman Sachs
  • Holds a B.B.S. from the University of Cape Town and an MBA from Harvard Business School

Gianpaolo Pera

London

Gianpaolo is the Chief Executive Officer and a co-founder of ACI

  • Prior to founding ACI, Gianpaolo was an Associate Director at Marwyn Investment Management, a specialist investment firm with over USD1.5bn of investments and a 9 year track record of 25% IRR across its portfolio
  • He started his career at PriceWaterHouseCoopers (PwC) in the Corporate Finance team specializing in real estate and financial services and completed over 15 transactions across a broad range of industries
  • Gianpaolo is a Chartered Accountant and Chartered Financial Analyst
  • Holds a MSc in Finance from the London School of Economics and BA (Hons) in International Finance & Accounting from Regents Business School London

David Murphy

Johannesburg

David is a Managing Director at ACI

  • Prior to joining ACI, David was Head of EMEA Industries at Standard Chartered Bank where he was responsible for providing strategic investment banking services to core clients within TMT, Power & Infrastructure and General Industries sectors
  • Prior to that, David was a Executive Director in Standard Chartered Bank’s African M&A team where he focused primarily on cross border transactions in Africa
  • Notable transactions include: Liquid Telecom’s debut USD550m 8.5% bond issuance, Helios Towers Africa debut USD600m 9.125% bond issuance, USD450m sale of Neotel to Liquid Telecom, IHS Towers USD800m 9.5% bond issuance, Merger between Bharti and MTN, USD5.1bn sale of Oppenheimer Family’s 40% stake in De Beers to Anglo American
  • Holds a CA (SA), Theory of Accounting Honours from the University of Natal, and a Bcom in Law & Economics from the University of Cape Town

Gareth Thomas

London

Gareth is the Chief Financial Officer & Compliance Officer at ACI and Invest Africa

  • Prior to joining ACI, Gareth was a Portfolio Finance Director at Marwyn, a specialist investment firm with over USD1.5bn of investments and a 9 year track record of 25% IRR across its portfolio
  • Previously Gareth headed up the Fund Accounting team at Hermes Fund Managers, a multi-asset manager with over GBP30 billion of AUM and a stewardship arm advising on £264 billion of assets, before moving to the EMEA Funds division at BlackRock Asset Management
  • Started his career at PriceWaterHouseCoopers (PwC)
  • Gareth is a Chartered Accountant

© African Capital Investments Limited authorised and regulated by the Financial Conduct Authority (“FCA”), with a FCA registration number 706522
ACI is an authorised Financial Services Provider (“FSP”) in South Africa and is regulated by the Financial Services Board (“FSB”), with FSP number 47979

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