African Phoenix brings in deal maker
African Phoenix Investments has appointed Siyabonga Nhlumayo as its CEO, adding another deal maker to its team as it seeks to deploy over R1bn in cash and to execute its new strategy.
Nhlumayo will join the former African Bank Investments from private equity house Medu Capital — where he is a partner — on March 1.
He will be the second executive alongside financial director John Evans but will find himself in familiar company as Sam Sithole, a former financial director and investment executive at Brait, serves on African Phoenix’s board.
Nhlumayo said he was unable to make any public statements as he was serving notice at his current employer.
A chartered accountant, he is responsible for strategic development, investment execution and management at Medu and has 16 years’ experience in auditing, transaction advisory services and private equity.
Medu launched in 2003 with backing from Brait. The relationship between the two endured past the time Sithole joined Brait in 2008, with the duo co-investing in some ventures.
African Phoenix chairman Morris Mthombeni said African Phoenix aimed to grow net asset value before distribution to shareholders. "The board has chosen to position African Phoenix as an investment holding company, managed primarily by black South Africans who have a proven track record of deploying capital in a manner that generates long-term economic value," he said.
"It is the company’s intention to reach its long-term goal by owning meaningful equity interests in a range of diverse businesses that have either a proven track record or a proven business concept."
It had R1.88bn in cash and cash equivalents at the end of September 2017.
This should be the largest single "fund" for Nhlumayo to work with, after he assisted with three successful funds with R300m, R900m and R1.2m in commitments from investors.