Imperial Holdings Limited acquires Beekman Super Canopies

On 31 May 2006 Imperial Holdings Limited (Imperial) acquired a controlling interest in Beekman Super Canopies ('BSC'). April 27 was approached by the owners/managers of BSC, the well known manufacturer of canopies for bakkies and light commercial vehicles, who wanted to devise a Black Economic Empowerment ('BEE') ownership strategy, as well as a phased exit for themselves from the business in the medium term.

After a review of the options available to the owners it was agreed that the best strategy was for them to sell their shares in the business to a large listed group that had a defined BEE strategy. Such a transaction should allow the owners/managers to realise a potion of their investment in BSC upfront, and the balance over a period of 3 to 5 years, perhaps longer, if all went well.

April 27 initiated contact with potential acquires, and during the negotiation process identified Imperial as the preferred purchaser. Once Imperial confirmed its 'in principle' interest in the transaction, April 27 negotiated a structure for the transaction that delivered the required result for the owners and was acceptable to Imperial.

April 27 thereafter lead the final negotiation process and advised the owners with regards to the conclusion of the legal agreements, the finalisation of the structure, co-ordinated the provision of tax advise on the transaction, and the due diligence investigation process, and played a leading role in Competition Commission application process.





 
 


No Future Without Forgiveness by Desmond Tutu

“April 27, 1994 – the day for which we had waited all these many long years, the day for which the struggle against apartheid had been waged, for which so many of our people had been tear gassed, bitten by police dogs, struck with quirts and batons...
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April 27 and Pointbreak have formed an association in terms whereof they will utilize their combined expertise in delivering innovative solutions and services to the clients of both companies. Pointbreak will furthermore provide representation for April 27 in the Western Cape until such time as April 27 establishes its own office in the region.

 

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