PRESS RELEASE: RainFin concludes 30% equity transaction with The LeBashe Investment Group

Feb 21, 2017 Blog  Marketplace Lending , RainFin



RainFin and The LeBashe Investment Group, which operate mainly in the financial services sector, concluded a transaction for LeBashe to acquire a 30% stake in RainFin, for an undisclosed amount.

“After reviewing a host of investment opportunities, we think that there is an excellent strategic fit between RainFin’s unique value proposition and potential to scale, and LeBahse’s vision to build a pre-eminent black owned financial services business, which is accessible to all.” – Warren Wheatley, spokesperson for The LeBashe Investment Group.

LeBashe, led by Tshepo Mahloele, Jabu Moleketi and Warren Wheatley, has a diversified portfolio made up of stakes in Capitec, a leading South African commercial bank and Aluwani Capital, an asset management entity – amongst others. As at end Nov, LeBashe’s asset position stood in excess of R3.5 billion.

Sean Emery, RainFin CEO said: “This transaction and the collective experience of Tshepo, Jabu and Warren, strengthens RainFin’s leadership position in financial services disruption within the lending industry. Furthermore, the transaction enhances RainFin’s capabilities for expansion and will allow us to accelerate our organic growth strategy in the high potential markets of Africa. ”

LeBashe is 100% black owned and managed, which results in RainFin’s direct black ownership increasing to 41%. Both RainFin and LeBashe believe that this will have a profoundly positive effect on reducing the under-banked incidence across South Africa and Africa.

LeBashe Board of Director Profiles:

Tshepo Mahloele

Qualifications: BProc (Rhodes University), Harvard AMP programme (Harvard)

Tshepo Mahloele is the Chief Executive Officer at Harith General Partners, and one of the originators of the $630m Pan African Infrastructure Development Fund. He holds a BProc obtained from Rhodes University and also completed a Harvard AMP programme. Mr Mahloele previously headed the Corporate Finance and Isibaya Fund Division of the Public Investment Corporation (PIC) – the largest investment manager in South Africa with over USD90 billion under management. He is a recipient of three recognition awards from the Association of Black Securities and Investment Professionals (ABSIP) for his work, including the CEO of the Decade award (2014).

At the Public Investment Corporation, Mr Mahloele actively implemented the organisations’ Black Economic Empowerment (BEE) strategy, which resulted in a number of new industrial entrants coming into the South African economy. In this regard, he concluded R13bn worth of transactions over three years. He developed a new strategy for the Isibaya Fund of the PIC and achieved a 45% return for the 2003/2004 financial year and 40% return for 2004/2005 financial year.

Warren Wheatley

Qualifications: BCom Honours, CA (SA), Post Graduate Diploma in Corporate Finance, Post Graduate Diploma in Financial Planning Law, Post Graduate Diploma in Auditing. Certified Financial Planner.

Warren Wheatley, a Chartered Accountant and Certified Financial Planner, is one of the founding principals of TSS Capital. Warren also serves as Non-Executive Director of the Financial Planning Institute of South Africa. Warren started his career as an article clerk with BC Hall and Company and concluded his professional training with Alexander Forbes Financial Services. Warren’s career progressed for 8 years at Alexander Forbes where he served under various roles within the institutional consulting and actuarial business. Most notably he ran one of the Consulting and Actuarial Branches in the Sandton head office covering the Gauteng client base. Prior to that Warren was the Principal Consultant to a number of high profile corporate clients with billions in assets under advisement. Warren then moved onto ABSA Capital where he worked as an investment banker and Wealth manager to a portfolio of ultra-high net worth families. His duties here included advising on structured finance, various corporate advisory services, investment banking and asset management.

Warren now serves on the following Boards:

Petratouch : Investment Holding Company

TSS Capital : CEO and Director

Aluwani Capital Partners : Non-Executive Director

Broll Property Group : Non-Executive Director

Executive Management

Jabu Moleketi

Qualifications: Advanced Management Programme (Harvard Business School in Boston), MSc (Financial Economics), post-graduate diploma in Economic Principles.

Mr Moleketi is the Non-Executive Chairman of Brait as well as the Development Bank of Southern Africa (DBSA). He was Deputy Minister of Finance (South Africa) from 2004 to 2008. During his tenure as Deputy Minister of Finance he was the chairperson of the Public Investment Corporation. He is currently a Non-Executive Director of several companies in the financial services sector which include Brait, DBSA, MMI Holdings as well as Aluwani Capital Partners where he chairs the Board. In addition, he serves on the board of Vodacom, in the telecommunications sector and is the current chairperson of Harith Fund Management Company, which invests in infrastructure projects on the African continent.

Drafted by:

Altesh Baijoo

RainFin: Chief Marketing Officer

087 820 5200

About RainFin: RainFin’s technology platform enables private companies to raise debt capital outside the conventional banking system, directly from institutional and retail capital providers. RainFin’s alternative finance solutions succeeds in quickly finding appropriate growth capital that limits ownership dilution.

Featured image: via Times Live (CC 2.0 resized)

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