CEO and Founder: Primera Capital
CEO and Founder of Primera Capital – July 2017 to current
Primera Capital provides corporate finance advisory services including mergers and acquisitions advice and capital raising services to various clients. It also pursues principal investing.
Group Financial Director, Kagiso Tiso Holdings (“KTH”) – January 2011 to June 2017
KTH is a leading black owned investment group with total assets of circa R14billion covering media, financial services, healthcare, services and industrials. Frencel was an executive director and member of the Executive team responsible for formulating and implementing the corporate strategy. He led the finance team of 7 professionals and had responsibility for financial reporting, budgeting, risk management, treasury management and taxation. Frencel also led the R2bn Bond Program and raised R1,6 billion in new bonds to bolster KTH balance sheet. He served on a number of investee company boards and board sub-committees including audit committees. He also was a senior member of the investment team responsible for the buy-out of the Kagiso Media minorities and delisting of the company in a R1,8bn transaction. Under his leadership KTH implemented the Cognos Controller financial reporting and consolidation system and also implemented integrated reporting. He also managed the annual credit rating process by Moody’s.
Chief Investment Officer, National Empowerment Fund (NEF), January 2007 to October 2010
Frencel was a member of the NEF Exco team responsible for the NEF’s Fund Management Division. He managed 60 people working in 3 investment funds as well as the Pre-investment, Post investment and Legal Departments. He developed investment systems and processes, recruited 25 investment professionals and grew the NEF investment portfolio from R400m to R1,5billion. He also represented NEF on various investee company Boards.
Investment Principal, Actis Africa Empowerment Fund (“AAEF”), 2005 to 2006
AAEF was a US$50m fund providing mezzanine funding to BEE groups participating in the various Actis LBO transactions such as the Alexander Forbes LBO.
Head of Corporate Finance, Development Bank of Southern Africa (DBSA), 2003 -2005
Frencel managed 5 investment professionals. The Unit did equity and mezzanine BEE transactions and also managed a private equity Fund of Funds portfolio worth R900m. Frencel represented DBSA on various investee company Boards.
Deputy Head: Public Finance, African Merchant Bank (“AMB”), 1999 -2003
Frencel joined as an associate and rose to Deputy Head. AMB was a niche investment bank. The Division did corporate finance work including BEE transactions, capital raisings, privatizations, employee share ownership schemes (“ESOP’s”) and worked on the Telkom IPO.
Investment Manager, Industrial Development Corporation (IDC), 1995 to 1999
- Matriculated at Spes Bona Senior Secondary School in 1987
- BCom (Accounting), Hons, University of Western Cape in 1991
- Passed Public Accountants and Auditors Board exam in 1993
- Articles at Ernst and Young completed articles in 1995
- Strategic planning / strategy formulation
- Corporate finance and capital raising skills
- Investment management and private equity skills
- Corporate governance – deep knowledge of IFRS, Companies Act and King IV
- Executive leadership and operational management
- Strong written and verbal communication skills
RECENT BOARD EXPERIENCE
- Served as Board memberof Kagiso Media Group (KM) for 6 years including Chairman role
- Chaired KM Audit Committee and Investment Committees
- Board Member of Juta (Pty) Ltd
- Chairman of Kagiso Asset Management
- Board member of Mecure , a Nigerian diagnostics group
- Member of Mototolo Joint Venture Steercom and Exco