I lead Bates Wells’ Development Finance practice, specialising in impact investment and financing transactions with a particular focus on the Global South and frontier/ emerging markets.
With more than 25 years’ experience leading on a wide range of complex cross border transactions across a number of sectors, I provide proactive, pragmatic, commercial and solutions-oriented advice that takes into account the risks – not just legal, but also regulatory, ESG, and reputational – of investing and operating in some of the most challenging jurisdictions.
My clients include private and development equity funds, foundations, government-backed development finance institutions, MFIs and other impact investors, as well as international NGOs and development organisations.
- Advised a private equity fund that invests in sustainable forestry projects on (i) the acquisition of controlling stakes in plantation forestry and timber processing businesses in Peru and in Colombia, and (ii) its equity investment in a sustainable forestry project in West Africa.
- Advised the impact investment arm of a major US Foundation in connection with its lead role in establishing an innovative social enterprise in conjunction with other major impact investors to expand access to affordable and equitable medical technology in the Global South, and subsequently advising that enterprise on its acquisition of a UK biotech company in order to enable it to achieve its goals for impact in global health and financial sustainability for underserved communities.
- Advised a major US Foundation in connection with an innovative cost sharing guarantee in favour of a global alliance seeking to improve access to new and underused vaccines for children living in the world's poorest countries.
- Advised an African SME private equity fund investing in the food value chain across Africa in connection with (i) the acquisition of a UK/ SA trade finance company focusing on Sub-Saharan Africa, and (ii) multiple other investments and realisations across Sub-Saharan African (including Zimbabwe, Cameroon, Madagascar, Zambia, South Africa, Burkina Faso and Ethiopia).
- Advised a leading palm oil producer in West Africa in connection with its merger with another major palm oil producer to increase the production of certified organic palm oil grown by small holders using sustainable methods and bringing their palm oil to international markets.
- Advised a US impact investor in connection with its investment in the first globally focused impact litigation fund seeking to pursue class actions in respect of human rights and environmental and social claims.
- Advised a leading innovative East African poultry breeding business in connection with an equity investment by two impact investors with a view to expanding the business into new Sub-Saharan African markets.
- Advised the impact investment arm of a major US Foundation in connection with the sale of its controlling interest in its Indian venture capital portfolio to an investment management company owned by one of the largest private banking and asset management groups in the world.
- Advised one of the world’s largest development organisations on the disposal of a controlling interest of its microfinance operation in East Africa to three impact investors to enable it to transform into a bank and so to increase its range of financial services in rural and low-income communities.
- Advised a leading African private equity fund focused on the food value chain and affordable housing in connection with multiple investments and realisations, including (i) its significant equity and debt investments in an Ivory Coast beverage business and subsequent exit therefrom, (ii) its acquisition of a controlling stake in an agricultural inputs business in Malawi, Mozambique, Zambia and Zimbabwe, and its subsequent disposal to a Saudi Arabia-listed buyer, (iii) its acquisition of a controlling stake in an agricultural and equipment distribution company in Malawi which represents a number of premium agricultural allied franchises, including Massey Ferguson, (iv) the acquisition of a controlling stake in a palm oil business in Sierra Leone and subsequent merger with a major West African organic producer, and (vi) its acquisition of a controlling stake in the largest egg producer in Zambia and several subsequent rounds of investment and restructuring.
- Advised a European DFI in respect of multiple equity and debt investments, including (i) its debt and equity investments in an East African sustainable forestry group, (ii) its debt and equity investments in a West African sustainable forestry group, (iii) its loan facility to an Indian truck manufacturer, (iv) its loan facility to a Nigerian bank, and (v) its loan facility to a Philippines mobile banking business.
- Advised two European DFIs in connection with their loan facilities to solar energy projects in Nigeria and Ghana.
- Advised a major US Foundation in connection with its loan facility to a European fund seeking to facilitate access to finance for Roma entrepreneurs in Eastern Europe.
- Advised a joint venture between a European DFI and a global company that develops radiation therapy and radiosurgery-related equipment and clinical management for the treatment of cancer and brain disorders in connection with the disposal of a medical centre providing premium cancer treatment in West Africa to local ownership.
- Advised a major US Foundation in connection with its investment in a fund investing in companies that offer affordable insurance for smallholder farmers and others in low-income communities whose livelihoods are at risk from extreme weather.
- Advised a UK impact investor in respect of the establishment of a Facility providing working capital financing for borrowers working in food crop value chains in Sub-Saharan Africa, and advised the Facility in respect of various restructurings/ further fund raisings.
- Advised a major UK charitable foundation on the establishment of a £40m initiative to identify new high potential industries in East Africa in order to catalyse innovation, growth and increased competitiveness in those industries and contribute to the structural transformation of East Africa’s economies.
- Advised a leading international ethical bank on its sale of a minority stake in the leading commercial bank in Cambodia to a multinational financial services group.
- Advised a global impact investor and an impact fund investing in financial institutions that contribute to increased financial inclusion of unbanked populations in the Global South on their sale of a significant stake in a Mongolian banking group to several buyers, including a multinational financial services group and the IFC.
- Advised an international impact fund in connection with its equity investment in Nigeria’s market leader in mobile payments and digital financial services.
- Advised the leading mobile payments business in Ethiopia in connection with an equity investment by two Europan DFIs.