Renaissance capital acquires BJM Securities
Renaissance Capital, the emerging markets investment bank, announced on July 14th that it has completed its acquisition of BJM Securities, the brokerage business of South Africa’s Barnard Jacobs Mellet (BJM) Group.
All regulatory and other consents were received, and shareholders representing approximately 78% of BJM’s issued ordinary share capital voted in favour of the proposed acquisition. Renaissance Capital will pay up to R207 million (USD 27.3 million) for BJM Securities.
Founded in 1985, BJM Securities is the leading independent full service broker-dealer in South Africa. The firm is known for its outstanding research franchise, having been ranked No.1 in South African research surveys.
As stated previously, the transaction will not affect the other units of BJM Group – including BJM Private Client Services, the firm’s wealth management business – which will remain independent.
Clifford Sacks, CEO South Africa and Head of Pan-African Equities, said: “The combination of a leading independent brokerage in South Africa with award-winning research franchise and Renaissance Capital’s unparalleled expertise in capital markets and M&A, complemented by our unique access to global emerging markets creates a powerful platform across research, sales and trading in Africa’s largest economy.”
Renaissance Capital entered Africa in 2007, and currently maintains offices in Nigeria, Kenya, Zambia and Ghana. The Firm entered South Africa in February 2010 and appointed Clifford Sacks to lead its South African and pan-African equities businesses. Last year Renaissance Capital was one of the most active dealmakers on the continent, executing 22 transactions in 13 countries.
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