OMAI acquires 50% stake in Faircape Life Right Holdings
Africa’s largest private alternative investment manager, Old Mutual Alternative Investments (OMAI), has bought 50% interest in Faircape Life Right Holdings, the premium retirement home specialists.
The acquisition was funded by OMAI’s Retirement Accommodation Fund (OMRAF) for an undisclosed amount, but is still subject to approval by the Competition Commission.
The Faircape Group have led the property market since 1984, building premium quality estates and commercial office spaces across Africa.
The company own and manage one of the largest retirement portfolios in the Western Cape, with associated advance health care facilities.
One of the company’s subsidiary businesses, Faircape Life Right Holdings, own and run six luxury lifestyle villages, covering 976 units across the Western Cape.
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Written into the agreement, the CEO of Faircape, Mike Vietri, will continue to manage the retirement villages.
OMRAF will now run approximately 1,600 retirement units and related properties within 10 villages, most of which are located in the Western Cape.
The company initially entered this market in May 2015, when they aimed to utilise the strong and growing demand for retirement accommodation in South Africa.
“We are delighted to announce our new 50% shareholding in Faircape Life Right Holdings and our partnership with Mike Vietri and his management team, who will continue to be responsible for the day to day operations,” stated Chief Executive Officer of OMAI, Paul Boynton.
“Faircape has deservedly earned a reputation as a premium retirement lifestyle brand in South Africa and by partnering with OMAI now has ready access to expansion capital to fund growth in an attractive market with strong demand for premium accommodation.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.