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    Case Study

    Wiphold (B): Institutionalizing (Abridged)

    By Benoit F. Leleux and Hischam El-Agamy
    9 pages
    July 2005
    Order this case study
    Reference: IMD-1-0231

    This is an abridged version of the B-case which takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its IPO, in which it raised R23 million, WIPHOLD was ready to move on to bigger and better things. The founders were keen to rid themselves of the debt accumulated from participating in some early deals and the strings attached to these bank financings. WIPHOLD was also increasingly gaining access to bigger deals and needed more money to fund them. In an environment of rising “black chips,” WIPHOLD was attracting increasing institutional interest and was confident of its ability to raise more funds. This time, it set itself an even more ambitious target: It would attempt to raise 20 times more than it had raised at IPO, in a private placement with its original women investors and various institutions. But the institutional money came with a price attached–a public listing within six months of placement. Was WIPHOLD ready for the public market now?

    Keywords
    Private Equity, Economic Empowerment, Black Economic Empowerment, Post-apartheid, Social Entrepreneurship, Development Finance, Financial Services
    Settings
    South Africa
    1997-1998
    Type
    Field Research
    Copyright
    © 2005
    Available Languages
    English
    Related material
    Teaching note, Video
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    This case study is part of a series
    • Wiphold (A): Beyond labor and consumption
    • Wiphold (A): Beyond labor and consumption (Abridged)
    • Wiphold (B): Institutionalizing
    • Wiphold (B): Institutionalizing (Abridged)
    • Wiphold (C): Managing the 2002 crisis
    • Wiphold (C): Managing the 2002 crisis (Abridged)
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    This case study is part of a series
    • Wiphold (A): Beyond labor and consumption
    • Wiphold (A): Beyond labor and consumption (Abridged)
    • Wiphold (B): Institutionalizing
    • Wiphold (B): Institutionalizing (Abridged)
    • Wiphold (C): Managing the 2002 crisis
    • Wiphold (C): Managing the 2002 crisis (Abridged)
    • Wiphold (D): Back to private...
    • Wiphold (D): Back to private... (Abridged)
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    Copyright ©2005
    Copyright owner IMD Copyright
    Organization Women Investment Portfolio Holdings Limited
    Industry Finance and Insurance, Financial Services
    Available Languages English
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    Read more
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    Copyright ©2005
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    Available Languages English
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    Research Information & Knowledge Hub for additional information on IMD publications

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    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...

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    Wiphold (D): Back to private...

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    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
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    Read more
    Wiphold (B): Institutionalizing
    By Benoit F. Leleux Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0221 ©2005
    Summary
    The B-case takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its IPO, in which it raised R23 million, W...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    Read more
    Reference IMD-1-0221
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Diversity and Equity and Inclusion
    Browse all topics
    Related content
    Case Study
    Wiphold (A): Beyond labor and consumption (Abridged)

    This is an abridged version of a four-part case series which documents the incredible journey from 1994 to 2005 of one of the most original black e...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0230, © 2005
    Read more
    Case Study
    Wiphold (A): Beyond labor and consumption

    This four-part case series documents the incredible journey from 1994 to 2005 of one of the most original black economic empowerment (BEE) vehicles...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0220, © 2005
    Read more
    Case Study
    Wiphold (B): Institutionalizing (Abridged)

    This is an abridged version of the B-case which takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its I...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0231, © 2005
    Read more
    Case Study
    Wiphold (C): Managing the 2002 crisis (Abridged)

    This is an abridged version of the C-case of the WIPHOLD series which describes a tumultuous time for the company from 1998 to 2002 as its fortunes...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0232, © 2005
    Read more
    Case Study
    Wiphold (C): Managing the 2002 crisis

    The C-case of the WIPHOLD series describes a tumultuous time for the company from 1998 to 2002 as its fortunes rose and fell in line with those of ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Mopesola Ogunsulire and Hischam El-Agamy
    Case reference: IMD-1-0222, © 2005
    Read more
    Case Study
    Wiphold (D): Back to private... (Abridged)

    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0233, © 2005
    Read more
    Case Study
    Wiphold (D): Back to private...

    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0223, © 2005
    Read more
    Wiphold (B): Institutionalizing (Abridged)
    By Benoit F. Leleux Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0231 ©2005
    Summary
    This is an abridged version of the B-case which takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its I...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    Read more
    Reference IMD-1-0231
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Diversity and Equity and Inclusion
    Browse all topics
    Related content
    Case Study
    Wiphold (A): Beyond labor and consumption (Abridged)

    This is an abridged version of a four-part case series which documents the incredible journey from 1994 to 2005 of one of the most original black e...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
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    Case reference: IMD-1-0230, © 2005
    Read more
    Case Study
    Wiphold (A): Beyond labor and consumption

    This four-part case series documents the incredible journey from 1994 to 2005 of one of the most original black economic empowerment (BEE) vehicles...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0220, © 2005
    Read more
    Case Study
    Wiphold (B): Institutionalizing

    The B-case takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its IPO, in which it raised R23 million, W...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0221, © 2005
    Read more
    Case Study
    Wiphold (C): Managing the 2002 crisis (Abridged)

    This is an abridged version of the C-case of the WIPHOLD series which describes a tumultuous time for the company from 1998 to 2002 as its fortunes...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0232, © 2005
    Read more
    Case Study
    Wiphold (C): Managing the 2002 crisis

    The C-case of the WIPHOLD series describes a tumultuous time for the company from 1998 to 2002 as its fortunes rose and fell in line with those of ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Mopesola Ogunsulire and Hischam El-Agamy
    Case reference: IMD-1-0222, © 2005
    Read more
    Case Study
    Wiphold (D): Back to private... (Abridged)

    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0233, © 2005
    Read more
    Case Study
    Wiphold (D): Back to private...

    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0223, © 2005
    Read more
    Wiphold (C): Managing the 2002 crisis
    By Benoit F. Leleux Mopesola Ogunsulire and Hischam El-Agamy
    Case reference: IMD-1-0222 ©2005
    Summary
    The C-case of the WIPHOLD series describes a tumultuous time for the company from 1998 to 2002 as its fortunes rose and fell in line with those of ...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    Read more
    Reference IMD-1-0222
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Diversity and Equity and Inclusion
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    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...

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    Read more
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    Wiphold (D): Back to private...

    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
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    Read more
    Wiphold (C): Managing the 2002 crisis (Abridged)
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    Case reference: IMD-1-0232 ©2005
    Summary
    This is an abridged version of the C-case of the WIPHOLD series which describes a tumultuous time for the company from 1998 to 2002 as its fortunes...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    Read more
    Reference IMD-1-0232
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
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    Wiphold (D): Back to private...

    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0223, © 2005
    Read more
    Wiphold (D): Back to private...
    By Benoit F. Leleux Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0223 ©2005
    Summary
    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
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    Reference IMD-1-0223
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
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    Research Information & Knowledge Hub for additional information on IMD publications

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    Case reference: IMD-1-0230, © 2005
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    Wiphold (A): Beyond labor and consumption

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    Wiphold (B): Institutionalizing (Abridged)

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    Case reference: IMD-1-0231, © 2005
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    Wiphold (B): Institutionalizing

    The B-case takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its IPO, in which it raised R23 million, W...

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    Case reference: IMD-1-0221, © 2005
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    This is an abridged version of the C-case of the WIPHOLD series which describes a tumultuous time for the company from 1998 to 2002 as its fortunes...

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    Case reference: IMD-1-0232, © 2005
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    Wiphold (C): Managing the 2002 crisis

    The C-case of the WIPHOLD series describes a tumultuous time for the company from 1998 to 2002 as its fortunes rose and fell in line with those of ...

    Finance Diversity and Equity and Inclusion
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    By Benoit F. Leleux, Mopesola Ogunsulire and Hischam El-Agamy
    Case reference: IMD-1-0222, © 2005
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    Wiphold (D): Back to private... (Abridged)

    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...

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    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0233, © 2005
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    Wiphold (D): Back to private... (Abridged)
    By Benoit F. Leleux Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0233 ©2005
    Summary
    The D-case concludes the four-part abridged series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's deli...
    2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)
    Read more
    Reference IMD-1-0233
    Copyright ©2005
    Copyright owner IMD Copyright
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
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    Diversity and Equity and Inclusion
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    Wiphold (A): Beyond labor and consumption (Abridged)

    This is an abridged version of a four-part case series which documents the incredible journey from 1994 to 2005 of one of the most original black e...

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    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0230, © 2005
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    Wiphold (A): Beyond labor and consumption

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    Wiphold (B): Institutionalizing (Abridged)

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    By Benoit F. Leleux, Hischam El-Agamy and Mopesola Ogunsulire
    Case reference: IMD-1-0231, © 2005
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    Wiphold (B): Institutionalizing

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    Wiphold (D): Back to private...

    The D-case concludes the four-part series relating WIPHOLD's incredible story from 1994 to 2004. This short wrap-up details WIPHOLD's delisting in ...

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    IG4 Capital: Private equity with a purpose

    SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity i...

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    By Benoit F. Leleux and Arthur de Bonis
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    IG4 Capital: Private equity with a purpose
    By Benoit F. Leleux and Arthur de Bonis
    Case reference: IMD-7-2545 ©2024
    Summary
    SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. With 52 professionals worldwide across seven offices (in São Paulo, London, Lima, Madrid, Bogotá, Washington, DC and Santiago), the firm was now heading to manage some $1.7 billion, with more than $1.1 billion invested in special situations over recent years. What made Gustavo particularly proud was the fact that the firm was able to operate not only under the highest sustainability standards, as an early signatory of the Principles for Responsible Investment (PRI), but also as a fully certified B Corp, a first in emerging market private equity. IG4’s portfolio companies now generated more than $2 billion of turnover with around 20,000 employees in different countries across Latin America, and many of them had achieved or were on their way to their own B Corp certifications. Could a Cerberus-inspired special situations strategy, often perceived as brutal, be adapted to a more culturally sensitive, developing-market equivalent, with clearer environmental, social and governance (ESG) integration? In other words, could “vulture capital” be turned into “culture capital”? The value proposition resonated with investors, and the track record of IG4 Funds I and II were now solid pillars upon which to build. But what else could the company do to ensure that its private equity investments in different segments, with a deep ESG toolbox, would help establish sustainable capitalism in the Latin American region? What else should it consider doing to reaffirm its ESG credentials even further?
    Reference IMD-7-2545
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization IG4 Capital Partners
    Industry Finance and Insurance, Private Equity
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Emerging Market
    Entrepreneurship
    Sustainability
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    Inside the ‘gray zone’: how to lead when no one is right
    By Jennifer Jordan
    in I by IMD
    Summary
    Effectively integrating ethics, values, and diversity is vital for responsible leadership. Here is a guide to decision-making in the ‘gray zone’.
    Read more
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Business Ethics
    Decision Making
    Diversity And Equity And Inclusion
    Browse all topics
    How to shift managers’ focus from short-term profit to long-term social impact
    By Stephen Smulowitz Didier Cossin and Abraham Hongze Lu
    in I by IMD
    Summary
    Engaging long-term institutional investors and financial analysts can curb excesses of managerial short-termism and boost corporate social performance, argue Stephen Smulowitz, Didier Cossin, and Abraham Hongze Lu.
    Read more
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Browse all topics
    What pension funds could learn from Yale
    By Raphaël Jean Luigi Grieco
    in I by IMD 29 November 2024
    Summary
    Pension funds can unlock the potential of venture capital by adapting the successful endowment model, managing risks and illiquidity for long-term growth and stability.
    Read more
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

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    Finance
    Venture Capital
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    Entrepreneurship through acquisition: Vanessa Monestel’s search fund
    By Benoit F. Leleux Joseph Kovacs Kristel Rouiller Sebastien Braun and Thierry Meouchi
    Case reference: IMD-7-2514 ©2024
    Summary
    GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquir...
    Read more
    Reference IMD-7-2514
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization Novastone Capital Advisors
    Industry Finance and Insurance, Private Equity
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Entrepreneurship
    Finance
    Strategy
    Browse all topics
    Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group
    By Benoit F. Leleux Dominik Hanslin Iuliia Mordacheva Matthias Rey and Frank Schuster
    Case reference: IMD-7-2515 ©2024
    Summary
    GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquir...
    Read more
    Reference IMD-7-2515
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization IAR Group
    Industry Finance and Insurance, Private Equity
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Entrepreneurship
    Finance
    Strategy
    Browse all topics
    The investor magnet: How to set up a board that attracts investors
    By Didier Cossin and Yukie Saito
    in Entrepreneur 22 November 2024
    Summary
    Today's business environment is marked by heightened uncertainty, driven by shifting political landscapes, accelerated technological advances, and shifting consumer expectations.
    Read more
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Finance
    Board
    Browse all topics
    Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability
    By Vanina Farber María Helena Jaén Jose Mello Lilian de Miranda Patricia Araripe Peter Munk Laursen and Rabia Chishti
    Case reference: IMD-7-2613 ©2024
    Summary
    The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 1...
    Read more
    Reference IMD-7-2613
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization Rede Mulher Empreendedora
    Industry Services
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Entrepreneurship
    Sustainability
    Diversity and Equity and Inclusion
    Browse all topics
    Pasona: Well-being through regional revitalization
    By Alyson Meister and Naoko Jinjo
    Case reference: IMD-7-2573 ©2024
    Summary
    Pasona Group, a Japan-based human resources company, is committed to driving social change through business and supporting individuals to find "ikigai” (fulfillment) through work. The company has promoted flexible work and equitable workplaces and...
    Read more
    Reference IMD-7-2573
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization Pasona Group
    Industry Business Management Services, Human Resources
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Social Innovation
    Diversity and Equity and Inclusion
    Sustainability
    Browse all topics
    ‘Defiant Optimism’ is what is needed to bring about a more sustainable, inclusive world
    By Durreen Shahnaz
    in I by IMD 19 November 2024
    Summary
    We need to rethink traditional models of finance if we are to achieve a sustainable and inclusive future, argues Durreen Shahnaz, founder & CEO of Impact Investment Exchange (IIX).
    Read more
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
    Sustainability
    Finance
    Browse all topics