Investment Banking, Advisory, and M&A Profile

Sep 2023

Strictly Confidential 1
Core Team Credentials & Experience
Core Team Highlights

Farrukh Karim Khan, CFA ▪ Farrukh has 19 years of experience in management consulting,
Senior Partner, Consulting equity research and portfolio management. Management
TrueNorth Advisors (Pvt.) Ltd consulting experience is with large banks, IT companies,
M:+92 301 8222950 education institutes and FMCG’s.
E:
[email protected] ▪ Priorto TrueNorth, Farrukh was CIO with Providus Capital, a
family office with assets in excess of US$ 50 million. During his
BSc (Honors) time the portfolio outperformed by the market by 70%.
LUMS (Dean’s Honor List)
▪ Farrukh has also been Head of Research at KASB (at the time
CFA Charter Holder an affiliate of Bank of America, Merrill Lynch) and was an
research analyst at Credit Suisse in Singapore.
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Umer Habib ▪ Has 18 years of experience in Investment Banking and Private

Senior Partner, Advisory Equity.
TrueNorth Advisors (Pvt.) Ltd
M:+92 301 8222950 ▪ Has worked for various large groups in Pakistan including
E: [email protected] Alfalah, JS, Engro (Cyan Capital) and Next Capital Limited

BSc (Honors) ▪ Has executed transactions in excess of US$ 150 million in

LUMS various sectors including Power, FMCG, Pharma, Agriculture,
Steel, IT, Healthcare, Entertainment, Financial Services, Poultry
MBA
National University of ▪ Expertise in business model analysis, financial modeling,
18 Singapore valuation, structuring and project management
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Experience / Credentials
Sell Side Advisory Transactions

Integration Xperts Nutrilov Ten Sports Sehat Kahani Sana Industries

Financial Advisor & Financial Advisor & Financial Advisor & Financial Advisor & Financial Advisor on Rights
Arranger for US$1.5 million Arranger for US$1 million in Arranger for Sale to Hum Arranger for US$ 50k in Issue of U$ 750k
in growth capital growth capital Networks Pre-Series A funding

On-going On-going 2023 2021 2021

Integration Xperts Wahdat Poultry Farms Soneri Bank Limited Askari Life Insurance Siddique Tinplate

Financial Advisor & Financial Advisor & Financial Advisor and Advisor & Arranger for Advisor & Arranger for
Arranger for US$1 million in Arranger for PKR 500 Arranger for PKR 4 billion Rights Issue of PKR 500 Rights Issue amounting to
growth capital million of equity capital ADT-1 Capital million PKR 500 million

2020 2020 2019 2019 2018

Ittefaq Iron Industries Fauji Foods Limited Bank of Punjab Al Shaheer Corp Singer Pakistan

Lead Manager and Book Joint Lead Financial Joint Transaction Advisor & Joint Lead Manager, Sell Side Advisor to Singer
Runner for Initial Public Manager, Advisor & Underwriting Arranger for Arranger and Book Runner Asia Limited for selling its
Offering amounting to PKR Arranger for the rights issue Rights Issue amounting to for IPO amounting to PKR entire stake in Singer
1.2 Billion amounting to PKR 3 billion PKR 2.8 Billion 2.4 billion Pakistan amounting to PKR
255 million
2017 2016 2016 2015 2015

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TrueNorth Advisors
Company Highlights

Overview Our Expertise

▪ TrueNorth Advisors (Pvt.) Limited ("TNAL") is a distinguished Large ticket Growth Capital and M&A Transactions
boutique advisory firm, duly licensed by the Securities & Exchange We specialize in facilitating large-scale growth capital and merger
Commission of Pakistan under the Securities & Futures Advisors and acquisition transactions. Our expertise lies in identifying
Regulations, 2017 opportunities where both the seller and the buyer can benefit,
ensuring a mutually beneficial outcome. TNAL excels in crafting
▪ With a team boasting 50+ years of combined experience in private transactions that optimize value and strategic alignment for all
equity, asset management, consulting, and investment banking, parties involved
TNAL possesses a formidable breadth of expertise
SMEs with Good Management and Growth Potential
▪ We have established an in-depth knowledge of 30+ sectors which We understand that this segment often faces a gap in specialized
include banking & financial services, information technology,
advisory services. By raising capital and building relationships with
FMCG, pharmaceuticals, oil and gas, oil marketing, education, sponsors, we establish a solid foundation for long-term partnerships.
renewable energy, cement, food retail, logistics and transportation As their trusted advisors, we assist in subsequent funding rounds
etc. and guide them towards potential initial public offerings
▪ Our team at TNAL has a strong track record in both private equity
and investment banking, having executed transactions worth over VC/Startups
US$ 200 million to date. Currently, we are advising on transactions At TNAL, we adopt a selective approach within this space, focusing
in excess of US$ 50 million. primarily on Seed and Pre-Series A stages. We leverage our
▪ We are financial consultants on PFAN, which is a global network of extensive network and expertise to support promising startups,
ensuring they receive the necessary guidance and funding to propel
climate and clean energy financing experts. We are also Technical
their growth
Experts/Financial Consultants for USAID IPA program, where we
evaluate projects in Pakistan and connect them with foreign
investors

USD 200 million USD 50 million 14 50+

Value of transactions On-going Transactions Sell side advisory deals Aggregate Team Experience
completed completed
in various sectors including TNAL boasts one of the most
Our team has experience in pharmaceutical, logistics, Across private and capital experienced and capable
both Private Equity and health-tech, e-commerce, paper markets in the technology, advisory team focused towards
Investment Banking with product manufacturing, manufacturing, banking, meeting clients’ needs
cumulative transactions in education-entertainment and insurance, steel, and consumer
excess of US$ 200 million equine industry sectors 4
Experience / Credentials
Advisory Transaction Experience

Financial Year 2024

1. Documentation Advisory for a climate focused private equity fund launching in ADGM

▪ Preparation of detailed financial model, Information Memorandum and pitch deck for a climate focused fund backed by
USAID, which is preparing to register in ADGM.

2. Buy Side Advisors for expansion of Pakistan’s largest co-working company in Saudi Arabia (on-going)

▪ Preparation of detailed financial model, Information Memorandum and pitch deck for fund raising of USD 3-4mn for
expansion of Pakistan’s largest co-working company in Saudi Arabia.

3. Financial Models and Presentations for Dubai based investment bank (2019 to date)

▪ Work as a partner with a Dubai based investment bank of transactions in excess of USD 750mn from 2019 to date. Our
role has been primary in building financial models and preparing information memorandums and pitch decks. Deals
include IPO’s and M&A’s.

4. Buy-side financial advisor for fund-raising of a large super-market chain in Karachi, Pakistan (on-going)

▪ Client is a medium-sized super-market chain in Karachi, looking to raise financing to expand nation-wide. We have built an
extensive financial model and currently preparing other transaction documentation including the Information Memorandum
and Pitch Deck.

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Experience / Credentials
Advisory Transaction Experience

Financial Year 2023

1. Buy Side Advisors for the Acquisition of Majority Equity Stake in Inbox Technologies Limited

▪ Preparation of non-binding offer for the acquisition of majority equity stake in Inbox Technologies Limited which included a
detailed analysis of the business model, financial model and a recommendation on the valuation and acquisition structure.

2. Red Flag report on acquisition of Pakistan Mercantile Exchange by a Middle East based investor
▪ Prepared a red flag report for a client based in UAE who wished to acquire a majority stake in Pakistan’s only formal
commodity exchange. The Red Flag due diligence report focused on assessing earnings quality, key business risks, and a
deep-dive financial analysis. The report involved extensive interaction with the top management team of Pakistan
Mercantile Exchange, followed by due diligence data requests. Our analysis and findings were submitted to our client in a
presentation report.

Financial Year 2022

1. Buy Side Advisors for the Acquisition of Tangible and Intangible Assets of Bayer Pakistan Limited

▪ Conducting preliminary due diligence on the target company which included review of business model, growth potential,
structure & valuation
▪ Preparation of the non-binding offer document along with valuation and recommended structure
▪ Acquisition lead for entire transaction which involved conducting financial due diligence, reviewing of legal issues with legal
counsel, commercial due diligence, optimizing the structuring for the transaction, negotiating binding agreements

2. Buy Side Advisors for the Acquisition of Majority in a Listed Pharmaceutical Company

▪ Conducting preliminary due diligence on the target company which included review of business model, growth potential,
structure & valuation
▪ Preparation of a detailed financial model incorporating various synergies between the buyer and the target company
▪ Preparation of the non-binding offer document along with valuation and recommended structure for acquisition
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Experience / Credentials
Advisory Transaction Experience

Financial Year 2021

1. Financial Documentation for debt-raising of USD 600mn for a residential park in Bangladesh

▪ Prepared detailed financial model and Information Memorandum for USD 600mn debt-raising for a residential park in
Bangladesh.

Financial Year 2020

1. Sell Side Advisor for Strategic Investment in Integrated Experts

▪ Exclusive sell-side advisor to a Pakistan based technology company, Integrated Experts. Raised US$1mn from the Atlas
Group for a strategic

2. Buy Side Advisors for the Acquisition of 51% in Mitchells Fruit Farms Limited

▪ Conducting preliminary due diligence on the target company which included review of business model, growth potential,
structure & valuation
▪ Preparation of the non-binding offer document along with valuation and recommended structure
▪ Acquisition lead for entire transaction which involved conducting financial due diligence, reviewing of legal issues with legal
counsel, commercial due diligence, negotiating binding agreements optimizing the structuring for the transaction keeping in
view that the target company was a listed entity

3. Sell-side Advisor for fund-raising in Sehat Kahani

▪ Raised US$50,000 from a HNW for Sehat Kahani, a Pakistani-based tele-medicine company.
Financial Year 2019

1. Sell Side Advisor for Strategic Investment in Wahdat Poultry Farms

▪ Exclusive sell-side advisor to Wahdat Poultry, and successfully raised PKR 500mn for a strategic equity stake from 7
Kaarandaz Pakistan.
Experience / Credentials
Advisory Transaction Experience

Financial Year 2017

1. Sell Side Advisors on IPO of Ittefaq Steel Limited

▪ Exclusive financial advisor for IPO that successfully raised PKR 1.2bn for Ittefaq Steel.
Financial Year 2016

1. Joint Lead Financial Manager, Advisor & Arranger for Fauji Foods

▪ Rights issue amounting to PKR 3 billion was successfully achieved.

2. Joint Transaction Advisor for Bank of Punjab Rights Issue

▪ Rights Issue amounting to PKR 2.8 Billion was successfully achieved.

3. Buy Side Advisors on Valuation for the Acquisition of Askari Investment Management Limited

▪ Preparation of detailed financial model and valuation report for the acquisition of shares in Askari Investment Management
Limited

Financial Year 2015

1. Sell- Side Advisors on IPO of Al Shaheer Limited

▪ Joint financial advisor for the successful IPO of Al Shaheer Limited, the first meat company to be listed on Pakistan’s stock
exchange.

2. Sell Side Advisor to Singer Asia Limited

▪ Successfully sold entire stake in Singer Pakistan for Singer Asia amounting to PKR 255 million 8
Experience / Credentials
Advisory Transaction Experience

3. Buy Side Advisors on Valuation and Structure for the Acquisition of KASB Bank

▪ Preparation of detailed financial model, valuation and structure for the acquisition
▪ Advise on regulatory matters and impact of merger on the acquirer.
4. Buy Side Advisors on Valuation for Acquisition of Additional Shares in Fayal Asset Management

▪ Preparation of detailed financial model, business strategy for growth, valuation and advise on regulatory matters.
Financial Year 2010

1. Buy Side Advisors for the Acquisition of Roche Pakistan Pharmaceutical Portfolio and Related Assets

▪ Conducted detailed financial due diligence and valuation for the acquisition
▪ Project lead on the acquisition which involved the preparation of non-binding offer, binding offers, liaison with legal,
commercial, environment, tax and technical advisors

Financial Year 2008

1. Buy Side Advisors for the Acquisition of Bristol Myers Squibb

▪ Conducted detailed financial due diligence and valuation for the acquisition
▪ Project lead on the acquisition which involved the preparation of non-binding offer, binding offers, liaison with legal,
commercial, environment, tax and technical advisors

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Contact Us

Farrukh Karim Khan, CFA

Managing Partner
TrueNorth Advisors (Pvt.) Limited

+92 345 8242301

[email protected]

Umer Habib
Senior Partner & Head of Advisory
TrueNorth Advisors (Pvt.) Limited

+92301 8222950
[email protected]

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