Financial expertise grounded in safari realities

Don Millar

Don Millar, corporate finance and investment structuring specialist at Safari Investment Advisory.

Don Millar

Co-Founder and Partner

Don Millar is a Chartered Accountant with extensive experience in mergers and acquisitions, corporate finance, investment structuring and strategic advisory across Africa.

His career combines more than two decades of independent corporate finance advisory with practical involvement in safari tourism and conservation-based businesses, giving him a perspective that connects financial analysis with the commercial realities of the sector.

experience

Experience across complex transactions

Don holds a Bachelor of Commerce in Accounting and Information Systems and a Postgraduate Diploma in Accounting from the University of Cape Town. He is a Chartered Accountant (SA).

He began his corporate finance career at Deloitte Corporate Finance, where he worked as a Senior Consultant, before joining Bridge Capital as a Director.

In 2001, Don founded Clarity Group, an independent corporate finance advisory business focused on mergers and acquisitions and corporate finance mandates across Africa.

His experience spans multiple industries and includes advising shareholders, investors and businesses on transactions, valuations, capital structures and strategic financial decisions.

SAFARI INVESTMENT EXPERIENCE

Understanding the economics behind the asset

Alongside his corporate finance career, Don has developed extensive experience in safari tourism and related businesses across Africa.

His involvement has included businesses and opportunities in South Africa, Botswana, Zimbabwe, Kenya, Tanzania and Gabon, building an understanding of the sector’s financial dynamics, funding environment and network of industry participants.

This combination of financial and sector experience is particularly important in safari investment.

Safari businesses cannot be understood through financial statements alone. Their performance and value are influenced by location, access, wildlife, concession and land arrangements, operating models, capital requirements, market positioning and conservation responsibilities.

GOVERNANCE AND INVESTMENT

Perspective beyond the transaction

Don’s experience extends beyond transactional advisory into corporate governance, investment oversight and board leadership.

He has served as a director and chairman across businesses and conservation interests and has participated in investment committees within private equity and venture capital. This exposure provides an additional perspective on the decisions that follow a transaction: how capital is allocated, how businesses are governed, how risk is assessed and how long-term value is protected.

It also reinforces the importance of considering investment structure and commercial sustainability alongside the immediate requirements of a transaction.

SAFARI INVESTMENT ADVISORY

Financial insight that informs better decisions

As a Co-Founder and Partner of Safari Investment Advisory, Don brings corporate finance discipline to the specialist realities of safari investment.

His expertise supports investors, owners and shareholders considering acquisitions, disposals, valuations, mergers, refinancing, restructuring, new investment and changes in ownership structure.

Working alongside the broader Safari Investment Advisory team, Don helps clients understand the financial implications of an opportunity while considering the operational, conservation and strategic factors that may ultimately determine its performance.

The objective is not simply to make a transaction work on paper, but to determine whether its assumptions, structure and economics make sense in practice.

AREAS OF EXPERTISE

Where Don advises

  • Mergers and acquisitions
  • Corporate finance
  • Safari asset and business valuations
  • Investment and corporate structuring
  • Capital raising and refinancing
  • Shareholder transactions
  • B-BBEE structuring
  • Financial and commercial assessment
  • Strategic financial advisory
PERSPECTIVE

Beyond the numbers

Financial analysis is essential, but in safari investment it is only part of the picture.

A valuation, acquisition or capital structure can only be considered properly when the underlying business is understood. Wildlife experience, access, operating efficiency, market positioning, conservation obligations and future capital requirements can all materially affect financial performance and long-term value.

Don brings these considerations together, helping clients connect financial analysis with the realities of the safari business behind it.

Thought leadership

The African Safari Business

An interview with Kevin Leo-Smith explores the commercial realities of safari businesses, the evolution of luxury safaris and the factors that influence long-term investment success.

Afri Tourism’s
Safari rules

A collection of practical observations and guiding principles developed by Kevin Leo-Smith from decades in the African safari industry, exploring the interconnected factors that shape businesses.

Boutique Advisory for the Safari Industry

An overview of Safari Investment Advisory’s formation and the specialist advisory approach developed by Kevin Leo-Smith, Don Millar and Steve Raney.

engage with us

Independent financial perspective for complex safari decisions

If you are considering an acquisition, disposal, valuation, refinancing, restructuring or investment involving a safari-linked asset, Safari Investment Advisory provides independent specialist advice before significant commitments are made.

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