Meet The team

Intangible Business and Agilequity are part of a group. Intangible Business specialises in intangible asset valuations and expert witness support and Agilequity helps clients grow and realise their business value though providing specialised buy-side and sell-side M&A, finance raising, and business valuations services.

Certain group staff can be used to support both businesses increasing available capacity for our clients. The group has formed a Global Valuation Advisory Board to maintain valuation quality and consistency, share best practice, support complex valuation assignments, and strengthen collaboration across the UK and South African teams.

Intangible Business board members / Global Valuation Advisory Board

Stuart Whitwell (BSc CGMA FCMA DipM MCIM)

Joint Managing Director

Stuart Whitwell is a joint managing director and co-founder in 2001 of Intangible Business, a leading global business and brand valuation, strategy and development consultancy.

He is a Chartered Global Management Accountant, a Member of The Chartered Institute of Marketing, and represented CIMA on the development of the International Standard for Brand Valuation.

Stuart has carried out numerous business and intangible asset valuation assignments including some of the world’s biggest brands in many industry sectors. His projects include many mandates for acquisitions, disposals and licensing involving significant intangible asset value. He has also given valuation advice for balance sheet reporting, corporation restructuring, insolvency, pension deficit funding and administration, asset based lending, transfer pricing and tax management, business management, licensing strategy, dispute resolution and due diligence.

Prior to co-founding Intangible Business, Stuart worked for Unilever, Reed International and in corporate mergers and acquisitions for Allied Domecq. At the time Allied Domecq was the second largest group in the global drinks industry.

Thayne Forbes (MA (Oxf) FCA DipM FCIM MAE)

Joint Managing Director

Thayne Forbes is a joint managing director and co-founder in 2001 of Intangible Business, a leading global business and brand valuation, strategy and development consultancy.

He is a Fellow of The Institute of Chartered Accountants, a Fellow of the Chartered Institute of Marketing and a member of The Academy of Experts.

Thayne specialises in advising businesses with valuable intangible assets, such as brands, trademarks, copyrights, patents and customer relationships for management, balance sheet, litigation and banking purposes. He has been involved in many purchase, sale or licensing mandates. He has also, for example, led debates over the implementation of the International Financial Reporting Standard on business combinations, producing unique research and analysis into the reporting under the standard.

Prior to co-founding Intangible Business Thayne worked for Arthur Andersen and BDO as a specialist intangible asset and corporate valuer.

Andrew Meerburg (CA (SA), H Dip Tax, ND Ind. Eng.

Director Intangible Business | CEO and founder Agilequity

Andrew is the CEO and founder of Agilequity, a boutique corporate finance advisory firm focused on helping mid-market companies grow and realise their business value through specialised buy-side and sell-side M&A, capital raising and valuation services. Andrew brings more than 30 years of corporate finance and M&A experience gained both as an advisor and from inside corporates executing transactions.

He previously served as Financial Director of SBV, South Africa’s largest cash-in-transit and cash processing company, owned by the country’s four major banks, where he led mergers, acquisitions and expansion initiatives across Africa. Before that he was CFO of SAIL Group Limited, a listed media company that acquired several professional sports teams, and he also assisted Lewis Stores with its listing and governance structures during a key stage of its growth.

Having executed transactions from within businesses, Andrew brings practical insight into strategy, deal execution and integration, helping clients avoid the strategic and implementation risks that often cause deals to fail.

Greg Elk (BBusSc (Finance)

Director Intangible Business | M&A Valuation Expert

Greg has over 12 years of Corporate Finance and Business Valuation Experience and is a co-founder of, and the Head of Corporate Finance and Valuations for Agilequity a South African Corporate Finance Advisory Firm. Greg is a member of the Intangible Business Board and Global Valuation Advisory Board lending his experience from a valuations and M&A perspective.

Greg has extensive valuations experience having previously served as the Head of Equity Research for an equity analysis company covering and valuing a universe of over 50 JSE listed stocks and providing research, analysis and investment grade valuations to some of South Africa’s largest asset managers. Greg has performed over 450 valuations of both private and listed companies totalling an estimated £100 billion in value.

Greg also has strong corporate finance experience having worked as an M&A advisor for an International M&A consultancy and having led or been a part of many successful Buy-Side, Sell-Side and Capital Raise processes both as a member of Agilequity and in prior roles.

Alexander James

Head of Operations & Client Relations

Responsible for the operational, marketing and client relations functions of Intangible Business, a specialist intellectual property and intangible asset valuation firm.

Oversees the firm’s digital content distribution and thought leadership publishing, including curating industry insights and managing the firm’s social media presence, as well as producing and distributing the firm’s monthly client newsletter.

Manages the firm’s client database and communications infrastructure, including maintaining CRM systems and coordinating client engagement through Mailchimp campaigns and regular communications.

Also responsible for operational administration, financial record management, coordination of annual audit processes, IT systems management, and supporting client contracting and engagement administration.

Plays a central role in supporting the firm’s client communications, marketing initiatives, and day-to-day operational management.

Laura Putter (MCom Business Management (cum laude), BCom (Hons) Financial Management, BCom Economics and Finance (cum laude).

Investor Relations Associate

Laura Putter is an Investor Relations Associate at Agilequity, where she heads up the investor-facing outreach arm of Agilequity. She works across capital raises as well as buy-side and sell-side transactions, engaging with investors, buyers, and sellers throughout the process.

Laura spent several years, in affiliation with Stellenbosch University, researching cybersecurity, board gender diversity, and the corporate disclosure practices of JSE-listed companies. Her work has been published in the South African Journal of Economic and Management Sciences (SAJEMS).

She holds a Master of Commerce in Business Management, a BCom (Hons) in Financial Management, and a BCom in Economics and Finance.

Maret Swart (MCom Business Management (cum laude); BCom Hons Strategy & Innovation, BCom Financial Management

Financial Analyst

Maret is a Financial Analyst at Agilequity, specialising in business valuations, financial modelling, and grants and incentives.

She holds an MCom in Business Management (cum laude) from Stellenbosch University, where she specialised in Complexity Leadership Theory and Knowledge management, as well as a BCom Honours in Strategy and Innovation and a BCom in Financial Management. 

Prior to joining Agilequity, Maret worked as a lecturer and research assistant at Stellenbosch University, and gained experience at Bioregion Institute, contributing to strategy and innovation focused projects.

Reif Ridsdale Bachelor of Commerce and Law (BCom Law)

Financial Analyst

Reif is a Financial Analyst at Agilequity, where he supports the firm’s advisory and transaction activities. He has been with the business since 2022 and has developed strong experience in financial analysis and deal execution.

 Reif specialises in financial modelling, business valuations, and deal support in M&A and capital raising transactions. His work includes building dynamic, assumption-driven financial models, performing detailed valuation analyses, and assisting clients throughout the deal lifecycle, from initial assessment through to execution.

He holds a Bachelor of Commerce and Law (BCom Law) from Rhodes University, where he majored in Business Management and Law. This combined academic background provides him with a strong foundation in both commercial and legal principles.

Seabe Nkoana BBA degree and has passed level 1 of the CFA program

Financial Analyst

Seabe Nkoana is a Financial Analyst at Agilequity. With over three years in the role, he conducts in-depth financial analysis for M&A and private equity transactions, prepares information memorandums and pitchbooks, and supports deal structuring and due diligence processes. In addition, Seabe plays an active role in investor relations and outreach, sourcing and pitching to prospective investors, managing ongoing investor communications, and building the long-term relationships that underpin successful capital raises. Seabe holds a BBA degree, has passed level 1 of the CFA program, has a National Certificate in Financial Markets and Instruments, and has completed multiple SAIFM RPEs.