South Africa

Private equity and venture capital news from South Africa

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• Actis consortium acquires Alstom South Africa for $700m 05 Aug 2008. Source: AltAssets. Emerging markets private equity investor Actis has formed a consortium to acquire Alstom South Africa, a major electrical engineering, manufacturing, distribution and contracting business, for $700m. Actis's partners in this transaction are Old Mutual Investment Group, company management and existing Black Economic Empowerment partners Kagiso, Tiso and a private investor.

• Aureos acquires 30 per cent of South African company Sandbox Holdings 27 Mar 2008. Source: AltAssets. Emerging markets-focused private equity firm Aureos Capital's Aureos Southern Africa Fund has acquired a 30 per cent equity stake in South Africa-based electronic security and business software company Sandbox Holdings.

• Ethos acquires wheel retailer Tiger Automotive for ZAR1.05bn 21 Jan 2008. Source: AltAssets. South African private equity firm Ethos Private Equity has secured shareholder approval to acquire Tiger Automotive and then delist the company from the Johannesburg Securities Exchange. The deal values the car wheel retailer at approximately ZAR1.05bn (€100m).

• Cognetas sells Global Solutions for £355m 19 Dec 2007. Source: AltAssets. Pan-European mid-market private equity firm Cognetas has sold outsourced support services provider Global Solutions to security solutions group G4S for £355m. The deal represents a multiple of 2.25 times the original investment, according to Cognetas.

• Brait acquires Premier Foods for $218m 01 Oct 2007. Source: AltAssets. Brait Private Equity, the private equity arm of South African investment bank Brait, has acquired consumer goods company Premier Foods from investment group FABCOS (Foundation for African Business and Consumer Services), for R1.5bn ($218m). Management will also be taking a stake in the business.

• Ethos-led consortium to acquire South African gaming company Gold Reef 04 Sep 2007. Source: AltAssets. An investor consortium led by South African private equity firm Ethos Private Equity is planning to acquire the entire issued and to be issued share capital of South African gaming and entertainment company Gold Reef Resorts. If successful, this will be one of the largest private equity-led transactions in South Africa to date. The consortium is offering ZAR34 a share, representing an estimated enterprise value of ZAR11.4bn (approximately $1.57bn).

• Aureos Southern Africa Fund acquires stake in catering company ACE 28 Aug 2007. Source: AltAssets. Aureos Southern Africa Fund has acquired a 49 per cent stake in South African catering firm Allied Catering Equipment.

• Brandcorp to go to Ethos in R1.32bn buy-out 01 Aug 2007. Source: AltAssets. South African fund manager Ethos Private Equity has won 97.79 per cent shareholder approval for their R1.32bn public-to-private buy-out of Brandcorp. The transaction has also, they reported, received unconditional approval from the South African competition authorities.

• Sphere raises maiden fund 01 Nov 2006. Source: AltAssets. Sphere Private Equity has announced that is has raised R300m (c. €30m) for its first fund. The fund will be used for investment in medium-size businesses showing growth prospects in the South African market.

• Ethos Private Equity raises ZAR5.5bn private equity fund for Africa 30 Oct 2006. Source: AltAssets. South African private equity firm Ethos Private Equity has closed its latest fund, Ethos Fund V, on ZAR5.5bn (approximately $750m). This is the largest fund in Africa to date.

• Actis raises CAD$45.5m as part of the IPO of Platmin 10 Aug 2006. Source: AltAssets. Emerging markets private equity firm Actis has successfully raised CAD$45.5m as part of the Initial Public Offering application of their South Africa-based mineral exploration company, Platmin. The IPO was three times oversubscribed.

• Emerging markets investor CDC commits $100m to four funds in Africa 18 Jul 2005. Source: AltAssets. Emerging markets investor CDC has committed over $100m to four funds in Africa. The commitments include $40m to the Canada Investment Fund for Africa, $50m to the Actis Africa Empowerment Fund to invest in black empowered businesses in South Africa, $15m to the Emerging Markets Partnerships' second Africa fund aimed at larger businesses, and $3m to Grofin, a fund sponsored by the Shell Foundation and endorsed by Tony Blair in his capacity as chairman of the Commission for Africa.

• Private equity consortium buys two divisions from South Africa's Delta Electrical 10 Jun 2005. Source: AltAssets. A private equity consortium has agreed to acquire both Delta Electrical Industries' Repairs and Services, and the company's Replacement Parts divisions, as going concerns, for ZAR1, 296bn (£106m). The consortium comprises Ethos Private Equity, Actis, Old Mutual and Black Economic Empowerment partners, Aka Capital and Sphere Holdings.

• Bridgepoint sells Western Wines stake 02 Aug 2004. Source: AltAssets. UK private equity firm Bridgepoint has sold its stake in Western Wines, owner of the South African Kumala wine brand, to Canada's Vincor International as part of a £135m transaction. The sale represents Bridgepoint's first exit from its E2bn Bridgepoint Europe II fund that closed in May 2002.

• Southern African Intellectual Property Fund secures R104m 23 Jul 2004. Source: AltAssets. The Southern African Intellectual Property Fund, which is managed by Triumph Venture Capital, has secured R104m in capital commitments. The fund is targeting R400m by June next year.

• Black-owned aloeCap launches R500m private equity fund in South Africa 14 Nov 2002. Source: AltAssets. Financial and investment services company aloeCap, a black-owned and managed firm, is to launch a private equity fund targeting R500m. AloeCap has already gained commitments of R100m and the fund will invest exclusively in black economic empowerment transactions.

• South Africa's Gensec launches its first Irish venture fund 14 Jun 2001. Source: AltAssets. South African bank Gensec has announced it is to establish its first venture fund in Ireland to focus on European information technology.