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Home > PE News > By Region > Africa > South Africa

Ethos acquires wheel retailer Tiger Automotive for ZAR1.05bn 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).

TiAuto shareholders will receive ZAR17.51 per share, representing a 33 per cent premium relative to the 30-day volume-weighted average price of ZAR13.15 as of 17 October 2007.

TiAuto's principal operations include the wholesale and retail trading of vehicle tyres and aftermarket alloy wheels in the Southern African and UK markets. The company currently employs 1,100 people.

Ethos partner Shaun Zagnoev said, 'TiAuto represents leading brands, with a unique business model of prime locations, superior service and a comprehensive stock range. Ethos grows the businesses we buy and we feel confident that our partnership with TiAuto's experienced management team will enable the business to expand their retail footprint.'

Ethos closed its Ethos Fund V on ZAR5.5bn in October 2006.

The firm recently led the consortium that invested $130m in Nigerian financial services provider Oceanic Bank International's public offering.

Copyright © 2008 AltAssets

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