Within a month of its first closing, Ethos Mid Market Fund I has concluded investments into Autozone, Eazi Access and Twinsaver, acquiring 15%, 10% and 15% shareholding accordingly.
Autozone is the largest, privately-owned automotive parts aftermarket retailer and wholesaler in Southern Africa.
Eazi Access is Africa’s market leader in the rental, sale and servicing of work-at-height and material handling solutions.
Meanwhile,Twinsaver is the number one tissue manufacturer in South Africa.
The assets were acquired from Ethos Fund VI for a total consideration by the Fund of R361m.
“Each are high-growth potential companies where we believe we can create sustainable value by actively optimising strategy, operations and capital structures in partnership with management,” said Ethos in a statement.
“Equally, our shareholding adds strategic empowerment credentials to each company, creating meaningful competitive advantage in their respective markets.”
In 2016, Ethos launched the Ethos Mid Market Fund I with target commitments of R2.5bn (hard cap R3.0bn).
The Ethos Mid Market Fund I, a black-managed, mid-market focused fund in South Africa, raised R675m ($47.39m) at first close.
Investors in the Fund are South African institutional investors, and Ethos Capital is one of the first close investors with a commitment of R550m and with an intended total commitment on final close of R900m. Source: Africa Global Funds