Ethos

Ethos, founded in 1984 and headquartered in Illovo, South Africa, is a prominent asset management firm specializing in private equity investments. The firm has played a pioneering role in South African private equity, being the first to facilitate private equity-led acquisitions in the country. Ethos focuses on long-term investments in medium-to-large businesses across various sectors, including financial services, healthcare, technology, and more, primarily within South Africa and selectively in sub-Saharan Africa. The firm has invested in over 100 companies, achieving consistent outperformance compared to the stock market and delivering strong returns for its investors. Ethos is independently owned and managed by its investment professionals, ensuring that their interests are aligned with those of their stakeholders. Currently, Ethos is investing from Ethos Fund VI, which has commitments totaling approximately R7 billion, making it one of the largest pools of third-party capital in Africa.

Bill Ashmore

Partner, Debt Specialist

Bruce Baisley

Partner, Larger Equity Funds

Garry Boyd

Partner

Arshad Essa

Partner, Mid Market

Horisane Marivate

Principal, Value Add

James Newman

Partner, Large Equity Funds

Nadine Rechenberg

Partner

Jos Van Zyl

COO, Partner and Board Member

31 past transactions

Tyme

Private Equity Round in 2019
TymeBank is a fully black-owned and controlled investment company based in South Africa. It is an exclusively digital retail bank that aims to provide every South African accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy.

Channel VAS

Private Equity Round in 2018
Developer and aggregator of impactful Mobile Value Added Services

The Beverage Company

Acquisition in 2017
Little Green Beverages (LGB), a proudly South African company, was founded in 2006,when the founding shareholders purchased a bottling plant located in Robertville, Western Johannesburg. After acquiring the necessary skills, resources and supplementary equipment, the founders brought the plant online and began producing a limited range of carbonated soft drinks in early 2006. The much loved Refreshhh! brand was born and the rest is history. Specialist flavourant providers were engaged to help create the delicious taste that the Refreshhh! range of soft drinks are known for. Over the next 7 years, LGB grew into a thriving company with a national footprint by establishing new production facilities 3 in East London and Bloemfontein, as well as depots in KwaZulu Natal and the Western Cape The Refreshhh! product range currently comprises of 16 carbonated soft drink flavours (Apple, Coco Pine, Cola, Cream Soda, Ginger Beer, Granadilla, Grape, Iron Brew, Lemon, Lemonade, Litchi, Mango, Orange, Peach, Pineapple and Raspberry) with five additional Sugar Free flavours . The Refreshhh! product range is available in 2 litre, 1.5 litre, 500 ml and 330 ml PET bottles. The brand also has its own Energy Drink which is available in 440ml can, a range of Mixers and Still Mineral Water. Refreshhh! through its valued retail partners, is available throughout South Africa, Botswana, Mozambique, Zimbabwe, Swaziland, Namibia and Lesotho. Little Green Beverages strives to deliver the best in affordable, quality soft drinks to a large segment of the Southern African market.

Eazi Access

Acquisition in 2016
Eazi Access Rental (Pty) Ltd. is a South African company specializing in the rental, sale, and servicing of work-at-height equipment. Founded in 2003 and based in Midrand, the company offers a diverse fleet of equipment, including diesel and electric boom lifts, scissor lifts, telehandlers, and various accessories. Eazi Access serves multiple sectors, such as construction, shipping, manufacturing, FMCG, transport, entertainment, and mining across Africa. In addition to equipment rental, the company provides training for mobile elevated work platforms and supports clients with application solutions and on-site project management. With branch locations in key cities and regions, Eazi Access has established itself as a leader in the work-at-height solutions market.

Eaton

Private Equity Round in 2015
Eaton Towers Limited is a prominent telecom tower company based in London, specializing in acquiring, building, and leasing shared infrastructure services to mobile and data network operators across Africa. Founded in 2009, the company has established a significant presence in countries including Ghana, Uganda, Kenya, Burkina Faso, and Niger, boasting over 5,000 towers. Eaton Towers provides a range of services such as build-to-suit towers, co-location, in-building solutions, small cells, sale and leaseback, and managed services. It aims to address the growing demand for voice and data services driven by increased smartphone usage and the need for improved network coverage in rural areas. By enabling mobile network operators to share infrastructure, Eaton Towers helps reduce capital and operating costs, which is critical in a region where network build and operating expenses are notably high. Its customer base includes major African mobile operators like Airtel, MTN, Orange, Tigo, Vodacom, and Vodafone, positioning Eaton Towers as a key player in the African telecommunications landscape.

Neopak

Acquisition in 2015
Neopak is a prominent player in the South African corrugated packaging industry, focusing on delivering high-quality and cost-effective packaging solutions. The company specializes in producing corrugated packaging products tailored for the agricultural sector, including markets for citrus, deciduous, and subtropical fruits, as well as local produce. Neopak's offerings are designed to optimize various aspects of the supply chain, such as palletization, transportation, product packing, display, breathability, stacking, and load strength. By embracing modern methods of thinking and collaboration, Neopak aims to create innovative packaging solutions that meet the evolving needs of both local and international clients.

TWINSAVER

Acquisition in 2015
The Twinsaver Group (based in South Africa) is a national manufacturer, marketer and distributor of branded tissue products. We are a market leader across the majority of industry categories and segments in which we operate – supplying both consumer households and businesses nationwide. Twinsaver is a legendary South African brand and forms the bedrock of the business, providing households with quality, trusted and innovative products and businesses with workplace, washroom and associated solutions. The company was a recent acquisition of what was formerly known as Nampak Tissue – a business that has serviced South African consumer and business needs for over 50 years. Ethos Private Equity Group recognised the opportunity to grow the business further through a combination of new leadership and a new strategic direction: the shift from a packaging, manufacturing-led company to a consumer-led, fast moving consumer goods brand powerhouse.

AutoZone

Acquisition in 2015
AutoZone is the largest privately owned automotive parts retailer and wholesaler in Southern Africa. They have a span of 151 wholly-owned retail branches and 37 member-owned franchise branches. They have a supporting supplier base of 688 world-class suppliers contributing to a massive parts range of over 75 000 parts. Apart from South Africa, our franchises have presence in Namibia, Zimbabwe, Swaziland and Botswana. All branches are supported by a well-developed supply chain as well as merchandising and support services. They are a powerful supplier of automotive spare vehicle parts and have excellent presence in the spares market. They are respected by trade customers (workshops and engineers), cash customers as well as independent spares retailers. Autozone has an excellent presence in national accounts too, holding corporate and government contracts.

Voxa

Seed Round in 2014
Voxa Inc. is a technology company based in Atlanta, Georgia, that specializes in developing a messaging intelligence platform designed to enhance business communication. The platform enables users to synchronize contacts and leads between Salesforce and their email servers, facilitating the logging of customer conversations directly into their customer relationship management systems. By streamlining these processes, Voxa aims to improve response times and maximize the effectiveness of business email communication.

Izenda

Series A in 2014
Izenda, L.L.C. is a software company based in Atlanta, Georgia, that specializes in self-service custom reporting solutions for ASP.NET applications. Founded in 2002, Izenda serves various sectors, including financial services, media, biotech, real estate, and non-profit organizations. Its flagship product, Izenda Reports, allows users to create, customize, and distribute reports from SQL databases without needing support from programmers or database experts. The company offers its embedded business intelligence solutions to independent software vendors and service providers, enabling them to integrate analytics natively into their applications. This approach helps businesses optimize development resources and reduce time to market while providing end-users with interactive visualizations and real-time data analysis through custom dashboards and reporting tools.

RTT

Acquisition in 2014
The RTT Group has gained tremendous experience and insight into a multitude of markets over the last 33 years, which has positioned the business to address custom specific channel supply chain models across all industries. The Company is a mature business with longevity and the relationships with our customers are built on shared ownership of the results that are being pursued together. Our business relationships are built on trust which enables transparency and shared information. By providing access to this information; RTT remain a strategic partner, thinking ahead, identifying ways to add additional value, and participating as part of our customer’s ‘team’. Today's trading is becoming increasingly dynamic and volatile, as client and consumers become more sophisticated, they demand the right product, at the right time, at the right price and at the right place. Whereas quality was the competitive weapon of the past, customer responsiveness, or time-to-market is the differentiator today. Given the complexity of a typical supply chain processes; correct supply chain planning enables companies to intelligently manage the activities of the total supply chain. RTT have been an industry leader in specialised supply chain solutions including highly focused areas of the complex retail models. The time and depth spent and the investments made into the retail models have become strategic to our client and customer partnerships. RTT understands our diverse client base’s strategic focus areas of cost efficiency, improved service with all initiatives focused on fit-for-purpose solutions. Supply chains in Africa face significant challenges to security of product and intellectual property.

Waco International

Acquisition in 2012
Waco International Holdings Limited, based in Johannesburg, South Africa, operates in the equipment rental and industrial services sectors across South Africa, sub-Saharan Africa, Australia, New Zealand, the United Kingdom, and Chile. The company specializes in the rental and sale of equipment related to formwork, shoring, scaffolding, and suspended and aerial platforms. It also offers rope access services, technical support, insulation cladding, painting, and blasting. Additionally, Waco provides relocatable modular buildings, portable sanitation solutions—including chemical toilets and wastewater treatment plants—and integrated hygiene services such as sanitizers and contract cleaning. Its diverse clientele includes industries such as mining, oil and gas, power generation, construction, industrial maintenance, government, education, healthcare, and events. Founded in 1952, Waco International has established itself as a significant player in the industrial services landscape.

KEVRO

Acquisition in 2012
Kevro (Pty) Ltd. engages in the wholesale and supply of clothing and gifts for promotional companies, retailers, and advertising and event companies in Africa. Its products include T-shirts, golf shirts, lounge shirts, leisure wear, sweaters and fleece, jackets, trousers, kids wear, hospitality apparel, work wear, and safety and head wear. The company’s gifting products include eco-lifestyle products, writing instruments, folders and notebooks, bags, drinkware, office accessories, tools, leisure and outdoor products, and novelties. Kevro (Pty) Ltd. was founded in 1990 and is based in Edenvale, South Africa.

Universal Industries

Acquisition in 2011
Universal Industries Corporation Limited is an investment holding company based in Randburg, South Africa, that specializes in manufacturing, supplying, and distributing a wide range of equipment for the food retail, wholesale, and hospitality sectors. Founded in 1996, the company produces commercial refrigerated display cabinets, insulated structures, and industrial bakery equipment, catering to supermarkets, bakeries, restaurants, hotels, and convenience stores. Its product offerings include refrigerated display cases, polyurethane insulated panels, glass doors, ovens, mixers, and various catering and kitchen machinery. Universal Industries serves a diverse clientele, including perishable food retailers, fast food centers, and food processing factories, and is noted for its established presence, with many underlying businesses having histories of over 100 years. With multiple production facilities and a workforce of approximately 1,400 employees, Universal Industries operates both locally and internationally, supporting a range of industries with its specialized equipment and services.

IDWALA

Private Equity Round in 2009
Idwala Industrial Holdings Limited is a South African company that specializes in the production of industrial minerals and lime. Founded in 1998 and headquartered in Honeydew, the company operates through two main divisions: Lime and Industrial Minerals. Idwala's product offerings include calcium carbonate, pyrophyllite, magnetite, and lime, which are produced at various locations, including Danielskuil, Powerville, and Benoni. The company also has operations for magnetite in Phalaborwa and carbonates in Port Shepstone. Idwala is committed to environmental and social responsibility, emphasizing its focus on niche markets within the industrial minerals sector. Its sales and marketing division supports operations in major cities such as Benoni, Durban, Port Shepstone, and Cape Town.

CQS Technology

Private Equity Round in 2008
CQS Technology, established in the early nineties as CQS Technology Holdings, is a prominent software development company in South Africa that focuses on delivering solutions for financial professionals. The company specializes in creating, implementing, and deploying software tailored for audit, risk management, and corporate performance management. With a commitment to quality, CQS Technology serves nearly 4,000 clients by offering a comprehensive range of services, including software development, implementation, and training. Employing around 200 skilled professionals, the company leverages advanced infrastructure to deliver innovative solutions that meet diverse technological needs. By adhering to proven best practice methodologies, CQS Technology aims to ensure optimal returns on investment for its clients.

TIGER AUTOMOTIVE

Acquisition in 2008
TiAuto Investments (PTY) LTD is the holding company of South Africa’s best-loved brands in the retail and wholesale wheels, tyres, automotive related products and services categories. The TiAuto Investments stable comprises of 7 divisions and 14 brands, all of which share the distinction of being trusted by customers and emulated by their competitors. The divisions place a high value on the loyalty accorded to them by customers and strive continuously to remain deserving of their high regard. This plays out in the form of constant innovation and the relentless pursuit of excellence in all aspects of business. TiAuto Investments aims to enhance the values of the sectors in which we operate while ensuring that the industry as a whole continues to grow and develop further.

Ecobank

Private Equity Round in 2007
Ecobank Transnational Incorporated, established in 1985 and headquartered in Lomé, Togo, is a banking institution that provides a comprehensive range of retail, corporate, and investment banking services across Africa and internationally. The bank operates through three main segments: Corporate & Investment Banking, Commercial Banking, and Consumer Banking. Its offerings include various account types, personal and asset acquisition loans, mortgages, and payment cards, along with internet and mobile banking services. Additionally, Ecobank provides bancassurance, remittances, foreign exchange, trade finance, and cash management services. The bank serves a diverse clientele, including individuals, multinationals, government agencies, and small to medium-sized enterprises. With a network of 888 branches and over 2,460 ATMs, Ecobank has positioned itself as a key player in the West African banking sector, addressing the needs of a region previously dominated by foreign and state-owned banks.

The House of Busby

Private Equity Round in 2007
The House of Busby (Pty) Ltd., founded in 2004 and based in Johannesburg, South Africa, is a prominent distributor and retailer of branded apparel, luggage, handbags, accessories, eyewear, and footwear. Recognized as a leading player in the South African retail sector, The House of Busby operates through Busby Retail, which features exceptional international brands, and Busby Trading, which focuses on the design, manufacture, and supply of house brand names and private labels. The company has successfully established itself in the local, non-branded wholesale sector. Since its delisting from the Johannesburg Stock Exchange in 2008, following a management buyout, The House of Busby has experienced significant growth and currently employs over 1,550 people across the country.

Brandcorp

Acquisition in 2007
Brandcorp Holdings Limited is a distributor of industrial and consumer products based in Johannesburg, South Africa. The company offers a diverse range of items including hand tools, power tools, garden tools, compressors, generators, welding equipment, and lifting equipment. In addition, Brandcorp provides a variety of consumer goods such as luggage, travel bags, kitchenware, and outdoor equipment. The company also specializes in aftermarket motor vehicle accessories and related consumable products. Incorporated in 2007, Brandcorp operates as a subsidiary of The Bidvest Group Limited, leveraging strong brand ownership, high service levels, and strategic supplier relationships to serve its customers effectively.

Plumblink

Acquisition in 2006
Plumblink is a specialist plumbing, bathroom and kitchenware merchant currently operating from 55 branches strategically situated throughout South Africa. More than 10,000 quality products are sourced from over 600 of the best local and international suppliers including state-of-the-art and exclusive ranges. As well as a recently added ‘home brand’ Plumline, which they continue to expand monthly. With a growing base of 5 000 loyal customers they service government, commercial, industrial, housing and DIY Projects. Plumblink offers a service you can count on.

Atio

Private Equity Round in 2006
Atio offers specialized information communication and technology (ICT) services & assurance and network performance management solutions. The company specializes in managed IT services to a broad customer profile together with the provision of technology management and business process services associated with telephony and call centers. Its remote support is cloud based to all clients anywhere, anytime, everywhere with the focus on immediacy. It also provide service assurance and network performance management solutions to telecoms operators, service providers, technology vendors and regulatory authorities.

Holdsport

Acquisition in 2006
Holdsport specializes in sports and outdoor goods retailer, trading countrywide through Sportsmans Warehouse and Outdoor Warehouse brands. The growth of Holdsport has been underpinned by its retail model which ensures that all the stores cover a large area and offer scale, diverse brands and technical expertise. Holdsport pioneered the concept of dedicating a retail environment to the active sporting and outdoor enthusiast, providing customers with quality branded merchandise at competitive prices. Group stores house private in-house labels as well as local and international brands.

SAVCIO

Private Equity Round in 2005
SAVCIO is a privately-owned provider of maintenance and repair services for rotating electrical equipment and transformers in Africa.

IST

Acquisition in 2004
IST Group core business is the application of intellectual capital and leading-edge engineering technology.

Clickatell

Private Equity Round in 2004
Clickatell Inc. specializes in mobile messaging and transaction services that facilitate communication and transactions between businesses and their customers via mobile devices. Founded in 2000 and headquartered in Silicon Valley, the company offers a range of solutions, including SMS messaging for alerts, marketing campaigns, and customer relationship management, as well as mobile transaction services like prepaid mobile top-ups. Clickatell's Mobile eXchange platform enables global message delivery, while its USSD-based banking products assist financial institutions in reducing foot traffic to branches. Additionally, the company provides Clickatell Secure, a multi-factor authentication suite for transaction protection, and Chat Desk, a digital contact center that enhances customer service through real-time chat support. With a diverse clientele that includes enterprises, government agencies, and application developers, Clickatell serves over 18,000 brands and businesses worldwide, making it a leader in the mobile communications sector.

Cobra Watertech

Acquisition in 2003
Cobra Watertech manufactures and distributes plumbing fittings and supplies with cutting-edge design & flawless functionality. It is a world leader in water control technology, research and development. The company has an ever-increasing focus on cutting-edge design, flawless functionality and high impact. Cobra is more than just a plumbing, brassware manufacturer; it is a South African icon. Cobra has been an intrinsic part of the very fabric and design of South African buildings, from family homes to corporate spaces. The Cobra brand has evolved over time and today it is not only a stalwart in the industry but the leading South African lifestyle brand in its field

Tsebo Solutions Group

Acquisition in 2000
Founded in 1971 in Johannesburg (South Africa), Tsebo has developed into a pan-African enterprise of stature, enjoying a strong presence in a wide range of local and international business sectors. Today, the Tsebo offers market-leading contracted services in Facilities Management, Remote Camps, Catering, Cleaning, Hygiene, Security, Energy and Procurement. This extensive range of hard, soft and infrastructure management services are enjoyed by over 3,000 clients across a number of sectors including financial services, manufacturing, mining, leisure, energy, environment, retail as well as universities and other public services. Tsebo’s clients have found significant benefits in contracting their “non-core” functions to its experienced professionals.

Defy

Acquisition in 1997
Defy Appliances (Pty) Ltd is a manufacturer and distributor of major domestic appliances based in Durban, South Africa. Founded in the 1920s, the company initially produced electric stoves in 1932 and has since expanded its product range to include gas stoves, refrigerators, washing machines, tumble dryers, continuous clean ovens, and convection ovens. Defy also offers solar hybrid fridge and freezer products, which enable consumers to save on electricity and minimize their carbon footprint. The company operates under the Defy and Ocean brand names, emphasizing its commitment to innovation and sustainability in the domestic appliance market.

Crossroads Distribution

Acquisition in 1997
Crossroads Distribution (Pty) Ltd., also known as Crosscape Express, is a logistics and supply chain management company headquartered in Bellville, South Africa. Established in 1997, it provides a range of logistics solutions, including customized service distribution fleets, bulk liquid and powder distribution, on-mine handling, bulk transport, warehousing, freight consolidation, and freight management. The company also offers national and international courier services, express road freight, and pharmaceutical distribution. Crossroads serves a diverse clientele across multiple sectors, such as agriculture, food and beverage, mining, healthcare, and government. As a subsidiary of Community Logistics (Pty) Ltd., Crossroads Distribution plays a significant role in facilitating various logistical needs both domestically and internationally.

Pleasure Foods

Acquisition in 1996
Pleasure Foods is a fast food franchisers in Africa.
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