Ethos

Ethos, founded in 1984 and headquartered in Illovo, is a prominent private equity firm that specializes in investments in medium-to-large businesses primarily within South Africa and selectively in sub-Saharan Africa. With a pioneering role in South African private equity, Ethos has successfully completed the first private equity-led acquisitions in the country and has invested in over 100 companies across various sectors, including financial services, healthcare, technology, consumer products, and industrials. The firm has built extensive local networks complemented by international reach, enabling it to deliver strong returns that consistently outperform the stock market. Ethos is independently owned and managed by investment professionals, ensuring alignment of interests with stakeholders. Currently, the firm is investing through Ethos Fund VI, which has garnered commitments of approximately R7 billion, making it one of the largest pools of third-party capital in Africa.

Bill Ashmore

Partner and Debt Specialist

Bruce A. Baisley

Partner

Ngalaah Chuphi

Partner

Frances Cronje

Senior Associate

Keitumetse Dikeledi

Associate

Craig Dreyer

Chief Financial Officer

Rohan Dyer

Partner and Head of Investor Relations

Arshad Essa

Partner

Rod Fehrsen

Partner

Richard Fienberg

Partner

Kishan Govan

Associate

Roger Grobler

Partner, Ethos AI Fund

Rolf Hartmann

Partner

Peter Hayward-Butt

Chief Executive Officer

Walter Hirzebruch

Partner, Ethos Mezzanine Partners

Michael Jensen

Partner

Nic Kohler

Partner, Ethos AI Fund

Stuart MacKenzie

Chief Executive Officer

Paula Mokwena

Senior Associate

Tshepo Motlhetlhi

Associate

Kelly A. Moylan

Non-Executive Director

Phillip Myburgh

Founder and Managing Partner, Ethos Mezzanine Partners

Edward Pitsi

Managing Partner, Ethos Mid Market Fund

Joao Rodrigues

Partner

Christo Roos

Partner

Titi Sekhukhune

Partner, Ethos Mid-Market Fund

Tim Souter

Partner

Colin Vallis

Partner

Shaun Zagnoev

Partner

Jos Van Zyl

Partner and Chief Operating Officer

Sonja De Bruyn Sebotsa

Partner

Past deals in Southern Africa

TYME SA

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.

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.

NEOPAK

Acquisition in 2015
Neopak believes that there’s more to any box than just four corners, 90 degree angles and corrugated cardboard walls. Look inside the box and you’ll find the heart of a company with its focus set on the future. As the big new name in the South African corrugated packaging industry our values, ambitions and behavior are aimed at delivering every customer and business (both local and international) with high quality and cost effective corrugated packaging solutions. With modern ways of thinking, working and collaborating we create innovative solutions for our clients’ businesses for the future and beyond.

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.

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
Established in the early nineties as CQS Technology Holdings, CaseWare Africa is one of South Africa’s leading software houses specialising in the design, development and deployment of software solutions for financial professionals. We provide a full range of professional services and “best of breed” solutions to nearly 4,000 customers spanning Audit, Risk Management and Corporate Performance Management. We employ nearly 200 highly qualified and skilled people. The delivery capability of this team is focused on supplying quality products and services to our clients. This team, combined with state-of-the art infrastructure, allows us to provide clients with innovative solutions for diverse technology requirements. We provide a complete solution consisting of software, implementation and training, using proven best practice methodologies focused on providing an optimal return on investment.

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.

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 is a value added distributor of niche Industrial and Consumer products . Brandcorp's divisions are managed on a decentralised autonomous basis. Brandcorp's success arises from a combination of innovative and desirable products, ownership of sought after brands, high service levels to its customers and strategic relationships with its suppliers.

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.

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.

Crossroads Distribution

Acquisition in 1997
Crossroads is a contract logistics business that provides logistics solutions and supply chain management services. The company offers logistics solutions, such as customized service distribution fleets, bulk liquid and powders distribution, on-mine handling and bulk transport, warehousing and freight consolidation, freight management, warehousing, national and international courier, national express road freight, and national pharmaceutical distribution services. Crossroads, a subsidiary of Community Investment Holdings (CIH), was inaugurated in the early 1930s.

Defy

Acquisition in 1997
Defy Appliances (Pty) Ltd manufactures and distributes major domestic appliances under the Defy and Ocean brand names. The company manufactures and develops a range of large appliances from gas stoves, refrigerators, washing machines and tumble dryers to continuous clean ovens and convection ovens. Defy Appliances was founded in the 1920s and manufactured its first product -electric stoves- in 1932.

Pleasure Foods

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