Ethos Private Equity

TymeBank, a subsidiary of the Tyme Group, specializes in digital banking solutions aimed at providing accessible financial services to the lower-income market. The bank emphasizes affordability, offering secure personal and business accounts online with minimal fees and high savings interest rates. Through its digital platform, TymeBank enables customers to benefit from features such as free card swipes and no monthly fees, making banking services convenient and easy to manage. With a focus on serving over 15 million customers in emerging markets, TymeBank is dedicated to enhancing financial inclusion and providing affordable banking options.

Optasia is a financial technology company. They develop airtime credit and mobile value-added services for mobile operators and financial institutions. They also provide financial solutions that utilize proprietary analytics tools, including micro cash loans, handset loans, credit services for pre-paid utilities, dynamic feed trends, big data analytics, and other related services.

Synerlytic Group specializes in mineral laboratory services tailored for the mining, construction, aviation, and engineering sectors. The company offers a range of services, including oil and wear particle analysis, as well as monitoring laboratory services, designed to meet the specific needs of its clients. By delivering precise analysis and monitoring, Synerlytic Group supports various industries in ensuring the integrity and performance of their operations.

TymeBank, a subsidiary of the Tyme Group, specializes in digital banking solutions aimed at providing accessible financial services to the lower-income market. The bank emphasizes affordability, offering secure personal and business accounts online with minimal fees and high savings interest rates. Through its digital platform, TymeBank enables customers to benefit from features such as free card swipes and no monthly fees, making banking services convenient and easy to manage. With a focus on serving over 15 million customers in emerging markets, TymeBank is dedicated to enhancing financial inclusion and providing affordable banking options.

Spinneys operates as a supermarket retailer in the United Arab Emirates, Oman, and Saudi Arabia, specializing in a diverse range of consumer goods, including bakery items, groceries, and fresh produce. Owned by UAE national Mr. Ali Albwardy, Spinneys has established a strong reputation for high-quality products and exceptional customer service, embodying the ethos of "The fresher experience." The company prioritizes food standards, safety, and freshness, actively monitoring shopping trends and responding to customer feedback to enhance satisfaction. With in-store bakeries, butcheries, and delicatessens, Spinneys offers not only freshness but also a wide variety of choices for its customers. The majority of its revenue is generated in the UAE, where it has built a significant presence in the grocery retail market.

Channel VAS is the premium FinTech provider. The company offers airtime credit and airtime advance services, handset loans and big data analytics, all through cutting edge proprietary analytics tools. Channel VAS supports mobile network operators (MNOs) and financial institutions to provide credit daily to people.

Gammatek is a distributor specializing in branded technology accessories, primarily focusing on mobile and electronic devices. The company offers a diverse range of products, including phone cases, screen protectors, chargers, laptop bags, and power banks. By serving various industries, Gammatek aims to deliver quality technology solutions that enhance customer experience. Its commitment to providing a strong value proposition is evident in its emphasis on brand value and product range. The company facilitates fast product placement for its clients while supporting the development and protection of these products in the market.

Vertice MedTech Group, founded in 2018 and based in South Africa, specializes in the manufacture and distribution of surgical products and instruments. The company serves the healthcare sector by providing a range of medical supplies and equipment, including devices, software, and procedures that enhance patient care. In addition to its product offerings, Vertice MedTech is committed to delivering personalized service, extensive training, and comprehensive technical support to healthcare professionals. The company also engages in mobile healthcare, digital health, and eye care services, aiming to improve accessibility and quality of care in various medical fields.

Richfield Graduate Institute of Technology (Pty) Ltd is accredited by the Council on Higher Education (CHE), registered with the Department of Higher Education & Training as a Private Higher Education Institution under the Higher Education Act, 1997, Registration Certificate No. 2000/HE07/008.Higher Education Programmes are offered at Higher Certificate, Advanced Certificate, Diploma, Degree, Postgraduate Diploma, Honours and Masters level in the Faculties of Information and Communications Technology; Business, Economics and Management Sciences. The institution has a proud track record of 33 years in operation with 140 000 students having completed a range of programmes over this period

Kamoso Distribution provides consumer goods and medical supplies. Kamoso is a manufacturer and supplier of consumer goods and healthcare products to retailers in Botswana, South Africa, Zambia and Zimbabwe. The Company operates from facilities in Botswana and South Africa.

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.

MTN Zakhele Futhi is an investment company that serves as a special purpose vehicle aimed at promoting Broad-Based Black Economic Empowerment. The firm focuses on acquiring and holding shares in MTN Group for the benefit of the participating black public. In addition to its core investment activities, MTN Zakhele Futhi offers stockbroking solutions and various investment services, facilitating access to equity ownership within the telecommunications sector.

The Beverage Company is a manufacturer of flavored carbonated beverages located in Johannesburg, South Africa. The company specializes in a diverse array of products, including carbonated soft drinks, energy drinks, mixers, and still beverages. It markets its offerings primarily under its main brand, as well as through various secondary brands and private labels, catering to a wide range of consumer preferences.

Grupo San José López is a Spanish logistics company headquartered in San Sebastián, specializing in road freight transport for over 60 years. Formed in 2002 from the merger of two established international road carriers, the organization benefits from the experience of its founders, who represent three prominent Spanish families. The company has a significant presence in Morocco, where it has operated since the 1980s, gaining a strong reputation for reliability among local clients, multinational companies, and authorities. Grupo San José López focuses on international road freight transportation, particularly in the automotive sector, serving major global clients. Its services encompass a comprehensive range of logistics solutions, including small parcel shipping, less-than-truckload and full truckload freight brokerage, as well as air freight services, aimed at assisting small and medium-sized businesses with their logistical needs. The company is dedicated to creating and managing efficient point-to-point transportation routes for its clients, thereby enhancing their supply chain operations.

PRIMEDIA is an African focused media and advertising group targeting premium consumers on the move. The company is committed to using our capability and capacity in our industries to drive positive change and impact society for good.

Eazi Access is a South African company that specializes in the rental, sale, and servicing of work-at-height solutions. It holds the position of Africa's market leader in this sector, offering the largest and most varied fleet of boom lifts, scissor lifts, telehandlers, and vertical personnel lifts on the continent. Established in 2003 with a vision to enhance safety and efficiency in working at height, Eazi Access serves a wide range of industries, including construction, shipping, manufacturing, FMCG, transport, entertainment, and mining. The company provides comprehensive services that encompass application solutions, machine training, and on-site project management, ensuring that clients have access to the right equipment when needed. By offering flexible rental packages and purchase options, Eazi Access aims to improve productivity while helping clients realize significant cost and time savings.

Eaton Towers is a leading, independent, telecom tower company in Africa and will have the most diversified geographical tower portfolio in Africa. Founded in 2008 by Sanjiv Ahuja (ex CEO Orange), Alan Harper (ex Vodafone UK MD) and Terry Rhodes (ex Celtel co-founder), Eaton Towers acquires, builds and manages shared telecom infrastructure, leasing it to mobile operators. The company is focused exclusively on Africa with more than 5000 towers in 7 countries. Operational since 2010, Eaton Towers is majority owned by the sixth global emerging markets private equity fund ($3billion) of Capital Group Private Markets (www.thecapitalgroup.com/pe) and minority shareholders including a private equity fund advised by DPI (www.dpi-llp.com) and management. African mobile network operators are facing increased demand for voice services driven by price competition and for data services as more customers demand smartphones and Internet access. Network build and operating costs are significantly higher in Africa, yet revenues per customer are falling and regulators are seeking additional rural coverage and improvements in quality of service. Therefore mobile network operators are actively seeking to reduce capital and operating costs by sharing infrastructure. Eaton Towers’ customers include major African mobile operators such as Airtel, MTN, Orange, Tigo, Vodacom and Vodafone.

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.

AutoZone Limited is a leading retailer and distributor of automotive parts and accessories in Southern Africa, primarily based in Johannesburg, South Africa. Established in 1969, the company operates 151 wholly-owned retail branches and 37 member-owned franchise branches across various regions, including Eastern Cape, Free State, Gauteng, and others, as well as in neighboring countries such as Namibia, Zimbabwe, Swaziland, and Botswana. AutoZone offers a comprehensive range of over 75,000 parts, including brake components, engine parts, electrical lamps, lubricants, and tools, catering to the needs of both passenger and light commercial vehicles. The company's strong supply chain and extensive network of 688 suppliers enable it to effectively serve trade customers, cash customers, and independent retailers, while also maintaining significant corporate and government contracts. As a prominent player in the automotive spare parts market, AutoZone is recognized for its quality products and services.

Intelligent Debt Management (IDM), established in 2004 and headquartered in Cape Town, South Africa, is the country's leading debt management firm. The company provides a range of effective solutions and comprehensive advice to South African consumers dealing with financial difficulties. IDM serves clients across various demographic and economic segments, operating with dedicated divisions for both upper-middle-income and lower-income individuals. With a workforce of over 350 employees, IDM has assisted more than 50,000 consumers in their battle against debt, emphasizing tailored solutions and exceptional customer service. The company comprises several subsidiaries, including DebtBusters, which specializes in debt management services, InsuranceBusters, and BondBusters, the latter being a pioneer in debt consolidation. In response to the needs of consumers unable to afford traditional debt counseling, IDM launched Consumer Debt Help in 2013. The firm is committed to improving clients' financial futures through education and support, ultimately aiming to enhance the overall quality of life for South Africans.

Voxa is a messaging intelligence platform that accelerates response time and unleashes the power of business email. Go faster, smarter.

Izenda, L.L.C. is a software company based in Atlanta, Georgia, established in 2002, specializing in self-service custom reporting solutions for various sectors including financial services, media, biotech, real estate, and non-profit organizations. The company offers a range of products, notably Izenda Reports, which allows users to create, customize, and distribute reports from SQL databases on an ad hoc basis without requiring assistance from programmers or database experts. Izenda's embedded business intelligence solutions enable businesses to integrate analytics directly into their applications, thereby optimizing development resources and reducing time to market. The company's offerings are distributed through independent software vendors and service providers both in the United States and internationally, enhancing user adoption and return on investment through interactive visualizations and real-time data analysis.

The RTT Group is a logistics service provider specializing in the clothing, retail, and pharmaceutical sectors. With over 33 years of experience, the company has developed expertise in tailored supply chain models for various industries. RTT emphasizes building strong relationships with clients based on trust and transparency, ensuring that they are seen as strategic partners in achieving shared goals. As the market becomes more dynamic, RTT focuses on customer responsiveness and time-to-market as key differentiators. The company offers specialized supply chain solutions, leveraging the capabilities of its member companies to deliver warehousing, distribution, and logistics services. RTT is particularly attuned to the complexities of retail models and the unique challenges faced by supply chains in Africa, including concerns about product security and intellectual property. Through its commitment to cost efficiency and improved service, RTT aims to provide fit-for-purpose solutions that meet the evolving needs of its diverse clientele.

J&J is a transporter and logistics provider specializing in reliable and efficient international transportation along the Beira Corridor. J&J also offers state of the art warehouse facilities for the handling of bulk and container cargo. J&J is able to provide high quality logistics solutions on the Beira corridor. Through experience, development and innovation J&J strives to deliver a superior service for its clients’ needs, which include storage, transportation and the handling of bulk, containerised, project and out of gauge cargo.

Kevro (Pty) Ltd. specializes in the wholesale and supply of clothing and gifts tailored for promotional companies, retailers, and event organizers across Africa. Founded in 1990 and based in Edenvale, South Africa, the company offers an extensive range of products including T-shirts, golf shirts, leisure wear, work wear, and various gifting items such as eco-lifestyle products and office accessories. Kevro operates under well-known brands, with BARRON being a flagship that emphasizes storytelling through branded merchandise. The company supports its resellers through close partnerships and has established a robust distribution network, featuring a head office in Johannesburg along with multiple distribution centers and branches both locally and internationally. Since being acquired by Ethos Private Equity in 2011, Kevro has focused on leveraging technology and innovation to enhance its competitive edge in the promotional marketing sector while maintaining high ethical standards and fostering a collaborative environment for its employees and partners.

IHS Towers is a prominent independent owner, operator, and developer of shared telecommunications infrastructure, focusing on emerging markets. The company boasts over 40,000 towers across 11 countries, including Brazil, Nigeria, and Egypt. IHS Towers primarily serves mobile network operators (MNOs), facilitating their provision of wireless voice and data services to end-users. Its operations are concentrated in regions such as Sub-Saharan Africa, the Middle East and North Africa, and Latin America, with Nigeria being the largest contributor to its revenue. Through its extensive network of towers, IHS Towers plays a crucial role in enhancing telecommunications access and connectivity in these developing markets.

Idwala is an environmentally and socially responsible company, focused on industrial minerals and lime niche markets. The company consists of a corporate Head Office based in Honeydew and two divisions comprising Lime and Industrial Minerals which are located as follows : Idwala Lime in Danielskuil, Northern Cape Idwala Lime in Powerville, Vereeniging Idwala Industrial Minerals based in Benoni Idwala Magnetite based in Phalaborwa Idwala Carbonates in Port Shepstone, Natal Idwala Sales and Marketing, the marketing arm of the company has four operations- Benoni, Durban, Port Shepstone and Cape Town.

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.

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 Transnational Incorporated, established in 1985 and headquartered in Lomé, Togo, provides a range of retail, corporate, and investment banking services across Africa and internationally. Its operations include Corporate & Investment Banking, Commercial Banking, and Consumer Banking, offering products such as current and savings accounts, loans, cards, and digital banking services. The bank serves a diverse clientele, including individuals, small and medium enterprises, multinationals, government agencies, and non-governmental organizations. With a network of 888 branches and over 2,460 ATMs, Ecobank facilitates various financial services, including treasury, cash management, remittance, and bancassurance. Subsidiaries such as Ecobank Nigeria Limited and Ecobank Zimbabwe Limited extend its services, focusing on commercial and retail banking tailored to local markets.

The House of Busby (Pty) Ltd., founded in 2004 and headquartered 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 company operates through two main divisions: Busby Retail, which focuses on international fashion brands, and Busby Trading, responsible for designing, manufacturing, and supplying house brands and private labels. The latter has seen significant success in the local wholesale market. Since being delisted from the Johannesburg Stock Exchange in 2008, following a management buyout, The House of Busby has experienced substantial growth and currently employs over 1,550 people across the country.

Brandcorp is a value-added distributor specializing in niche industrial and consumer products. The company operates through a decentralized structure, allowing its divisions to function autonomously. Brandcorp offers a wide range of products, including hand tools, general hardware, welding equipment, power tools, lifting and rigging equipment, as well as various consumer items such as luggage, travel accessories, motor vehicle accessories, camping gear, and homeware. The company's success is attributed to its innovative product offerings, ownership of desirable brands, high service levels, and strong relationships with suppliers.

Plumblink is a specialist retailer based in Woodmead, South Africa, focusing on plumbing, bathroom, and kitchenware products. The company operates 55 branches across the country and offers more than 10,000 high-quality items sourced from over 600 reputable local and international suppliers. This diverse product range includes bathroom and shower fittings, taps, and a variety of plumbing equipment. Plumblink has also introduced its own brand, Plumline, which is continually expanding. With a dedicated customer base of approximately 5,000, the company serves various sectors, including government, commercial, industrial, housing, and DIY projects, emphasizing reliable service in its operations.

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 Limited is a South African retailer specializing in sports and outdoor footwear, apparel, and equipment. The company operates through its brands Sportsmans Warehouse and Outdoor Warehouse, with a total of 39 and 24 stores, respectively. Founded in 1986 and based in Cape Town, Holdsport also designs, manufactures, imports, and distributes technical and sports apparel under various brands, including First Ascent, Capestorm, Second Skins, and African Nature. The company's retail model emphasizes large store coverage and a diverse product range, catering to the needs of active sports and outdoor enthusiasts. By offering quality branded merchandise at competitive prices, Holdsport has established a strong presence in the retail market, housing both private labels and products from local and international brands.

SAVCIO is a privately-owned company that specializes in the maintenance and repair of rotating electrical equipment and transformers across Africa. It caters to various industries, including mining, steel, petrochemical, and rail, offering tailored services to meet their specific needs. In addition to its core maintenance and repair services, SAVCIO supplies industrial materials such as wire and insulation products, enhancing its value proposition to clients in these sectors.

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

Clickatell Inc. specializes in mobile messaging and transaction services that enable businesses and consumers to connect and interact through chat. The company’s Mobile eXchange platform facilitates the delivery of short message services, allowing users to send and receive messages globally. Clickatell offers a range of messaging solutions, including alerts, marketing campaigns, two-factor authentication, and customer relationship management, all aimed at enhancing mobile customer engagement. Additionally, it provides mobile transaction services such as prepaid mobile top-ups and a suite of USSD-based self-service banking products that help financial institutions streamline operations. Clickatell Secure, a multi-factor authentication solution, protects customer accounts and transactions, while Chat Desk serves as a digital contact center for real-time customer support. With a focus on chat-based commerce, Clickatell empowers consumers to manage purchases, track orders, and resolve issues through simple text or chat interactions, serving a diverse clientele that includes enterprises, government entities, and application developers worldwide. Founded in 2000, Clickatell is headquartered in Redwood City, California, with offices in Cape Town, South Africa, and Lagos, Nigeria.

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

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.

Crossroads Distribution (Pty) Ltd., operating as Crosscape Express, is a logistics and supply chain management company based in Bellville, South Africa. Established in 1997, it offers a comprehensive range of services, including customized distribution fleets, bulk transportation of liquids and powders, on-mine handling, warehousing, freight consolidation, and management. The company also provides national and international courier services, express road freight, and specialized pharmaceutical distribution. Crossroads serves a diverse clientele across various sectors, including agriculture, healthcare, industrial, government, and tourism. As a subsidiary of Community Logistics (Pty) Ltd., Crossroads Distribution focuses on delivering effective logistics solutions to enhance operational efficiency and business value for its customers.

Pleasure Foods is a fast food franchisers in Africa.