Ethos Private Equity

Ethos Private Equity, founded in 1984 and based in Illovo, South Africa, is a prominent private equity firm that has played a pioneering role in the South African market. With a focus on long-term investments, Ethos targets medium-to-large businesses across various sectors, including financial services, healthcare, agriculture, food, manufacturing, mining, information technology, telecommunications, electronics, retail, logistics, construction, and transportation. The firm has successfully invested in over 100 companies, leveraging extensive local networks and international reach to achieve consistent outperformance relative to the stock market. Ethos is independently owned and managed, ensuring that the interests of its investment professionals are aligned with those of its stakeholders. The firm is actively investing from its sixth fund, which represents one of the largest pools of third-party capital in Africa.

Bill Ashmore

Partner

Mark Bell

Partner

Garry Boyd

Partner

Arshad Essa

Partner

Walter Hirzebruch

Partner

Stuart MacKenzie

CEO

Horisane Marivate

Principal, Value Add

James Newman

Partner, Large Equity Funds

Nadine Rechenberg

Partner

Jos van Zyl

Partner, COO

Ngalaah Chuphi

Partner

Past deals in SADC

Vertice MedTech

Venture Round in 2018
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.

Echo Service Provider

Private Equity Round in 2018
Echo Service Provider is a company that specializes in providing comprehensive connectivity and cloud computing services tailored for the South African corporate sector. Its offerings include managed networks, virtual private networks (VPN), internet services, voice over internet protocol (VOIP), hosting, and security solutions. The company is dedicated to delivering a secure and resilient infrastructure, ensuring that clients benefit from modern technology in a controlled and managed environment. With a team of qualified professionals, Echo Service Provider aims to enhance operational efficiency while reducing costs for its clients.

Kamoso Africa

Private Equity Round in 2017
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

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.

The Beverage Company

Private Equity Round in 2017
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.

Eazi Access

Acquisition in 2016
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.

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 leading manufacturer, marketer, and distributor of branded tissue products for both consumer households and businesses nationwide. With a legacy as a trusted South African brand, Twinsaver offers quality and innovative products to meet various needs. Formerly known as Nampak Tissue, the company has been serving the South African market for over 50 years. Through a recent acquisition by Ethos Private Equity Group, Twinsaver aims to transition from a manufacturing-focused company to a consumer-driven fast-moving consumer goods brand powerhouse, positioning itself for further growth and success in the industry.

AutoZone

Acquisition in 2015
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

Private Equity Round in 2015
Intelligent Debt Management (Pty) Ltd., established in 2004 and headquartered in Cape Town, South Africa, is the country's leading debt management company. It provides a range of services including debt counseling, debt management, debt consolidation, and insurance solutions to South African consumers facing financial hardship. With over 350 employees, IDM serves clients from diverse economic backgrounds, offering tailored solutions to meet individual needs. The company has assisted more than 50,000 South Africans, aiming to help them regain financial stability and improve their lives. IDM operates through four divisions: DebtBusters, InsuranceBusters, BondBusters, and Consumer Debt Help, each specializing in different aspects of debt management and financial services.

Waco International

Acquisition in 2012
Waco International is an equipment rental and industrial services company operating in multiple regions, including Africa, Australasia, the United Kingdom, and Chile. The company specializes in forming, shoring, and scaffolding, as well as providing portable sanitation and suspended access services, primarily in South Africa. Additionally, Waco International offers a fleet of relocatable and modular buildings for hire in the region. With a diverse range of offerings, the company aims to meet the needs of various industries across its operational territories.

KEVRO

Acquisition in 2012
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.

IDWALA

Private Equity Round in 2009
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.

CQS Technology Holdings

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 (ETI), a public limited liability company under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.

The House of Busby

Private Equity Round in 2007
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.

Plumblink

Acquisition in 2006
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.

Holdsport

Acquisition in 2006
Holdsport Limited is a South African retailer specializing in sports and outdoor-related footwear, apparel, and equipment. The company operates through two main brands: Sportsmans Warehouse and Outdoor Warehouse, with a total of 39 and 24 stores, respectively. Founded in 1986 and based in Cape Town, Holdsport focuses on providing a dedicated retail environment for active sporting and outdoor enthusiasts. It offers a wide range of products, including technical and sports apparel, as well as equipment, under its own labels such as First Ascent, Capestorm, and Second Skins, alongside various local and international brands. The company emphasizes quality branded merchandise at competitive prices, supported by a retail model that combines scale, diverse offerings, and technical expertise.

Clickatell

Private Equity Round in 2004
Clickatell Inc. is a technology company that specializes in mobile messaging and transaction services, facilitating customer interactions through mobile devices. Founded in 2000 and headquartered in Redwood City, California, with additional offices in Cape Town, South Africa, and Lagos, Nigeria, Clickatell provides a range of solutions including SMS messaging for alerts, marketing campaigns, two-factor authentication, and customer relationship management. Its Mobile eXchange platform allows users to send and receive messages globally, while its Chat Commerce Platform enables businesses to engage customers via chat, streamlining transactions and enhancing customer relationships. Clickatell also offers self-service banking products for financial institutions, a multi-factor authentication suite for account security, and a digital contact center solution that aids real-time customer support. The company serves a diverse clientele, including enterprises, government entities, and small to medium-sized businesses, empowering them to efficiently manage customer communications and transactions without the need for traditional interfaces.

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
Tsebo Solutions Group, established in 1971 in Johannesburg, South Africa, is a leading provider of integrated workplace management services. With a strong pan-African presence, Tsebo caters to diverse sectors such as financial services, manufacturing, mining, energy, retail, and public institutions. The company offers a comprehensive range of services, including facilities management, catering, cleaning, hygiene, security, and energy management. Tsebo's expertise lies in handling clients' "non-core" functions, enabling them to focus on their primary operations while benefiting from reduced costs, risks, and complexities, along with improved quality, efficiency, and productivity.

Crossroads Distribution

Acquisition in 1997
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.
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