M&A Deal Summary

Wendel Group and Capital Group Private Markets Acquire Tsebo

On September 19, 2016, private equity firms Wendel Group and Capital Group Private Markets acquired business services company Tsebo from Rockwood Private Equity for 5.3B ZAR

Acquisition Highlights
  • This is Wendel Group’s 1st and Capital Group Private Markets’ 1st transaction in the Business Services sector.
  • This is Wendel Group’s 5th and Capital Group Private Markets’ 0th largest (disclosed) transaction.
  • This is Wendel Group’s 1st and Capital Group Private Markets’ 1st transaction in South Africa.
Investment Fate
  • Tsebo was sold to a consortium of buyers in 2020.

M&A Deal Summary
Date 2016-09-19
Target Tsebo
Sector Business Services
Buyer(s) Wendel Group
Capital Group Private Markets
Sellers(s) Rockwood Private Equity
Deal Type Secondary Buyout
Deal Value 5.3B ZAR

Target

Tsebo

Johannesburg, South Africa
website
Tsebo is an African Integrated Workplace Management Solutions Provider that offers clients reduced costs, risks, and complexities together with increased quality, efficiency, and productivity. Tsebo was founded in 1971 and is based in Johannesburg, South Africa.

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Buyer(S) 2

Buyer

Wendel Group

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1704
Size Large
Type Sector Agnostic
DESCRIPTION

Wendel Group is a publicly traded investment group that seeks to invest €200 to €700 in public and private companies. The Firm focuses on opportunities across France, Germany, and the Benelux, but will also consider opportunities in greater Europe, North America, and select regions of Africa. Target companies typically exhibit predictable cash-flows, high barriers to entry, and are leaders in their respective markets. Wendel was originally established in 1704 and is based in Paris.

DEAL STATS #
Overall 14 of 19
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 8 of 10
Country (South Africa) 1 of 1
Year (2016) 3 of 3
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-29 PlaYce

Sèvres Cedex, France

PlaYce is a pan-African property company created by CFAO to support its retail development plan. SGI Africa develops and operates shopping centers primarily through its PlaYce brand. The company opened its first PlaYce shopping center in Côte d'Ivoire at the end of 2015 (PlaYce Marcory, Abidjan) and aims to expand into seven other West and Central African countries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-08 Saham Group SA

Casablanca, Morocco

Saham Group SA is a provider of insurance, customer relationship assistance, healthcare, and real estate business activities in Africa and the Middle East. Saham Group is conscious of its economic and social responsibility; it initiates and implements ambitious development projects in Africa through its corporate foundation. It strives to strengthen equal opportunity via two principal programs to encourage entrepreneurship and to improve access to healthcare.

Sell -
Buyer

Capital Group Private Markets

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Capital Group Private Markets is the direct investment arm of asset manager Capital Group. Capital Group Private Markets pursues expansion stage company investments in emerging markets with a focus on companies that locally dominate their respective markets. Capital Group Private Markets generally seeks minority positions, but will consider select control situations as well. Capital Group Private Markets was formed in 1992 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 14 of 17
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 2 of 3
Country (South Africa) 1 of 1
Year (2016) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 D1

Tocancipá, Colombia

D1 operates a Hard Discount Chain D1 in different regions of the country. D1 was formed in 2009 and is based in Tocancipá, Colombia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-29 Innovent Biologics

Suzhou, China

Innovent Biologics is a biopharmaceutical company in China that develops, manufacture, and commercialize high-quality innovative medicines for the treatment of cancer and other major diseases. Innovent Biologics was founded in 2011 and is based in Suzhou, China.

Buy -

Seller(S) 1

SELLER

Rockwood Private Equity

Gauteng, South Africa

Investor Investor Investor

website

Category Private Equity Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Rockwood Private Equity is a lower middle-market private equity firm that seeks to invest in profitable, mid-sized companies operating in South Africa and neighboring sub-Saharan Africa. Rockwood will consider both controlling and minority equity positions and typically looks to invests R300 million – R1 billion, with a preferred investment size of R750 million. Sectors of interest include manufacturing, business services, and waste management. Rockwood will not invest in primary agriculture, real estate, armaments, tobacco, and mining. Prospective transaction types include MBOs, MBIs, LBOs, carve-outs, secondary buy-outs, take privates, recapitalizations, and growth capital financings. Rockwood Private Equity is based in Gauteng, South Africa

DEAL STATS #
Overall 2 of 2
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (South Africa) 2 of 2
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-11 Safripol

Bryanston, South Africa

Safripol (Pty) Ltd. is a manufacturer of Polypropylene. These organic compounds are raw materials in manufacturing plastic packaging and structural materials, demand for which is expected to grow faster than South African GDP. Safripol was established in 1972 and is based in Bryanston, South Africa.

Sell R4.1B
Mergr

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