Ethos Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ethos Private Equity has acquired 1 company.

Ethos Private Equity’s most common sectors for investment are business services (16%) and manufacturing (16%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (75%) and going private (11%). In total, Ethos Private Equity has invested in 1 US state and 3 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Alexander Forbes for $1.2B.

The Firm’s most common exit type is trade sale (50%). Ethos Private Equity’s largest (disclosed) exit occurred in 2006 when it sold Waco International for $407M.

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M&A Summary

  • M&A Total Activity61
    • M&A Buy Activity39
    • M&A Sell Activity22
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 16

Ethos Private Equity

35 Fricker Road,
Illovo, 02196
South Africa,
+27 (11) 328 7400
www.ethos.co.za
cwilkinson@ethos.co.za

Ethos Private Equity is a private equity investor that targets opportunities in South Africa. Ethos looks for stable businesses valued between $15 and $100 million US. Target transactions include divestitures of non-core assets, sector consolidations, development of family owned businesses, growth financings, and turnarounds. Ethos was formed in 1984 and is based in Johannesburg, South Africa.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Consumer Services, Distribution, Electronics, Engineering, Financial Services, Food, Infrastructure, Insurance, Leisure, Machinery, Manufacturing, Media, Metals/Mining, Publishing, Retail, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: Africa

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 97 380
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 37 1 1 - - - 39
vol $1.6B $1.6B
Sell (0.4/yr) # 20 2 - - - - 22
vol $609M $609M
  61

Most Recent M&A

Company Date Value Type
Little Green Beverage (Pty) Ltd. 2017-04-24 - Buyout (LBO, MBO, MBI)
Johannesburg, South Africa · www.refreshhh.co.za
Brandcorp (Pty) Ltd. 2016-06-17 - Add-on Acquisition
Johannesburg, South Africa · www.brandcorp.co.za
CQS Technology Holdings 2016-01-27 - Add-on Acquisition
Johannesburg, South Africa · www.cqs.co.za
The Eazi Group ( dba:Eazi Access Rentals) 2016-01-25 - Buyout (LBO, MBO, MBI)
Midrand, South Africa · www.eazi.co.za
Plumblink SA (Pty) Ltd. 2015-06-11 - Add-on Acquisition
The Woodlands, South Africa · www.plumblink.co.za
Twinsaver Group 2015-04-01 - Buyout (LBO, MBO, MBI)
Bryanston, South Africa · www.twinsaver.co.za
AutoZone Ltd 2015-01-21 - Growth Capital
Johannesburg, South Africa · www.autozone.co.za
Nampak Corrugated and Tissue Divisions 2014-12-01 143M USD Divestiture
, South Africa
Alexander Forbes Ltd. 2014-07-07 - IPO
Sandown, South Africa · www.alexanderforbes.com
RTT Group (Pty) Ltd. 2014-07-01 - Secondary Buyout
Sandton, South Africa · www.rtt.co.za
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Twinsaver Group 2015-04-01 Sylko (Pty) Ltd. 2017-05-03 1
Bryanston, South Africa · www.twinsaver.co.za Durban, South Africa · www.sylko.co.za

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (21%) 64M (21%) 6 (15%) 162M (10%)
Manufacturing 2 (14%) 98M (32%) 6 (15%) 98M (6%)
Financial Services 1 (7%) - 3 (8%) 37M (2%)
Automotive 2 (14%) - 3 (8%) -
Distribution 1 (7%) - 3 (8%) -
Food - - 3 (8%) -
Infrastructure 1 (7%) - 2 (5%) -
Transportation 1 (7%) - 2 (5%) -
Insurance - - 1 (3%) 1.2B (73%)
Packaging 1 (7%) 143M (47%) 1 (3%) 143M (9%)
Beverages 1 (7%) - 1 (3%) -
Communications - - 1 (3%) -
Consumer Products 1 (7%) - 1 (3%) -
Consumer Services - - 1 (3%) -
Electronics - - 1 (3%) -
Media - - 1 (3%) -
Metals/Mining - - 1 (3%) -
Software - - 1 (3%) -
Test/Measurement Equipment - - 1 (3%) -
Total 14 $305M 39 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
South Africa 13 (93%) 305M (100%) 37 (95%) 1.5B (100%)
United States 1 (7%) - 1 (3%) -
  California 1 (7%) - 1 (3%) -
Somalia - - 1 (3%) -
Domestic 13 (93%) 305M (100%) 37 (95%) 1.5B (100%)
Cross-border 1 (7%) - 2 (5%) -
Total 14 $305M 39 $1.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (50%) 162M (53%) 29 (74%) 199M (13%)
Going Private 1 (7%) - 4 (10%) 1.2B (78%)
Divestiture 2 (14%) 143M (47%) 2 (5%) 143M (9%)
Growth Capital 2 (14%) - 2 (5%) -
Secondary Buyout 2 (14%) - 2 (5%) -
Total 14 $305M 39 $1.5B

Exits by Deal Type

Type Total # Value
Trade Sale 11 (50%) 95M (16%)
Secondary Sale 5 (23%) 415M (68%)
Trade Sale - Public Company 3 (14%) -
IPO 2 (9%) 99M (16%)
Sold to Management 1 (5%) -
Total 22 $609M

Deal Values

buy # Total
> $1B 1 $1.2B
$100M to $1B 1 $143M
< $100M 4 $297M
TOTAL $1.6B
Largest Alexander Forbes Ltd.
$1.2B (2007-08-23)
sell # Total
$100M to $1B 1 $407M
< $100M 4 $202M
TOTAL $609M
Largest Waco International Ltd.
$407M (2006-01-16)

M&A Connections

Deals %
Acquired from
PE Firm(s)
75%
3 75%
Strategic(s)
25%
1 25%
Exited to
PE Firm(s)
31%
5 31%
Strategic(s)
69%
11 69%

Investor Summary

Size

Large

PE Assets

1.2B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

Stuart Mackenzie

CEO

Anthonie de Beer

Partner

Craig Dreyer

Partner & CFO

Christo Roos

Partner

Ngalaah Chuphi

Partner

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