Ethos Private Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Ethos Private Equity has invested in 2 companies.

Ethos Private Equity’s most common sectors for investment aremanufacturing (13%) and business services (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (69%) and growth capital (15%). In total, Ethos Private Equity has invested in 1 US state and 6 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Alexander Forbes for $1.2B.

In the last 3 years, Ethos Private Equity has exited 2 companies. The Firm’s most common exit type is trade sale (50%). Ethos Private Equity’s largest (disclosed) exit occurred in 2019 when it sold Eaton Towers for $1.9B.

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M&A Summary

  • M&A Total Activity72
    • M&A Buy Activity48
    • M&A Sell Activity24
  • Total Sectors Invested 21
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 23
  • M&A Advisors 1

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.0/yr) # 43 3 2 - - - 48
vol $1.6B $1.6B
Sell (0.4/yr) # 22 - 1 - 1 - 24
vol $609M $1.9B $2.5B
  72

Most Recent M&A

Company Date Value Type
IHS Holding Ltd. 2021-10-14 - IPO
London, United Kingdom · www.ihstowers.com
Channel VAS DMCC 2019-09-23 - Growth Capital
Dubai, United Arab Emirates · www.channelvas.com
Tyme Bank Ltd. 2019-06-10 - Growth Capital
Johannesburg, South Africa · www.tymebank.co.za
Eaton Towers Ltd. 2019-05-30 1.9B USD Add-on Acquisition
London, United Kingdom · www.eatontowers.com
Vertice MedTech 2018-11-06 - Growth Capital
Pretoria, South Africa · www.verticemedtech.com
gammaTEK SA Pty Ltd. 2018-10-04 - Buyout (LBO, MBO, MBI)
Johannesburg, South Africa · www.gammatek.co.za
Echo Service Provider 2018-02-28 - Growth Capital
Sandton, South Africa · www.echosp.co.za
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (12%) - 6 (13%) 98M (6%)
Manufacturing 2 (12%) 98M (41%) 6 (13%) 98M (6%)
Financial Services 2 (12%) - 5 (10%) 37M (2%)
Communications 1 (6%) - 4 (8%) -
Distribution 1 (6%) - 4 (8%) -
Automotive 1 (6%) - 3 (6%) -
Food - - 3 (6%) -
Transportation 2 (12%) - 3 (6%) -
Information Technology 1 (6%) - 2 (4%) -
Insurance - - 1 (2%) 1.2B (76%)
Packaging 1 (6%) 143M (59%) 1 (2%) 143M (9%)
Apparel/Textiles 1 (6%) - 1 (2%) -
Beverages 1 (6%) - 1 (2%) -
Consumer Products 1 (6%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Electronics - - 1 (2%) -
Media - - 1 (2%) -
Medical Products 1 (6%) - 1 (2%) -
Metals/Mining - - 1 (2%) -
Software - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 17 $241M 48 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
South Africa 15 (88%) 241M (100%) 42 (88%) 1.5B (100%)
United Kingdom - - 2 (4%) -
Mozambique 1 (6%) - 1 (2%) -
United Arab Emirates 1 (6%) - 1 (2%) -
United States - - 1 (2%) -
  California - - 1 (2%) -
Somalia - - 1 (2%) -
Domestic 15 (88%) 241M (100%) 42 (88%) 1.5B (100%)
Cross-border 2 (12%) - 6 (13%) -
Total 17 $241M 48 $1.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (47%) 98M (41%) 33 (69%) 135M (9%)
Growth Capital 6 (35%) - 7 (15%) -
Going Private - - 4 (8%) 1.2B (81%)
Secondary Buyout 2 (12%) - 3 (6%) -
Divestiture 1 (6%) 143M (59%) 1 (2%) 143M (10%)
Total 17 $241M 48 $1.5B

Exits by Deal Type

Type Total # Value
Trade Sale 11 (46%) 95M (4%)
Secondary Sale 5 (21%) 415M (17%)
Trade Sale - Public Company 4 (17%) 1.9B (75%)
IPO 3 (13%) 99M (4%)
Sold to Management 1 (4%) -
Total 24 $2.5B

Top M&A Advisors

Legal Deals
Norton Rose Fulbright LLP
1

Deal Values

buy # Total
> $1B 1 $1.2B
$100M to $1B 1 $143M
< $100M 3 $233M
TOTAL $1.6B
Largest Alexander Forbes Ltd.
$1.2B (2007-08-23)
sell # Total
> $1B 1 $1.9B
$100M to $1B 1 $407M
< $100M 4 $202M
TOTAL $2.5B
Largest Eaton Towers Ltd.
$1.9B (2019-05-30)

M&A Connections

Deals
Acquired from
Investor(s)
6%
3 (6%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
17%
4 (17%)
Strategic(s)
50%
12 (50%)

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