M&A Deal Summary

Foodcorp Pty Acquires First Lifestyle Holdings

On June 5, 2007, Foodcorp Pty acquired financial services company First Lifestyle Holdings from Ethos Private Equity for 1.2B ZAR

Acquisition Highlights
  • This is Foodcorp Pty’s 1st transaction in the Financial Services sector.
  • This is Foodcorp Pty’s 0th largest (disclosed) transaction.
  • This is Foodcorp Pty’s 1st transaction in South Africa.

M&A Deal Summary

Date 2007-06-05
Target First Lifestyle Holdings
Sector Financial Services
Buyer(s) Foodcorp Pty
Sellers(s) Ethos Private Equity
Deal Type Add-on Acquisition
Deal Value 1.2B ZAR

Target

First Lifestyle Holdings

Germiston Gauteng, South Africa
First Lifestyle Holdings Ltd. through its subsidiaries engages in the production, marketing, and distribution of branded and private label food products in South Africa. First Lifestyle Holdings Ltd. was formerly known as First SA Food Holdings Ltd.

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Buyer(S) 1

Buyer

Foodcorp Pty

Bryanston, South Africa

Category Company
Founded 1992
Sector Food
Employees7,395
DESCRIPTION

Foodcorp (Pty) Ltd is the holding company for a group of businesses engaged primarily in the production, marketing and distribution of food.


DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (South Africa) 1 of 1
Year (2007) 1 of 1

Seller(S) 1

SELLER

Ethos Private Equity

Illovo, South Africa

Category Private Equity Firm
Founded 1984
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 13 of 25
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 6 of 13
Country (South Africa) 13 of 22
Year (2007) 1 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Transaction Capital

Sandton, South Africa

Transaction Capital is an investor and operator of credit-orientated alternative assets that actively identifies and invests in alternative asset classes, in which best-in-class technology, proprietary data, and analytics capabilities enable to generate outstanding returns. Transaction Capital was founded in 2002 and is based in Sandton, South Africa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 IST Holdings

Menlyn, South Africa

Electronic and Electric Equipment - intellectual capital and engineering technology cross diverse industries, including energy, telecommunications and defence. Investments with Ethos, Ethos Technology Fund, management and BEE partner ICT Investments. A public-to-private transaction

Sell -