M&A Deal Summary

Khulasande Capital and Investec Acquire Tsebo

On January 1, 2020, private equity firm Khulasande Capital and Investec acquired business services company Tsebo from Wendel Group and Capital Group Private Markets

Acquisition Highlights
  • This is Khulasande Capital’s 1st and Investec’s 2nd transaction in the Business Services sector.
  • This is Khulasande Capital’s 1st and Investec’s 1st transaction in South Africa.

M&A Deal Summary
Date 2020-01-01
Target Tsebo
Sector Business Services
Buyer(s) Khulasande Capital
Investec
Sellers(s) Wendel Group
Capital Group Private Markets
Deal Type Secondary Buyout

Target

Tsebo

Johannesburg, South Africa
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

Khulasande Capital

Category Private Equity Firm
Founded 2014
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (South Africa) 1 of 1
Year (2020) 1 of 1
Buyer

Investec

Sandton, South Africa
Category Company
Founded 1974
Sector Financial Services
Employees7,500
Revenue 2.0B GBP (2024)
DESCRIPTION

Investec is an international specialist bank and asset manager providing a diverse range of financial products and services to a niche client base across three principal markets: the United Kingdom, South Africa and Australia. Investec focuses on delivering distinctive and profitable solutions for clients in three core areas of activity – asset management, wealth and investment, and specialist banking. Investec was founded in 1974 and is based in Sandton, South Africa.

DEAL STATS #
Overall 3 of 3
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 1 of 1
Country (South Africa) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-09 Kensington Mortgages

Maidenhead, United Kingdom

Kensington Mortgages is a specialist residential mortgage lender providing mortgages via brokers to borrowers with complex incomes. It uses proprietary technology, data analytics, and insight to design products and make lending decisions, focusing on the self-employed and customers who have multiple or variable incomes. Kensington Mortgage was formed in 1994 and is based in North Yorkshire.

Sell £180M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-29 J&J Africa

Beira, Mozambique

J&J Africa is a transporter and logistics provider specializing in reliable and efficient international transportation along the Beira Corridor. J&J also offers state of the art warehouse facilities for the handling of bulk and container cargo. J&J Africa was established in 1995 and is based in Beira, Mozambique.

Sell -

Seller(S) 2

SELLER

Wendel Group

Paris, France

Investor Investor Investor Investor Investor

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 10 of 14
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 4 of 5
Country (South Africa) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-15 Crisis Prevention Institute

Milwaukee, Wisconsin, United States

Crisis Prevention Institute is a training organization specializing in the safe management of disruptive and assaultive behavior. CPI's training reduces the frequency and impact of incidents resulting from aggressive behavior in the workplace, improve professionals' confidence levels, help customers comply with regulatory requirements, and create a safer environment for all involved. Crisis Prevention Institute was founded in 1980 and is based in Milwaukee, Wisconsin.

Buy $910M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-23 Tarkett

Paris, France

Tarkett is a manufacturer of resilient and hardwood flooring. Tarkett was founded in 1886 and is based in Paris, France.

Buy -
SELLER

Capital Group Private Markets

Investor Investor Investor Investor Investor

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 5 of 9
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 2
Country (South Africa) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-01 Seven Energy

London, United Kingdom

Seven Energy is an oil and gas infrastructure company operating in the Niger Delta. The company has two lines of onshore operations in Nigeria – upstream oil & gas exploration (appraisal, development and production) and midstream gas processing (distribution, sales and marketing). Seven Energy International was founded in 2004 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-10 O Telhar

Sao Paulo, Brazil

O Telhar is an institutional manager of farmland, producing oilseeds (soybean) and grains (corn, wheat) on owned and leased agricultural land in Brazil.

Sell -
Mergr

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