M&A Deal Summary

Rockwood Private Equity Acquires Tsebo

On January 28, 2008, private equity firm Rockwood Private Equity acquired business services company Tsebo from Ethos Private Equity

Acquisition Highlights
  • This is Rockwood Private Equity’s 1st transaction in the Business Services sector.
  • This is Rockwood Private Equity’s 3rd transaction in South Africa.
Investment Fate
  • Tsebo was sold to a consortium of financial buyers in 2016 for 5.3B ZAR.
  • Tsebo was sold to a consortium of buyers in 2020.

M&A Deal Summary

Date 2008-01-28
Target Tsebo
Sector Business Services
Buyer(s) Rockwood Private Equity
Sellers(s) Ethos Private Equity
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) 1

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 3 of 5
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: South Africa M&A 3 of 5
Year: 2008 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-02 Bravo Group

Johannesburg, South Africa

Bravo Group is a provider in the manufacture of furniture and bedding. The company boasts strong brand names (e.g., Sealy, Edblo, Gomma Gomma and Grafton Everest) and consistently applies best practice in manufacturing. Bravo Group was established in 1980 and is based in Johannesburg, South Africa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-05 EnviroServ

Germiston, South Africa

EnviroServ provides its customers with total service solutions and environmental peace of mind, whilst raising the standards in environmental stewardship. EnviroServ was founded in 1945 and is based in Germiston, South Africa.

Buy $261M

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 15 of 25
Sector: Business Services M&A 2 of 4
Type: Secondary Buyout M&A Deals 4 of 4
Country: South Africa M&A 15 of 22
Year: 2008 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-21 Tiger Wheel & Tyre

Midrand, South Africa

Tiger Wheel & Tyre engages in retailing and wholesale of automotive products. Tiger Wheel & Tyre providing consumers with unparalleled expertise, world-class fitment services, and a wide variety of products from leading, premium brands in wheels, tires, batteries, and accessories all at affordable prices. Tiger Wheel & Tyre was established in 1967 and is based in Midrand, South Africa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 House of Busby

Rivonia, Sandton, South Africa

House of Busby is an Enterprise value - R1,319 bn .Ideally positioned for the aspirant emerging black middle class and to benefit from the international trend towards brands. Has a Strong brand with a Strong management in the branded and niche South African and Australian retail market, coupled with exclusive distribution rights to these brands

Buy -