M&A Deal Summary

Wendel Group and Capital Group Private Markets Acquire Tsebo Solutions Group Proprietary

On September 19, 2016, private equity firms Wendel Group and Capital Group Private Markets acquired business services company Tsebo Solutions Group Proprietary from Rockwood Private Equity for 5.3B ZAR

Acquisition Highlights
  • This is Wendel Group’s 1st and Capital Group Private Markets’ 1st transaction in the Business Services sector.
  • This is Wendel Group’s 4th and Capital Group Private Markets’ 0th largest (disclosed) transaction.
  • This is Wendel Group’s 1st and Capital Group Private Markets’ 1st transaction in South Africa.

M&A Deal Summary

Date 2016-09-19
Target Tsebo Solutions Group Proprietary
Sector Business Services
Buyer(s) Wendel Group
Capital Group Private Markets
Sellers(s) Rockwood Private Equity
Deal Type Secondary Buyout
Deal Value 5.3B ZAR

Target

Tsebo Solutions Group Proprietary

Johannesburg, South Africa
website
Tsebo Solutions Group Proprietary is a provider of contracted services in Facilities Management, Remote Camps, Catering, Cleaning, Hygiene, Security, Energy, and Procurement. This extensive range of hard, soft and infrastructure management services are enjoyed by over 3,000 clients across a number of sectors including financial services, manufacturing, mining, leisure, energy, environment, retail as well as universities and other public services. Tsebo Solutions Group Proprietary was founded in 1971 and is based in Johannesburg, South Africa.

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Buyer(S) 2

Buyer

Wendel Group

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1704
SizeLarge
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 14 of 16
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 8 of 9
Country (South Africa) 1 of 1
Year (2016) 3 of 3
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-29 PlaYce

Sèvres Cedex, France

PlaYce is a pan-African property company created by CFAO to support its retail development plan. SGI Africa develops and operates shopping centers primarily through its PlaYce brand. The company opened its first PlaYce shopping center in Côte d'Ivoire at the end of 2015 (PlaYce Marcory, Abidjan) and aims to expand into seven other West and Central African countries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-08 Saham Group SA

Casablanca, Morocco

Saham Group SA is a provider of insurance, customer relationship assistance, healthcare, and real estate business activities in Africa and the Middle East. Saham Group is conscious of its economic and social responsibility; it initiates and implements ambitious development projects in Africa through its corporate foundation. It strives to strengthen equal opportunity via two principal programs to encourage entrepreneurship and to improve access to healthcare.

Sell -
Buyer

Capital Group Private Markets

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 5.0B USD
SizeMega
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 12 of 14
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 3
Country (South Africa) 1 of 1
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Koba International Group S.A.

Colombia

Koba International Group S.A. operates the highly successful chain of D1 supermarkets in Colombia and it is the leading hard discount retailer in the country, providing high quality basic staples at the lowest prices. The hard-discount model has been well-received in Colombia, where consumers are increasingly opting for proximity over full-service supermarkets. Colombia’s high urbanization rate, equivalent to 75% of the total population, together with heavy traffic and insufficient transportation infrastructure, drives consumer preferences towards smaller grocery stores closer to their homes.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-12 InterGlobe Technology Quotient Pvt.

Gurgaon, India

InterGlobe Technology Quotient Pvt. Ltd. is an official distributor of Travelport in 6 markets across Asia Pacific region including India, Sri Lanka. Headquartered in Gurgaon, the company provides cutting edge travel technology solutions with unmatched inventory options to its customers helping them increase their productivity and business efficiency.

Buy Rs2.3B

Seller(S) 1

SELLER

Rockwood Private Equity

Gauteng, South Africa

Investor Investor Investor

website


Category Private Equity Firm
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Rockwood Private Equity is a lower middle-market South African 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 2 of 2
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (South Africa) 2 of 2
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-11 Safripol

Bryanston, South Africa

Safripol (Pty) Ltd. is a manufacturer of Polypropylene. These organic compounds are raw materials in manufacturing plastic packaging and structural materials, demand for which is expected to grow faster than South African GDP. Safripol was established in 1972 and is based in Bryanston, South Africa.

Sell R4.1B