One of the oldest buyout firms of South Africa, Ethos Private Equity, has prepared its sale of its stake to Alexander Forbes Ltd. (AFP), a retirement fund administrator.
Ngalaah Chuphi, a partner of the private-equity firm, said in an interview in Johannesburg, "We are gearing up for the Alex Forbes exit. We have done over 100 deals and exited 87 of them for cash."
Largest retirement fund administrator Alexander Forbes has been acquired for RND8.2 billion, or USD806 million in 2007 by a cluster of investors, including Actis LLP and Ethos. The transaction was one of the investments done through Ethos' Fund V, which was done in 2006 at an amount of RND5.5 billion. The fund currently has nine investments to exit, which includes resources company Idwala Industrial Holdings Ltd.
Alex Forbes announced that it has hired Rand Merchant Bank and Deutsche Bank AG to advise on a plausible initial public offering. Ethos is also searching for new deals with fund VI worth USD800 million, which was closed in January.
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