Ethos Private Equity is reportedly working on plans to exit its majority stake in South Africa-based sporting goods retailer Holdsport, through a listing on the Johannesburg Stock Exchange (JSE).
The private equity investor is exiting the company after a five-year holding period. Ethos backed the $100.6million (R681million) buy-out of the company in 2006, attaining a 67% stake. Management also invested in the deal.
Ethos won the bid for Holdsport, then known as Moresport, after South African competition authorities blocked trade-buyer Massmart from acquiring the company. Ethos bought Holdsport from Vestacor, an early-stage investor, Nedcor Investments and management.
Ethos invested in the company through Ethos Fund V, its R5.5 billion fund closed in 2006.The Holdsport deal was the third to be funded from Ethos V, and followed its purchases of payments solution group Kanderland and plumbing supplier Plumblink.
Ethos partner Ngalaah Chuphi [pictured] led the deal for the private equity investment group.