Old Mutual Private Equity has decided to acquire a majority stake in Footgear, a South African retailer of branded footwear. The acquisition is expected to be finalized as soon as approval from the Competition Commission is obtained. Footgear was established in 2001 and has since expanded its retail footprint to 63 stores in South Africa. Details of the stake acquired as well as the deal closing amount were undisclosed.
Old Mutual Private Equity is one of South Africa’s largest and most established private equity managers which invests in high-quality unlisted businesses with quality management, significant growth potential and attractive characteristics. The private equity funds have successfully invested over R9 billion and returned more than R15.4 billion to investors since 2004 in Sub-Saharan Africa.