Investec Asset Management and RMB Ventures are planning to acquire the stakes in Kamoso Distribution owned by Standard Chartered Private Equity and Development Capital Partners. The deal gives the South African private equity investors a combined 72% holding in the company.
Kamoso Distribution is a roll up of 10 companies who supply supermarket chain Choppies, as well as other retailers, which was sold to a consortium led by Standard Chartered Private Equity in 2015 in a deal valued at approximately $45 million. The sellers were two Choppies directors, Ramachandran Ottapathu and Farouk Ismail, who exited their holdings to meet international best practice corporate governance standards. The firm operates in diverse group of Botswana’s retail markets, including food and non-food commodities, liquor, building materials, hardware and electrical devices as well as medical health products.
If approved by Botswana’s Competition Authority, Investec will be transacting the deal via its $295 million second fund which closed in February last year. RMB Ventures, part of the First Rand Group, is an on balance sheet private equity investor.