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Vantage exits Trenstar to Kleoss, Leaf and management

Vantage Capital has fully exited its investment in Trenstar, a South African returnable packaging company, in a deal with private equity fund Kleoss Capital, Leaf Capital and Trenstar’s management team. Both Kleoss and Leaf are first time equity investors in the firm. Financial terms of the transaction were not disclosed.

The mezzanine fund manager originally invested in Trenstar in 2010, providing a total of R85 million (or $12 million at 2010 exchange rates) in a combination of expansion capital and management buyout funding as well as funding for Vantage’s black empowerment partner, African Woman Chartered Accountants Investment Holdings, to enable them to acquire a 26% stake in Trenstar.

Vantage Capital was established in 2001 and currently manages over R8 billion or $478 million in assets. To date, Vantage Capital has exited seven investments from is first two mezzanine funds, yielding proceeds of almost R2.2 billion of $131 million.

Kleoss Capital, Leaf Capital and Trenstar’s management were advised by Norton Rose Fulbright, ENSafrica and KPMG on the deal.

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  1. Weekly Wrap, January 18th, 2016; Abraaj, MCP, Vantage and others make private capital news last week | Africa Capital Digest

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