A consortium of private equity investors made up of RMB Corvest, RMB Ventures and the Mineworkers Investment Company have acquired Universal Industries, giving Ethos a full exit from the company. Financial terms of the deal were not disclosed.
Ethos first acquired Universal Industries in 2011 in a take-private deal on behalf of Ethos Fund V, a 2006 vintage fund of R5.5 billion, (approximately $750 million at 2006 exchange rates). At the time, Universal Industries was ascribed an enterprise valuation of R1.3 billion. Over the course of its ownership, Ethos has supported a number of bolt-on acquisitions for Universal, three of which were termed “significant” plus a few additional, smaller ones. The company has also expanded its operations to Nigeria and Kenya over the same time period.
The deal marks the eighth exit for the fund, which has three assets remaining—ETI, House of Busby and Waco International. Webber Wentzel and RMB Corporate Finance advised Ethos on the transaction.