Listed Companies
Ethos Private Equity (EPE Capital Partners) has announced the exit of its investment in Vertice MedTech to a consortium comprising of Amethis, Proparco and ccap.ai. Vertice, founded in 2018 by a management group and in partnership with Ethos, is an independent distributor of specialised medical products in Southern Africa. The company has c.780 employees and three distribution centres in Pretoria, Durban and Cape Town and regional centres in Gqeberha, George and Bloemfontein. Financial details were not disclosed.
Having identified its extrusion business as non-core and earmarked for disposal, Hulamin has entered into a series of inter-conditional agreements with Norsaf ERS in terms of which it will dispose of its interest in Hulamin Extrusions for a cash consideration of R10 million. Hulamin Extrusions will continue to occupy the company’s premises for a limited period. The transaction proceeds which also includes the disposal of the consignment stock will be used to reduce the debt and fund working capital requirements of the group. The deal constitutes a category 2 transaction.
Gaia Renewables 1, via its subsidiary in Gaia SA Investment SPV (RF) has concluded agreements to refinance empowerment stakes in De Aar 1 and 2 wind farms in the Northern Cape in a transaction valued at c.R115 million. The transaction replaces existing high-cost debt used to fund empowerment ownerships by DLO Energy Resources and Obsidian Infrastructure Group. The preference share subscription agreement will result in Gaia holding an effective indirect interest of 3.5% in Longyuan Mulilo De Aar Wind (RF) – a 100.5 MW wind farm and 3.5% in Longyuan Mulilo De Aar North (RF) – a 144 MW wind farm.
Putprop is to dispose of its 50% stake in the Corridor Hill rental enterprise in Mpumalanga to Bidvest Properties (Bidvest) for a cash consideration of R34,7 million. The disposal is a category 2 transaction and as such does not require shareholder approval. In another announcement this week, Putprop gave an update on the status of its disposal of a specific portion of the common property in the scheme known as Summit Place Erf 39, announced in November 2025. The parties have agreed to allow the purchaser more time (until 30 June 2026) for the completion of a due diligence.
Sappi’s proposed graphic paper joint Venture with UPM-Kymmene Corporation, announced in December 2025, has proceeded to Phase II of EU merger control process. At the time of the announcement, the combination of the European graphic paper businesses was valued at €1 billion (R19,94 billion).
Unlisted Companies
Shiprazor, a Cape Town-based e-commerce logistics start-up, has raised US$2,65 million in a seed round led by venture capital firm Norrsken22 with participation from AAIC, E4E and Tremis Capital. Shiprazor provides seamless solutions for businesses in Africa, connecting shippers with a vast network of carriers optimising the shipping process to deliver results based on cost, speed and service quality. Funds will be used to expand the courier network, improve geographic coverage and lower costs for merchants.
Stellenbosch headquartered Paymenow and Johannesburg-based PayCurve, are to merge to create an integrated employee financial wellness platform. The combined businesses will operate under the Paymenow brand and will assist workers move from short-term cash pressure and debt stress to long-term financial stability, resilience and savings in a single platform. Financial details were not disclosed.
Boniswa TowerCo, a 100% Black woman-owned business, has received undisclosed funding support from the Abadali Fund which is intended to accelerate the expansion of rural connectivity and network growth. The Abadali Fund, a black business growth fund, forms part of the Abadali Equity Equivalent Investment Programme which is a SA economic inclusion initiative by the Department of Trade, Industry and Competition in partnership with J.P. Morgan and managed by Edge Growth Ventures. The Fund currently has over R300 million under management. The focus of Boniswa is on building and leasing telecommunication towers in peri-urban and rural areas with a vision to expand inclusive digital infrastructure across the country.
DealMakers is SA’s quarterly M&A publication.
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