Listed Companies

Education Investment Impact Fund of South Africa has entered into an agreement with Trematon Capital Investments to acquire the enterprise known as the Generation Education Group for an aggregate cash consideration of R172 million. The components of the Generation Group, in which Trematon has an 87% interest, include the businesses of PropGen, Si Institute and Generation Education. The transaction represents a category 1 disposal and as such shareholder approval is required.

Old Mutual’s private equity arm (OMPE) alongside Carlye, has exited its 2014 investment in TiAuto Investments, operating through Tiger Wheel & Tyre and Tyres & More stores to Japanese conglomerate Marubeni Corporation. The business which generates annual combined group and franchisee sales of c.R4,5 billion is a pan-African operation with more than 160 retail outlets across five African countries – South Africa, Botswana, Zambia, Zimbabwe and Namibia. The deal is said to be worth R2,6 billion.

Afrimat has disposed of the Divestiture Businesses to Saturc for R215 million. A cash amount of R160 million is payable on close with the balance of R55 million deferred and payable over three years subject to the fulfilment of certain financial and operational conditions. The disposal is in terms of the Tribunal approval given to Afrimat on the acquisition in April 2024 of Lafarge South Africa.

Unlisted Companies

South African end-to-end rail services company Traxtion has concluded an US$86 million equity capital raise from Standard Bank, Stanlib Infrastructure Investments and Harith via the Harith InfraCo and PAIDF2 funds. The capital will be used to fund the rolling stock investment programme, and to strengthen its future funding position.

H1, a local investment holding and asset management vehicle, and Revego Fund Managers, a black-owned fund manager, are in discussions to create a renewable energy equity investment platform with a combined asset base of c.R13,3 billion. The proposed transaction brings together H1’s interest in a large, diversified portfolio of predominantly operating renewable energy assets with Revego’s institutional investment platform, the Revego Africa Energy Fund. The portfolio managed by H1 spans 26 projects across wind, solar, battery storage and hydro. The merged platform will positioned to play an active role in the anticipated wave of industry consolidation from 2028 onwards.

The Sasfin Share Incentive Trust has made a firm cash offer of R42.00 per share to acquire the remaining minority shares in Sasfin Holdings by way of a Scheme of Arrangement. Sasfin Holdings delisted from the JSE in December 2024 with a number of minority shareholders remaining invested in the unlisted entity.

The Development Bank of Southern Africa (DBSA) has announced an undisclosed investment into Zimi, an end-to-end solution provider for electric vehicles – charging, power, finance – powered by a seamless digital management platform. The partnership represents growing institutional support for local electric mobility and sustainable transport infrastructure.

Kloset Klub, a circular fashion platform, has received an undisclosed second investment from Thinkroom’s early-stage portfolio. Kloset Klub enables users to buy and sell pre-owned fashion through a curated resale model, peer-to-peer transactions and managed wardrobe services.

DealMakers is SA’s quarterly M&A publication.
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