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ETHOS-LED GROUP TO TAKE SOUTH AFRICA'S UNIVERSAL INDUSTRIES PRIVATEPUBLISHED: 13 October 2011, Wall Street Journal
Ethos Private Equity on Thursday said that it
has led a consortium in the acquisition of South Africa's Universal Industries
Corp. (UNI.JO) in a deal that values the company at ZAR1.3 billion ($166.6
million). Universal Industries is the holding company for South African
suppliers of refrigerated display cases, polyurethane insulated panels and
commercial ovens and related baking, catering and kitchen equipment. Customers
include local and international companies in the perishable food retail,
wholesale, hospitality and related industries.
"This is an extremely attractive investment for Ethos in
partnership with a highly regarded management team. Universal has considerable
potential, with a leading share of the local market, powerful brands and
exciting sub-Saharan growth prospects," said Ethos partner Shaun Zagnoev.
It is anticipated that a black economic empowerment shareholder
will join Ethos and the management and directors of Universal Industries in
time to improve the empowerment credentials of the business.
Founded in 1984, Ethos Private Equity is a leading South African
private equity fund manager.
By Marietta Cauchi Of DOW JONES NEWSWIRES
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