Ethos-led Group To Take South Africa's Universal Industries Private
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