Holdsport To List Shares In Johannesburg To Allow Ethos To Sell Its Stake
Holdsport Ltd., a South African company that runs the Sportsmans Warehouse and Outdoor Warehouse retail chains, plans to start trading its shares to facilitate the exit of its majority shareholder, Ethos Private Equity, Chief Executive Officer Kevin Hodgson said.
Ethos, the nation’s largest private equity firm, owns about 67 percent of the company while management holds the rest, Hodgson said on a conference call today.
“We can open two to three stores a year for the next five years,” said Hodgson. adding that the company doesn’t plan to raise capital from the listing.
The company, which operates 51 stores in South Africa and one in Namibia, has revenue of about 1.1 billion rand ($162 million), it said in an e-mailed statement. Ethos bought its stake in Holdsport in September 2006 for 681 million rand, according to a statement on its website. UBS AG will advise Holdsport on the offer.
Holdsport will publish the pre-listing statement “in the next few weeks,” Hodgson said.