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YEAR: 2009
BUSINESS DESCRIPTION: Industrial minerals manufacturing and distribution
INVESTMENT PARTNERS: Management, Old Mutual Private Equity and Tiso Group

Trust has it's reward
Sweet success - Ethos leads bid to acquire Idwala

In much the same way as the honey guide and honey badger share a relationship based on reciprocal trust and reward, Ethos has built longstanding and successful collaborations with our investors, management teams, advisors and debt providers alike.
These Partnerships are deeply rooted in mutual trust and allow all parties to thrive in buoyant and uncertain times.

By successfully leading an investment in Idwala Holdings, in partnership with Old Mutual Private Equity, during a period of worldwide economic instability, Ethos has again demonstrated the value of these relationships. Idwala, the ninth investment in Ethos Fund V, is a leading supplier of processed lime, calcium carbonates and other industrial minerals. Its products are ideally positioned to benefit from infrastructure enhancement and the growing demand for environmentally friendly means of production across all sectors and particularly in power generation.

This transaction also enabled Black Empowerment shareholder, Tiso Group, to realize value for its original investment, whilst remaining a significant and active shareholder in Idwala moving forward.

Ethos' reputation for delivery is founded on our ability to execute complex transactions, manage debt and drive portfolio company value through both the peaks and troughs of the business cycle. It is this consistent performance that has resulted in Ethos being ranked as South Africa's leading private equity firm since 2000.