By THE AFRICA BAZAAR Staff Writer
Ethos Private Equity said on Tuesday it has led a private equity consortium to acquire 80 percent stake in RTT group, a logistics company, for an undisclosed sum.
The consortium members include African Development Partners II, a private equity fund advised by Development Partners International (DPI) and the Government Employees Pension Fund (GEPF), represented by the Public Investment Corporation (PIC).
RTT’s current senior management team and a black empowerment staff trust will hold the remaining 20 percent stake of the company, the company said in a statement.
“With a leading market position and differentiated business model, the consortium considers RTT a very attractive investment opportunity. RTT’s management team is experienced and energized; we look forward to collaborating with them to grow RTT to achieve full potential,” said Anthonie de Beer, Partner at Ethos Private Equity.
RTT, a privately-owned parcel distribution company with business- fleet vehicles, warehousing and cross docking facilities- across sub-Saharan Africa, has been in business for over 30 years, with its annual revenues in excess of R2.5 billion.
The deal will allow RTT to expand its services, and to customize those services to meet the demands and specific customer needs.
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