Ethos Private Equity, PIC and DPI Acquire a Controlling Stake in RTT Group (Sub-Saharan Africa)

Source: Financial Times | Author(s): Tosin Sulaiman

Private equity fund manager Ethos Private Equity, South Africa-based asset manager Public Investment Corporation (PIC) and private equity firm Development Partners International (DPI) have acquired around an 80 percent stake in South Africa-based parcel distribution company RTT from investors Actis, Rand Merchant Bank and Old Mutual. Ethos’s investment was structured through its third fund and DPI’s contribution was structured through its second fund. RTT intends to use the investment to expand its footprint in Africa, including in neighboring countries such as Namibia, Botswana and Mozambique. Financial details of the transaction were not disclosed.