Old Mutual Private Equity Acquires a Majority Stake in MoreCorp (Sub-Saharan Africa)
Source: Old Mutual Private Equity, Bloomberg | Author(s): Colin McClelland
Old Mutual Private Equity (OMPE), a division within Africa-focused investment manager Old Mutual Alternative Investments, has acquired a 70 percent stake in South Africa-based sport, leisure and wellness business MoreCorp for reportedly more than ZAR300 million (approximately US$20.8 million). The transaction was structured through OMPE’s Fund IV. MoreCorp owns golf retailers The Pro Shop, World of Golf and Playmoregolf and cycling retailer Cycle Lab. The company plans to use the capital injection to accelerate its expansion in cycling.