The private equity investor also stated that it is backing Tekkie Town’s existing management, led by founder Braam van Huyssteen, who it believes has been the driving force behind the company’s success.
“I am excited to have Actis on board. With its excellent track record of investing in South Africa and deep understanding of the African retail market, I am confident that together we will develop the business into a customer centric operation,” said Tekkie Town executive chairman, Braam van Huyssteen.
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“We have built the business from scratch, taking it from 1 to 265 stores in 13 years, with this new partnership I look forward to creating more opportunities for the business and all of our employees.”
According to Actis, Tekkie Town sits at the heart of its consumer-centric approach as a differentiated retail proposition in a high-growth sector, underpinned by the demands of brand and lifestyle-conscious middle class consumers.
It further indicated that it has invested 1.6 billion dollars in the sector and that it has a strong track record of backing high-quality consumer-focused businesses on the continent.
Actis director, David Cooke, said, “Braam and his team have built a fantastic business targeting the consumer segment that aligns with our investment strategy – brand aspirational, emerging middle class consumers who are looking for quality products at real value.”
“We look forward to partnering with Braam to help the business continue its impressive growth in South Africa and to expand to other countries in the continent.”
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The company invests exclusively in the emerging markets with a growing portfolio of investments in Africa, Asia, and Latin America and currently has 6.5 billion US dollar funds under management.