Ethos has acquired the tissue and corrugate divisions from Nampak, the company has confirmed.
The company said all conditions precedent has been met; both transactions conclude on 1 April.
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“The divisions will become autonomous entities under Ethos’ control, proudly reflecting separate, new leadership and operating structures. Furthermore, both businesses have been rebranded and as of April will be called Neopak and TwinCare,” read the statement.
Ethos has also announced a number of strategic appointments at Neopak and TwinCare; the first time that the Firm has actively introduced new management as part of an acquisition since 2006.
Shaun Zagnoev, Ethos partner said the company had made new appointments to take the company into the future.
“These appointments are the first step in Ethos’ stated objective to revitalise these businesses, through enhanced investment in resources, leadership capacity and strategy,” said Zagnoev.
“We are delighted to have attracted such seasoned professionals and believe we have the teams in place to deliver on our investment thesis to achieve the full potential of Neopak and TwinCare.”
Shaun added that Ethos identified both investment opportunities in 2014 and actively pursued them given our confidence in the business fundamentals.
“Drawing on the expertise of our value-add team, led by Ethos partner Richard Fienberg, we believe we can bring something new to each business – something exciting – and catalyse meaningful growth.”
Incoming TwinCare CEO, Garth Towell said TwinCare was about to commence an exciting journey of reinvigoration.
“Twinsaver is a legendary South African brand and forms the bedrock of the business. Together with Joanne, Dion and the broader team, we believe we can rapidly migrate TwinCare into a leading FMCG business,” said Towell.
“Ethos’ capital, strategic ambition and operational expertise will come to bear. Together, we intend to grow the brand, improve our customer experience and ultimately expand the product range.”
Neopak CEO, Kevin Clayton, said that Neopak is a robust and reputable market leader in the corrugate packaging sector.
(READ MORE: Nampak’s profit boosted by African operations)
“I am excited about the opportunity to lead a talented and dedicated Neopak team which, together with Ethos, we believe will inject fresh thinking into driving innovation, customer orientation and manufacturing excellence,” added Clayton.
“We are confident that, along with a clear growth and leadership development agenda, the Neopak team will deliver on our objective.”