SOUTH AFRICA – RMB Ventures, an on-balance private equity investor and a subsidiary of FirstRand Bank Limited, has closed an investment deal with the Bulldog Group in South Africa.
Bulldog is a wholesaler and distributor of paint and consumables to the auto-refinish, industrial, DIY, and woodwork sectors. It services the market through three businesses: Bulldog Abrasives, RSB, and Y.E.S.
RMB Ventures has invested in Bulldog to accelerate its growth journey and fully take advantage of opportunities to expand into adjacent sectors.
In addition, to enhance its Broad-Based Black Economic Empowerment status, RMB has partnered alongside Mohau Equity Partners, a black, women-owned PE fund, affording Bulldog 31% black female ownership.
“We are looking to grow and expand our product portfolio in both the auto industry and the industrial segment, and this might include supplementing organic growth with strategic acquisitions,” said John Maroun, group CEO of Bulldog.
“We needed a strong partner to help us analyze risk and return and drive the successful execution of our growth strategy. RMB Ventures’ reputation, ability to help businesses realize their full potential, unique skills, and acquisition experience will be invaluable to us as we embark on this journey.”
Amina Pahad, senior transactor at RMB Ventures, said that the Company is deeply invested in South Africa and looks for opportunities to support and participate in growing local enterprises.
“Bulldog is an outstanding homegrown success story, representing a world-class business built from scratch by an incredibly dedicated management team with unparalleled market understanding,” she said.
“It is also a rare example of a business that has seen outstanding progress yet still has much room to grow. Management’s broad and deep expertise has been instrumental in building this formidable business, and we are excited to walk the journey with them to take the business to the next level and achieve its full potential,” she added.
In March this year, RMB Ventures and Bopa Moruo acquired a majority stake in cancer treatment provider Icon Oncology for an undisclosed sum.
Icon has a national footprint of 26 radiotherapy facilities incorporating 30 state-of-the-art linear accelerators, or Linacs.
The business employs more than 300 clinical professionals who deliver quality, cost-effective care to about 30,000 patients annually. Its subsidiaries are Icon Radiotherapy, Icon Chemotherapy, and Icon Managed Care.
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