Old Mutual Private Equity (OMPE), which is part of South Africa’s financial services group Old Mutual, and global PE major The Carlyle Group have exited a portfolio company that they invested in more than a decade ago.
The PE firms have sold their holding in TiAuto Investments (Pty) Ltd to the Japanese conglomerate Marubeni Corporation. TiAuto Investments, which operates Tiger Wheel & Tyre and Tyres & More stores, is a South African retailer and wholesaler of tyres, batteries and automotive products.
In 2014, the Carlyle Group and Old Mutual Private Equity had agreed to acquire 100% stake in TiAuto for $182 million. In 2020, Alterra Capital was spun out of Caryle’s Africa portfolio by former Caryle executives after the PE firm decided to exit dedicated investing in the region. Alterra, which took over as manager/advisor for Caryle’s portfolio, acted as the advisor in this transaction.
The deal will help Marubeni enter the car maintenance business in Africa for the first time.
TiAuto was established in 1967 and currently operates 161 stores across five countries, which are South Africa, Botswana, Namibia, Zimbabwe, and Zambia.
Gulf Capital, ECLAT
Abu Dhabi-based private equity firm Gulf Capital, which has $2.4 billion in assets under management across South and Southeast Asia, has exited ECLAT Health Solutions as a part of management buyout.
Post the buyout, ECLAT’s founders and management team will retain its full ownership.
ECLAT, headquartered in India and with operations in Virginia, US and the Philippines, is a healthcare technology partner that offers revenue cycle management (RCM) and other such solutions.
“Together with ECLAT’s leadership team, we scaled (it up) into a diversified and technology-enabled RCM and risk adjustment business serving clients across the US, making it one of the standout successes of our Fund III portfolio,” said Mohammad Madani, managing director, Gulf Capital.
“This investment highlights Gulf Capital’s proven Control Growth Buyout model, where we acquire majority stakes in leading businesses and accelerate their growth and profitability before executing successful exits,” he added.
Gulf Capital had invested in ECLAT in 2021, when it said it was acquiring Eclat Health and Hansei Solutions for $60 million.
Since then, the company has said that it has expanded its revenue cycle management service offerings and achieved a tenfold increase in both revenue and EBITDA.
