Old Mutual Private Equity (OMPE), the direct private equity investing arm of Old Mutual Alternative Investments, has announced the acquisition of a majority interest in Footgear, a South African retailer of branded footwear.
The transaction was finalised on 3 June 2019 and is pending approval from the Competition Commission.
Founded in 2001, Footgear is a retailer of branded footwear with 63 stores nationwide. In addition to being a strategic partner to the management team who hold the remaining shares, OMPE will also provide capital to support the growth of the Footgear business.
“Branded footwear remains a robust and growing market, and has shown relative resilience, in times of slower macro-economic growth. We are culturally and commercially aligned to Footgear’s high-quality management team and are proud to back a team that has a long and successful track record,” said Chumani Kula, investment principal at OMPE.
OMPE is a member of Old Mutual Alternative Investments, which manages over $4 billion in assets across private equity, infrastructure and various impact funds and has offices in South Africa, West and East Africa.