Capitalworks, a private equity manager, yesterday announced the closing of the sale of Robertson and Caine, one of its investee companies and a leading South African boat builder, to Vox Ventures, a subsidiary of PPF Group, an international investment company.
PPF Group has interests in multiple countries, including the Czech Republic, spanning financial services, telecommunications, media, e-commerce and nautical products and services.
This transaction is one the largest foreign direct investments in the boat building sector in South Africa.
Since investing in the business in 2015, Capitalworks worked with founder John Robertson and the management team by investing in the development of new models, expanding manufacturing capacity and supporting many initiatives to grow the base of boat building skills and support services in the industry.
This investment had helped cement Robertson and Caine and its Leopard brand as global competitors in the design and manufacture of blue water cruising catamarans.
Robertson and Caine would in future benefit from PPF's resources and global network, providing access to new opportunities, technologies and expertise, a statement from Capitalworks said.
Capitalworks co-founder Darshan Daya said the transaction showed how active private equity partners could unlock the potential in world-class South African businesses and facilitate the introduction of strategic long-term shareholders.
Robertson and Caine co-founder John Robertson said it was a “bitter-sweet moment” but, after more than 40 years in the boat business and 32 years with Robertson and Caine, he was pleased to leave the company, team members and customer stakeholders in the hands of a new shareholder of such stature.
BUSINESS REPORT