The Rohatyn Group (TRG), a specialised global asset management firm, announced yesterday it had completed the acquisition of Ethos Private Equity, the well-known alternative asset manager that focuses on Africa.
The terms of the transaction were not disclosed, but the group said Lazard Ltd became an advisor to TRG during the transaction process and assisted TRG in its completion.
TRG Group’s chief executive and founder Nicolas Rohatyn said: “We are pleased to complete our acquisition of Ethos, which marks our official expansion into Africa, one of the largest and fastest-growing regions in the world.
“Together, with unmatched local knowledge and a skilled global team of investors, we’ll unlock significant opportunities to drive further growth across the continent’s private markets, real assets, and public markets.”
Ethos chief executive Stuart MacKenzie said: “Today marks the beginning of an exciting new chapter for our team. By leveraging TRG’s resources, network and deep understanding of emerging markets, we will be better positioned than ever to drive investment across Africa and create value for our stakeholders.”
The Rohatyn Group, which was founded in 2002, holds more than $6 billion in assets under management. The New York-based firm employs over 120 professionals in 16 cities across the US, Latin America, Europe, the Middle East, India, Southeast Asia and Oceania.
Ethos, established in 1984, is an investment manager in Africa with private equity and mezzanine strategies of more than $1.7bn in assets under management.
The deal was initially announced last year in November. At the time, TRG said incorporating Ethos would expand its capabilities and local presence during a volatile period in financial markets, giving investors access to one of the largest and fastest-growing regions in the world.
After combining with Ethos, TRG’s AUM would rise to almost $8bn, which will include a portfolio of investments that include stakes in TymeBank, AutoZone, Primedia, RTT and Twinsaver.
As TRG’s Pan-African arm, the combined entity is set to look to obtain advisory contracts for existing private equity funds on the continent.
BUSINESS REPORT