Private equity firm Actis is making a USD65million investment in Tekkie Town, a South African independent sports and lifestyle shoe retailer.
Taking a significant minority stake in the company, Actis is backing Tekkie Town’s existing management, led by founder Braam van Huyssteen.
Founded in 2001 by van Huyssteen, the company currently has over 260 stores across South Africa. Van Huyssteen will continue to be the majority shareholder and will remain as executive chairman. David Cooke, director at Actis, will join the Tekkie Town board.
Andreas von Paleske, head of consumer at Actis, says: “Braam and his team have built a fantastic business targeting the consumer segment that aligns with our investment strategy – brand aspirational, emerging middle class consumers who are looking for quality products at real value. We look forward to partnering with Braam to help the business continue its impressive growth in South Africa and to expand to other countries in the continent.”
Van Huyssteen says: “I am excited to have Actis on board. With its excellent track record of investing in South Africa and deep understanding of the African retail market, I am confident that together we will develop the business into a multi-national customer centric operation. We have built the business from scratch, taking it from one to 265 stores in 13 years, with this new partnership I look forward to creating more opportunities for the business and all of our employees.”
