ASOC Fund I backs SkyNet in recap deal

ASOCapital has made its third investment for its first fund, backing SkyNet South Africa, a courier and express parcel business. ASOC Fund I is investing R80 million, or approximately $6 million in a share acquisition and recapitalization deal in exchange for a significant minority stake in the business. As part of the deal, ASOCapital’s three partners, Paul Birkett, Shaun Collyer and Richard Ferguson who all led the deal, will take seats on SkyNet’s board.

Trading as Skynet Worldwide Express, SkyNet South Africa boasts an impressive list of blue chip B2B clients in South Africa. Based in Johannesburg, with offices in Botswana, Namibia and Mozambique, they have branches in all major centres, a retail counter network in over 2,000 locations and are part of an international network of over 1,000 offices.

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