Westbrooke and Actis fully exit home furnishings group in trade sale

The sale of Tapestry Home Brands to The Foschini Group in an all-cash deal has given the well-known home furnishing group’s shareholders a full exit from the business. The major stakeholders benefiting from the R2.35 billion (or approximately $156 million) deal are South African alternative investment group Westbrooke and Actis, although the returns each enjoyed from the sale have not been disclosed.

Westbrooke first backed Coricraft, the foundation of the business, in 2005, since when it has grown organically and by acquisition to become a direct-to-consumer, vertically integrated designer, manufacturer, and retailer of home furnishings to customers in South Africa, Botswana, and Namibia. Actis acquired a minority interest in the business from Westbrooke in 2015. The business has grown from one with 12 stores in 2005 to one with more than 170 today, employing 2,500 people ad operating 3 manufacturing facilities.

To read this article, you must be a paid subscription member. (Current members login here)


Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.