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.
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