Footgear acquires Edgars Active with Old Mutual support
Footwear store Footgear with the backing of Old Mutual’s private equity arm is reportedly buying a unit of Edcon to create one of Southern Africa’s largest sports and casual wear businesses.
According to a report by Business tech, the transaction is subject to conditions precedent, including regulatory approvals.
The report further stated that Footgear will employ more than one thousand staff members across its national store footprint when the deal is finalised.
Chumani Kula, investment principal at OMPE said: “Footgear’s acquisition of Edgars Active and High Key will significantly enhance the retailer’s scale and footprint across Southern Africa, effectively tripling the existing store base and on track to reaching a network of 200 stores. We look forward to supporting the management team as they roll out Footgear’s highly successful formula across all of the newly acquired stores.”
Old Mutual’s private equity unit is part of Old Mutual alternative investments that multiple assets in South, West and East Africa that is approximately worth $4 billion.
Written by: Staff Writer.