Footprints Education Group acquires 24% stake in South African manufacturer Penflex
FEG, an education investment platform entirely owned by Aleyo Growth Fund I, has bought an equity interest in Penflex.
Footprints Education Group (FEG), an education investment platform entirely owned by Aleyo Growth Fund I, has acquired a 24% equity interest in Penflex, a South African manufacturer of diverse plastic products for the domestic and export markets. As part of the transaction, Penflex’s management team has lifted its own shareholding by a further 11%, deepening its position in the business to 51%.
FEG’s primary mission is to build education value chain assets spanning Botswana and the broader region. The 24% interest was acquired from Legacy Africa Capital Partners (LACP), which took a 60% controlling stake in Penflex in 2021 through its Legacy Africa Capital Partners Fund I. Following the transaction, LACP retains a 25% holding in the company.
Penflex is one of only two dedicated pen manufacturers in South Africa and ranks among the largest injection-moulding operations in the Western Cape. Under LACP’s ownership, the business has expanded well beyond its historical roots in stationery into a broad range of plastic homeware and office products.
Penflex’s plastic-conversion floor runs injection-moulding, blow-moulding and small plastic-tube extrusion lines, with a particular emphasis on using recycled materials in support of the wider recycling industry. Its product range spans stationery (pens, markers, highlighters, stencils, rulers, pencil boxes and lunch boxes), homeware (plastic glassware, plates, bowls, jugs, trays, laundry baskets, cooler boxes and bins), office solutions such as storage drawers, and window blind components.
Sean Stuttaford, Managing Director of Penflex, said: “We are thrilled to bring FEG on board and believe that, with their investment, Penflex will continue to go from strength to strength. Penflex is proof that South Africa has the manufacturing competence and capability to produce high-quality products that stimulate the local economy, reduce reliance on imports and open up export markets. As the business grows, so does its contribution to the domestic economy and to job creation.”
Bafana Molomo, Director of Footprints Education Group, commented: “Penflex is exactly the kind of business FEG seeks to back – a market leader with proven manufacturing capability, a growing product range and clear potential to further expand across Southern Africa and into export markets. We are pleased to partner with a strong, committed management team alongside Legacy Africa. We look forward to supporting the next phase of the company’s growth.”
Kgosi Monametsi, Managing Director of Legacy Africa Capital Partners, added: “Since our investment, Penflex has greatly expanded its product range, moving from a traditional focus on stationery into a variety of other product lines. We welcome FEG as shareholders and are confident they will contribute to the further growth of the business. We are also pleased that management has acquired an additional 11% stake, which reflects their belief in the company’s future.”
Enquiries: Kgosi Monametsi – kgosi@legacyafrica.co.za