RMB Corvest acquires stake in Fundi Capital
The deal involved the buyout of certain non-operational shareholders.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
RMB Corvest, a private equity business in the FirstRand Group, in partnership with Thuto Fund 1, has announced a buyout of Fundi Capital. The South Africa-based business is a specialist financial services company providing educational loans and fund administration.
The deal involved the buyout of certain non-operational shareholders and establishes a partnership between the consortium, the founding Kitshoff family and the Public Investment Corporation, both existing shareholders in the business.
Fundi provides education funding solutions to students, government employees and corporate clients. Its products cover a wide range of education-related expenses, including tuition fees, device loans, study materials, food and accommodation. The company says it has supported more than two million students in accessing higher education across South Africa.
“Given the huge need for Fundi’s products and services in South Africa, and the value of education, we believe that the business has a solid base, well-developed infrastructure and a large, well-diversified customer base. It promises valuable growth, and we foresee sustainable advancement in the education sector,” said Menzi Khoza, an executive at RMB Corvest.
“We believe this deal to be a strategic and long-term return investment for both the students and ourselves,” commented Isaac Mophatlane from Thuto Fund 1.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now