South Africa: Capitalworks exits boat maker
Capitalworks, a private equity manager, announced the closing of the sale of Robertson and Caine, a South African boat builder, to Vox Ventures, a wholly owned subsidiary of international investment company PPF Group.
The transaction represents the largest foreign direct investment in the boat building sector in South Africa.
Since investing in the business in 2015, Capitalworks has actively worked alongside founder, John Robertson, and the management team to realise the potential of Robertson and Caine by investing in the development of new models, expanding manufacturing capacity and supporting multiple initiatives to grow the base of boat building skills and support services in the industry.
As part of the broader PPF Group, Robertson and Caine will benefit from PPF’s extensive resources and global network, providing access to new opportunities, technologies, and expertise, enabling the company to further strengthen its leading global market position and drive innovation.
Darshan Daya, co-founder of Capitalworks commented, “Capitalworks has been privileged to partner with John Robertson and the world-class team at Robertson and Caine in building a globally competitive business. The transaction is a testament to how active private equity partners can unlock the growth potential in world-class South African businesses and facilitate the introduction of strategic long-term shareholders. The transition of ownership to Vox Ventures offers exciting new opportunities for Robertson and Caine to leverage PPF’s significant manufacturing and technical expertise to continue to grow and develop the Leopard brand.”