South Africa: RMB Ventures concludes sale of Studio 88 to Mr Price
On 4 October, RMB Ventures concluded the sale of the Studio 88 group of companies to Mr Price. This marks the end of RMB Venture’s 10-year journey alongside a management team who have, over this period, built a business in the branded athleisure space (which it markets through various outlets including Studio 88, Skipper Bar, Side Step and John Craig).
“We started the journey investing alongside the founders when one of their partners was looking to exit. The founders took a modest amount of cash off the table at the time, making space for RMB Ventures to take a 37% stake in the business. The management team wanted to embark on a growth thesis taking the group from a 100-door business (turnover about $55.1 million) to a 777-door business (turnover about $330.5 million) over 10 years,” says Cassim Motala, co-head of RMB Ventures.
Says Motala, “We are grateful to the Studio 88 management team for a great partnership, and a very successful investment. This was a really good deal, and the RMB Ventures team wishes Studio 88 and the Mr Price team continued success into the future.”