South Africa: Vantage Capital backs business process outsourcing company
South Africa: Vantage Capital backs business process outsourcing company
Vantage Capital has made an investment into Procera, a business process outsourcing services provider.
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Vantage Capital, Africa’s largest mezzanine debt fund manager, has made a R346 million (c. $18.7 million) investment into Procera Group, a South African business process outsourcing (BPO) services provider.
Vantage’s investment comprises the acquisition of a significant minority equity stake from the Procera founders as well as the provision of a mezzanine facility to support future strategic acquisitions by Procera.
Founded in 1990 as a debt recovery solutions provider, over the last three decades Procera has evolved into an integrated BPO services group offering support solutions to its clients via several distinct brands along the customer life cycle. Procera currently services over 50 local and international blue-chip clients across key industries such as retail, financial services, energy and telecommunications in geographies including South Africa, Namibia, United Kingdom, United States and Australia.
Roshal Ramdenee, associate partner at Vantage Capital said, “Vantage sees a tremendous opportunity for both job creation as well as a positive economic impact as Procera continues its rapid international expansion and drives market leading technological solutions in the BPO space. Vantage is proud to partner with a very capable management team and committed long term investors.”
Warren van der Merwe, managing partner at Vantage Capital added, “It is rare in the current economic environment to find fast-growing South African businesses and ones that are truly competitive in developed markets. Procera’s founders, shareholders and management team have built an admirable business to date, and we are excited to invest into Procera’s next stage of growth and development.”
Crispin Sonn, chairman at Procera added, “We are very pleased to have the long-term support of Vantage and its team of seasoned investors as we look to grow Procera’s business services footprint into international markets.”
PwC acted as financial advisor to the transaction, Werksmans acted as legal counsel for Vantage. Other advisors to the transaction included Step Advisory, Ernst and Young, Webber Wentzel, Eversheds, STBB, and IBIS Consulting.
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