Private equity firm Apis Partners is to sell its entire stake in portfolio company Efficient Group to Apex as the latter continues to grow its footprint in Africa.
This acquisition follows Apex’s recent purchase of Sanne and Maitland.
Apis Partners, through its Apis Growth Fund I, bought its interest in EG in 2019 and delisted it from the JSE thereafter through a minority shareholder buyout. During its ownership period, the firm’s profit after tax increased by more than 400%. The PE fund also supported the management team to make several acquisitions.
The deal is subject to approval from South Africa’s competition commission.
About Efficient Group
The company is an asset management and advisory firm that caters to the investment management industry, offering services such as financial products distribution and advice to retail and institutional investors in South Africa. It operates Boutique Collective Investments, the largest co-branded asset administration platform in the country, and leading independent financial advisory businesses that have a network of over 200 registered financial advisers.