Johannesburg, South Africa, April 8 2015: The Netherlands Development Finance Company (FMO) and Vantage Capital have exited their R220 million ($32 million) investment in Safripol, a Southern African plastic polymer manufacturer.
Vantage is a Pan-African mezzanine fund manager with over R5 billion ($420 million) of assets under management. FMO is the Dutch development bank.
In July 2007 Vantage and FMO funded Thebe Investment Corporation, one of South Africa’s most prominent black economic empowerment investment companies, to acquire a stake in Safripol. Thebe has played an active role as empowerment partner to Safripol and retains its stake in the company after the exit of its original funders, Vantage and FMO.
Warren van der Merwe, Vantage’s Chief Operating Officer, said, “Vantage has a track record of supporting black empowerment transactions and we cherished the opportunity to help Thebe acquire a stake in this leading chemicals business.” Johnny Jones, Associate Partner at Vantage, added, “We have enjoyed being a partner to Safripol and commend the company for continually improving its manufacturing processes and environmental standards whilst delivering the highest quality products and service to its customers. The investment in Safripol illustrates how Vantage’s mezzanine funding can support broad-based empowerment transactions.”
Colin Rezek, Vantage’s Managing Partner, concluded, “To date Vantage has successfully exited 80% of the investments made in our first mezzanine fund, and has demonstrated that mezzanine funding can provide compelling benefits to companies, their empowerment partners and our fund investors.”
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