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2022 Annual - (released February 2023)

SA's quarterly Private Equity & Venture Capital magazine

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Local and International News

National News

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The Southern African Venture Capital and Private Equity Association (SAVCA) announced the winners of its Industry Awards in November. The awards platform recognises the achievements of regional portfolio companies who have leveraged the backing of venture capital (VC) and private equity (PE) investment as a launch pad to success.

The winners of the 2022 awards were as follows: 

Large Category Winner | MetroFibre
Three nominees contended for the award in the Large Company category, which was open to enterprises valued at or with a revenue of over R1,5bn, and with positive operating cashflows. The winner, MetroFibre is a local telecommunications company specialising in the provision of highly managed, fibre optic broadband connectivity in South Africa.

Mid-Market Category Winner | Switch Energy Drink
The companies in the Mid-Market award category were enterprises valued at, and with revenue of over R200m but under R1,5bn. Switch Energy Drink clinched the award in this category with its eclectic selection of energy drinks and flavoured sodas aimed at South Africa’s urban youth market. The brand, which was established in 2014 has seen significant growth and expansion into nine countries with 28 product lines and over 450 million products sold.

SME Category Winner | Jachris Hose & Couplings
In the SME category, four nominees were selected from a pool of entrants with an enterprise value and revenue of under R200m. Jachris Hose & Couplings was the winner in this category. The company is currently the continent’s only fully integrated fluid transfer, fluid power and fire suppression company and Africa’s largest supplier of specialised hose and couplings.

Start-up/Venture Capital Winner | OneCart
The Start-up/Venture Capital category included companies that are less than five years old and are in the early funding stage (Series A or B funding excluding seed and pre-revenue). Industry innovator, OneCart was the winner of this award, having gained significant traction since its launch as the country’s first multi-retailer, adding an e-commerce platform with its recent acquisition by Massmart. With the goal of “simulating a virtual mall experience in the simplest form,” OneCart is
operational in over 50 locations throughout the country with over 5,000 daily active users.

Congratulating this year’s deserving companies, SAVCA Chairperson Lelo Rantloane lauded all the winners on their value-driven approach to business, their committed focus on growth as well as their
eagerness to draw on the experience and expertise of their VC/PE partners.

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Three new members were welcomed to the board of The Southern African Venture Capital and Private Equity Association (SAVCA) at its 2022 Annual General Meeting (AGM) on 5 October. Andrea Böhmert, Lebo Thubisi and Richard Rose have now officially commenced their tenure as board members.

International News

Private Equity International reports that PSP Investments, the pension manager of Canada's Public Sector Pension Investment Board, is optimistic that the end of ultra-low interest rates will be positive for the industry.

"We are not going back to an era of free money and that's probably good news for the industry... because that's bringing discipline," said Simon Marc, global head of private equity and strategic partnership at the London School of Economics Alternative Investments Conference, in January 2023.

He added that this change means that industry participants will need to think much harder about capital allocation. "What we have seen as investors is that a lot of sectors have re-priced tech... and many unprofitable businesses with little prospect of becoming profitable have become worthless. That's a good thing for the market. The market should be disciplined, and a zero-interest-rate environment is not one that drives any discipline." Marc noted that the C$230,5bn ($172,3bn; €158,6bn) pension manager is "very bullish on private equity", adding that the asset class is in "better shape than it has ever been" with over $1trn in dry powder.
 

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