Actis pays $151m, acquires 100% control of Vlisco Group
By Princewill Ekwujuru
Actis, a private equity investor solely focused on emerging markets, has acquired Vlisco Group, producers of Vlisco, Uniwax, GTP and Woodin fashion brands by paying US151million, as it controls 100 percent equity.
Vlisco Group, a 164-year-old business, leads African design trends in printed and wax fashion fabrics. Worn by everybody from politicians and celebrities to men and women on the street, Vlisco’s brands are synonymous with style and contemporary value in West and Central Africa. It has strong retail presence in a number of countries including the Democratic Republic of the Congo (DRC), Côte d’Ivoire, Ghana, Togo and Benin.
The four unique brands form an essential part of the vibrant West African culture and fashion scene. The fabrics vary from more traditional to contemporary, to highly innovative in design and colour.
The uniquely distinguishable designs appeal to a broad cross section of West and Central African society and the wider diaspora, with increasing influence on Western fashion design trends.
As part of the deal Actis has appointed Hans Ouwendijk, who has a distinguished track record with international apparel brands including Laura Ashley and Mexx, as CEO of the Vlisco Group.
Speaking in Nigeria, Actis’s Head of West Africa, Ngozi Edozien said: “Actis appreciates that the Vlisco Group fabrics are part of the image of a modern West Africa; confident, contemporary, proudly African – grounded in tradition but adapted to the needs of the modern consumer. In partnering with Vlisco Group we are committed to upholding the quality of these great name brands whilst broadening their reach to new pan-African audiences.”
Else Hartsema, Vlisco Group’s business representative in Nigeria said, “As a notable investor in modern retail facilities for Africa like the Accra Mall, and most recently Ikeja City Mall, Actis has the experience and expertise needed to help us fast track our well established African fashion business ambitions across all our markets.”
Vlisco Group contributes to multiple West African economies with brands ranging from premium (Vlisco), through mid-tier (Uniwax), to contemporary (GTP and Woodin).
The company directly employs over 2,100 people of which 1,500 people are in West Africa, and the downstream supply chain indirectly employs many more, supporting entrepreneurialism among distributors, shopkeepers and tailors.
Actis has strong and relevant experience from its other consumer brand investments in Africa, such as Mouka Foam in Nigeria (a consumer durables company) and UAC (a consumer focused conglomerate whose business includes packaged foods and quick service restaurants). In line with Actis’s mission to always add significant value beyond capital, Actis will work with the Vlisco Group management team in distribution, marketing, and other operations, while also bringing expertise in environmental, social and governance standards.
Actis is committed to working with industry, government, and other groups to support the important African wax fabric and fashion industry in West Africa
Actis won Foreign Direct Investment (fDi) magazine’s award for investment in Africa for its investment in the development of the Palms shopping centre in Lagos, Nigeria which was realised in December 2007.
