RMB Ventures buys MoreCorp as Old Mutual exits after a decade
What's the deal? RMB VenturesDealroom has a profile for this one. Try Dealroom → has agreed to acquire South African sports and leisure group MoreCorpDealroom has a profile for this one. Try Dealroom → from Old Mutual Private EquityDealroom has a profile for this one. Try Dealroom →. The deal value was undisclosed, and it remains subject to customary regulatory approvals.
The backstory: Old Mutual Private Equity bought a majority stake in MoreCorp in 2015, backing founder Darryl Egdes and the management team. The thesis rested on MoreCorp's positions in golf and cycling, plus rising consumer spending on related experiences and services.
Why now? The sale caps a decade of ownership during which MoreCorp's turnover tripled. "As we exit, the business has greater scale, a stronger institutional foundation and several avenues through which it can continue to grow," said Chumani Kula, co-head of Old Mutual Private Equity.
What changed under Old Mutual? MoreCorp grew organically and by acquisition. It bought SAILDealroom has a profile for this one. Try Dealroom → to add sports commercialisation; InfoMastersDealroom has a profile for this one. Try Dealroom → and ScoreCaptureDealroom has a profile for this one. Try Dealroom → for digital capabilities; and Global Golf RetailDealroom has a profile for this one. Try Dealroom → to expand The Pro ShopDealroom has a profile for this one. Try Dealroom →'s course presence. The group also launched new concepts including HotShotsDealroom has a profile for this one. Try Dealroom → and GolfTECDealroom has a profile for this one. Try Dealroom →, and expanded its cycling platform.
Today MoreCorp spans golf, cycling, sports commercialisation, e-commerce, and leisure services.
What's the endgame? RMB Ventures is betting on demand for outdoor and live experiences. "It is a business built around delivering these experiences and making them more accessible and affordable for a broader range of consumers," said Andrew Aitken, senior partner at RMB Ventures.
The deal is anchored by reinvestment from all existing management, plus fresh capital from a group of new executives.
The signal: The handover between two established South African investors points to a maturing private equity market, where specialist retail bets can be built into broader consumer platforms and passed between owners rather than exited to public markets.
Read more: africaprivateequitynews.com
Image credit: Generated with Gemini
