Buyout firm Actis has bought a significant minority stake in South African furniture retailer Coricraft, it said on Tuesday, marking the latest deal by the private equity investor to tap Africa’s fast-growing consumer industries.
Financial details of the deal were not disclosed.
“We believe Coricraft Group has significant growth potential given its high quality, aspirational, value offering,” Natalie Kolbe, partner at Actis, said in a statement.
Actis, which has nearly $7.6 billion assets under management, is one the biggest private equity players in Africa.
Its investments have included development of shopping malls and consumer-facing industries.
Africa’s consumption prospects have been in the spotlight since at least 2010 when Wal-Mart Stores Inc announced a deal to buy into South Africa‘s Massmart, a deal that gave it a foothold in several African countries.