Ethos Private Equity pays $97M for control of South African equipment company Eazi Group

Ethos Private Equity Ltd. bought a 65 percent stake in South African equipment rental and sales company Eazi Group Ltd. for 1.6 billion rand ($97 million) in the fifth private-equity investment by its Ethos Fund VI in the past year.

At the Eazi Group “entrepreneurs identified a void in the market and through grit and determination established a new industry,” Shaun Zagnoev, a partner at Ethos, said in an e-mailed statement on Monday.

The Eazi Group started in 2003 and specializes in the sales, rental and servicing of so-called work-at-height industrial equipment, used to lift workers to perform tasks such as installing lighting and fixing overhead cabling. 

Read more: Ethos Pays $97 Million for Control of South Africa’s Eazi Group – Bloomberg Business