Ethos to sell Neopak to 100% black-owned investment group
Corruseal group will buy 100% of Neopak from the Ethos Fund VI for an undisclosed sum as Ethos focuses on its next private equity fund
Ethos Private Equity has announced that its Ethos Fund VI has agreed to sell 100% of paper and packaging business Neopak Holdings for an undisclosed sum to Corruseal Group, a company whose origins date back to the early 1960s but is now 100% black-owned.
Neopak was first purchased by the Ethos Fund VI in 2015 from Nampak, when it was known as Nampak Corrugated, and currently has annual revenues of about R1.1bn. The Ethos website describes it as the second-biggest player in the SA corrugated and recycled packaging space, with a market share of about 18% thanks to its production of recycled containerboard and related paper products from its paper mill operations in Rosslyn, Pretoria, and its recycling operations in Amalgam, Johannesburg...