Johannesburg - Ethos Private Equity has acquired a controlling stake in car-parts seller AutoZone for an undisclosed amount, it said on Wednesday, after selling a tyre retailer in November.
Private equity investors are ramping up activity in sub-Saharan Africa to tap into rapid economic expansion and growing consumer spending on the continent. The purchase is the fourth through Ethos' R7.9bn ($682m) Fund VI.
Ethos will take up the stake held by RMB Corvest, the private equity arm of Rand Merchant Bank and Zico Capital, which they jointly acquired in 2010.
AutoZone has 151 wholly-owned retail and wholesale outlets, and nearly 40 franchises in five southern Africa countries.
Under the deal, Ethos, Autozone's senior management and black empowerment investors will own 100% of the company, the private equity firm said, without giving a more details.