Aureos Capital's $50 million Aureos Southern African Fund (Asaf) has acquired a 30.4% equity stake in Sandbox Holdings.
According to Ron den Besten, managing partner of Asaf, Sandbox was chosen because it fitted the company's investment criteria, as Asaf chooses companies in southern Africa with a track record.
A portion of the deal, 20.4%, has been structured to enable Sandbox to fulfil certain black empowerment requirements, he says.
According to Sandbox CEO Paul Wootten, the addition of Aureos to the shareholder base brings international experience and empowerment equity participation.
Asaf liked Sandbox's business model and the fact that it supplied Microsoft ERP services, says Den Besten. "It is particularly suitable for the African market, especially for SMEs," he concludes.
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