Equity Partners Scroll

Building successful, long-term partnerships
alongside visionary founders and
dynamic management teams

Partner with the Westbrooke Equity Partners Advantage.

about westbrooke equity partners

A subsidiary of the Westbrooke Group, Westbrooke Equity Partners builds platform investments with significant investment-led growth potential, by acquiring controlling stakes in lower mid-market businesses within the consumer, commercial value-add import and distribution, light manufacturing / processing and business service sectors in South Africa and the UK.

In addition, through the Westbrooke Alternative Asset Management UK Private Equity platform, we have the ability to invest in businesses where we will not be the controlling shareholder or lead sponsor, or where the investment does not support the building of a platform asset.

Why Westbrooke Equity Partners?

proven, multi-decade track record of building successful partnerships
our heritage as an owner and operator of assets allows us to see risk and growth potential differently
deeply skilled and experienced investment team who move quickly and are comfortable dealing with complexity
active management approach, adding value through our substantial investment, strategic, operational and capital markets experience
we invest materially alongside management and clients, ensuring total alignment

This is the Westbrooke Equity Partners Advantage.

partner with the westbrooke equity partners advantage

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partnership

We embody a partnership-led, action-orientated, entrepreneurial and innovative culture, where our partners deal directly with the key decision makers. Bureaucracy and red tape are reduced to a minimum, allowing us to be agile and flexible. We expect our partners to have material financial investments in their businesses, aligning our interests and creating sustainable shared value for all stakeholders.

strategic expertise

We are experienced business builders and operators with a multi-decade track record.

We seek to play a key strategic role in our investments, whilst allowing our operating partners total operational autonomy.

We have deep industry and commercial expertise, enhanced by the financial resources to support organic and acquisitive growth. This has been key in building successful platforms.

We work with management to build an investment-led strategic plan and framework.

We have extensive and sophisticated capital markets experience.

We assist in corporatising investee businesses without suffocating them, allowing them to remain nimble and agile.

We work with our management partners to build a robust capital allocation framework, including investment in new products, geographies, digital systems and processes, marketing and brand, people and logistics support and infrastructure.

We have a track record of successfully partnering with management to transform good, privately owned businesses into industry-leading companies.

access to permanent capital

Unlike traditional third-party funded private equity managers, we are funded by permanent capital, invest for the long-term and do not have exit timing pressure. We are flexible in how to monetise and extract value from investments, although our intention is to own our investments for the long term.

We support our investments with follow-on capital for organic and acquisitive growth, including being a shareholder of reference for debt financing providers.

We prefer modest gearing, relying on growth in profitability and quality aspects of the business as well as cash generation to deliver our required returns.

Through the wider Westbrooke Group, we provide capital across the capital structure, including debt and mezzanine financing, to support our clients and deliver solutions that meet their needs.

our track record

Over our 19-year track record, Westbrooke has achieved an IRR in excess of 40% and a 10x multiple on capital invested on our private equity investments.

Westbrooke Equity Partners has made several strategic investments that have become established industry leaders in their respective markets, and which have generated substantial value for all stakeholders.

The Pool Team

The majority shareholding in The Pool Team, South Africa’s largest independent retailer and wholesaler of pool equipment, chemicals, and related products.

Tapestry

The formation and eventual sale of the Tapestry Group (a direct-to-consumer, vertically integrated designer, manufacturer and omnichannel cash retailer servicing customers’ sleeping and living needs) to the JSE-listed The Foschini Group. Over 18 years, Westbrooke Equity Partners built Tapestry into South Africa’s leading independent home group through the strategic acquisitions and amalgamation of Coricraft, Dial-a-Bed, The Bed Store and Volpes, along with their respective manufacturing facilities.

Tesca Reco

The sale of TecsaReco to Swedish-listed Beijer Ref AB, a leading global refrigeration wholesaler. WEP built the TecsaReco group through the acquisition of a number of refrigeration and HVAC businesses over a seven-year period.

Hawco Limited

Co-investment managed on behalf of Westbrooke Alternative Asset Management UK of Hawco Limited, a specialist supplier of components for commercial refrigeration, air-conditioning, vending and industrial markets.

Freshcut Foods

Co-investment in Freshcut Foods, the UK’s leading value-added supplier of plant-based ingredient solutions, supplying over 330 SKUs to more than 40 blue chip customers across the foodservice and food manufacturing sectors managed on behalf of Westbrooke Alternative Asset Management UK.

Horizon Parking

Co-investment managed on behalf of Westbrooke Alternative Asset Management UK of Horizon Parking, a UK based manager of over 2,500 car parks to clients in the leisure, residential, education, transport, healthcare and retail sectors.

Forge Industrial

The sale of Forge Industrial to the JSE-listed Invicta Holdings Limited. Forge was an importer and distributer of leading branded and own brand industrial and engineering products to the commercial, consumer, industrial and mining sectors.

Together, we identify and implement long-term investment-led growth strategies that generate material shared value for all stakeholders, including shareholders and management, across multiple business cycles.

our investment requirements

Investee businesses must operate structurally advantaged business models, delivering high returns on assets and strong cash flow and often operate in niche, fragmented industries where we are able to drive market consolidation, enhance competitive advantages and increase barriers to entry.

We invest in businesses
with specific attributes
which fit within our
experience and expertise
and where we acquire
majority stakes.
We are active
operational partners,
driving success through an
investment-led growth
strategy
We have a track record of
building great businesses

- EBITDA of at least R25m / £1m
- Structurally advantaged business model driving strong free cash flows
  - High cash return on assets managed
  - Low capital intensity (capex and net working capital cycle)
  - High gross profit margins, low costs and high EBITDA margins (or the ability to get there within our control)
- Ability to grow revenue organically and through bolt on acquisitions at GDP plus inflation x 2
- Likely to operate in a fragmented niche sector in the consumer (B2C) or commercial space (B2B – value add import and distribution / light manufacturing) that can be built into a platform via bolt-on and adjacent acquisitions
- A strong management team which can, where required, be enhanced by new management
- Largely with predictable and / or recurring revenue streams selling relatively essential items to the customer
- Will generally have financial metrics or characteristics that are better than industry average and which are relatively unknown within the industry
- Platforms that can grow across geographies (nationally / internationally)
- An ability for us to add strategic value, through an investment led growth strategy
While management remain responsible for the day-to-day running of the business, we act as a strategic partner to assist the management team to achieve their strategic growth plans, including:
- Strategic planning and support
- Provision of permanent equity and a long-term investment mindset
- Systematic consolidation via bolt-on acquisitions consolidating the industry (key is to systemise the investing and acquisition process)
- Horizontal / adjacent acquisitions
- Investment in the moat of the business
- Vertical integration via organic growth or acquisitions
- Investment in people
- Channel and geographic expansion
- Product and category extension
- Brand and marketing investment and investment in customer data and systems
- Digitisation
- Investment into modern physical infrastructure
- Increase sources of ‘interest-free’ funding
- Introduction of key management as required and succession planning
Although we are permanent capital and invest for the long term, when we have exited, we have always exited to the largest or second largest trade player in the market (local and international), illustrating:
- Our investments transitioning from good private businesses to dominant players in their niche
- Value creation for all stakeholders
- Consistent value creation over a long-term investment horizon

We invest in businesses with specific attributes which fit within our experience and expertise and where we acquire majority stakes.

EBITDA of at least R25m / £1m
Structurally advantaged business model driving strong free cash flows
- High cash return on assets managed
- Low capital intensity (capex and net working capital cycle)
- High gross profit margins, low costs and high EBITDA margins (or the ability to get there within our control)
Ability to grow revenue organically and through bolt on acquisitions at GDP plus inflation x 2
Likely to operate in a fragmented niche sector in the consumer (B2C) or commercial space (B2B – value add import and distribution / light manufacturing) that can be built into a platform via bolt-on and adjacent acquisitions
A strong management team which can, where required, be enhanced by new management
Largely with predictable and / or recurring revenue streams selling relatively essential items to the customer
Will generally have financial metrics or characteristics that are better than industry average and which are relatively unknown within the industry
Platforms that can grow across geographies (nationally / internationally)
An ability for us to add strategic value, through an investment led growth strategy

We are active operational partners, driving success through an investment-led growth strategy

While management remain responsible for the day-to-day running of the business, we act as a strategic partner to assist the management team to achieve their strategic growth plans, including:

Strategic planning and support
Provision of permanent equity and a long-term investment mindset
Systematic consolidation via bolt-on acquisitions consolidating the industry (key is to systemise the investing and acquisition process)
Horizontal / adjacent acquisitions
Investment in the moat of the business
Vertical integration via organic growth or acquisitions
Investment in people
Channel and geographic expansion
Product and category extension
Brand and marketing investment and investment in customer data and systems
Digitisation
Investment into modern physical infrastructure
Increase sources of ‘interest-free’ funding
Introduction of key management as required and succession planning

We have a track record of building great businesses

Although we are permanent capital and invest for the long term, when we have exited, we have always exited to the largest or second largest trade player in the market (local and international), illustrating:

Our investments transitioning from good private businesses to dominant players in their niche
Value creation for all stakeholders
Consistent value creation over a long-term investment horizon

our team

Robert Grieve
Duncan le Grange
Martin Sacks
Lawrence Barnett

Rob is the head of Westbrooke Private Equity UK and is based at Westbrooke’s office in London. Before joining Westbrooke, Rob was a partner at RMB Corvest.Rob also has extensive investment banking experience having previously worked at Macquarie Capital and Investec Bank.
Duncan is the head of Westbrooke Private Equity South Africa and is based at Westbrooke’s office in Johannesburg. Duncan joined Westbrooke in 2006 and has extensive experience in acquiring, building and managing private companies across a range of industries.
Martin is the Executive Chairman and co-founder of the Westbrooke Group and is also Chairman and Non-Executive Director of Westbrooke’s subsidiaries and associates. Prior to founding the Westbrooke Group in 2004, Martin co-founded and led a number of businesses.
Lawrence is the Managing Director of the Westbrooke Group which includes its principal and asset management activities. Prior to joining Westbrooke, Lawrence was at Investec where he ran multiple businesses including Private Capital and the Principal Investments divisions. He holds a BCom from University of Witwatersrand, BCom Hons from University of South Africa and is an alumnus of the Harvard Business School.