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Actis, Ethos sell Alexander Forbes unit Guardrisk for $157m

4 Nov 2013

insurance contract formPrivate equity firms Actis and Ethos have agreed to sell Guardrisk, the specialist insurance unit of their financial services business Alexander Forbes, in a ZAR1.6bn ($157m) deal.

Actis and Ethos are currently in talks to float Alexander Forbes on the Johannesburg Stock Exchange next year, although Actis has previously said it preferred an outright sale. The firms bought Alexander Forbes in a take-private deal in 2007.

Actis head of Africa John van Wyk told Bloomberg last month, “Our preference in most instances is a strategic sale.

“This usually translates into a better understanding of value and better pricing on a sale.

A month earlier Alexander Forbes CEO Edward Kieswetter said the company was planning to go public after June 2014 to enable its private equity shareholders to exit their investment.

He said, “I am following a board mandate to prepare for an IPO which has the backing of the whole board including Actis and Ethos.”

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