Christoff Botha

Treacle is an active manager which invests in mid-market private and small-cap listed companies in a range of sectors including export and manufacturing, information technology and communications. They are also interested in underrated businesses or businesses operating in out-of-favor industries and invest opportunistically in development-stage companies with compelling growth prospects. They do not invest in resource mining, real estate or primary agriculture. Their geographic focus is on Southern Africa. The firm seeks to invest in: mature MBO companies with a turnover of ZAR 0.1-1 billion, a strong management team, predictable cash flows and assets to leverage against; growth, expansion and acquisition finance companies with turnover of ZAR 50-500 million, strong brands, franchises or market share and exceptional growth prospects; recapitalizations and restructuring of distressed companies with turnover of ZAR 50-500 million and an existing client base in a stable market or industry; and in emerging companies with international scalability, high barriers to entry, a clear business model and realistic value expectations. In shareholder replacement and BEE transactions, Treacle aims to invest in companies with sales of ZAR 50-500 million, strong brands/franchises/market share and a clear plan to achieve and sustain market leadership. They partner with investee management, providing strategic marketing input, business guidance, financial and structuring advice, access to their business network and assistance with employment equity implementation. They plan to exit investments in seven to nine years by way of trade sales, management buybacks or IPOs.

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