Industry Newsroom

Old Mutual to Acquire Majority Stake in Footgear

Old Mutual Private Equity (OMPE), a division of Africa-focused asset manager Old Mutual Alternative Investments, has agreed to acquire a majority stake in South Africa-based shoe retailer Footgear. Founded in 2001, Footgear sells its branded footwear in 63 stores across South Africa. The investment will provide Footgear with strategic support, as well as expansion capital. Financial details of the transaction, which is subject to approval from the Competition Commission of South Africa, were not disclosed.