Carlyle, Old Mutual Agree to Swipe Tiger Automotive
December 01, 2014
The Carlyle Group and Old Mutual Private Equity have agreed to acquire Tiger Automotive (TiAuto) from Ethos Private Equity, a transaction expected to close in early 2015. Founded in 1967, TiAuto is a retail and wholesale distributor that focuses primarily on automotive tires and batteries, alloy wheels and other various automotive parts. The company is reportedly valued at R1.75 billion ($160 million), including debt. Carlyle's investment will come from its Sub-Saharan Africa Fund, which initially closed on $698 million in April (40% above its target). Ethos has backed TiAuto since 2008.