Treacle Venture Partners has bought 12% of IT solutions and distributor company Datacentrix from Sanlam for a consideration of R18 million.
Treacle is a private equity and venture capital fund which attracted an initial funding of R245 million. The main investors in the fund are Nedcor Limited and Nedcor Investment Bank.
Christoff Botha, a Treacle partner, will have a position on the Datacentrix board in a non-executive role.
Other changes to the board include Gary Morolo becoming executive chairman, while Gensec`s Natanya Kuper-Cohen steps in as a non-executive director, and Stewart Barker, CEO of Datacentrix subsidiary Commerce Centre, joins the board in an executive capacity.
Datacentrix grew its revenue for the year to February to R394 million from R248.4 million. Headline earnings stayed almost static at 11.3c per share, compared to 11c for the previous year.
When it released its financial year-end results, the group said it was poised to take advantage of the consolidation within the IT industry.
News of the Treacle deal did not move the Datacentrix share price, which has traded steadily at 90c since 14 May.
Related stories
Datacentrix 'poised for further growth`
Private equity firm to target technology and media
Share