By Agency Reporter   Thursday, 9 Sep 2010

 

Private equity investor, on Monday acquired the Vlisco Group, paying $151m for a 100 per cent control of the company.

 

A statement on Monday, signed by the Assistant Manager, Media, AfricapracticeR&B, Mr. Charles Urhoboghara, said that the company also appointed Mr. Hans Ouwendijk as the new chief executive officer of the Vlisco Group. The group is a 164-year-old business and leader in African fabrics.

 

Speaking on the acquisition, the Head, Actis West Africa, Ms. Ngozi Edozien was quoted as saying that the company would continue to ensure the quality of the brands while also reaching out to new clients.

 

She stated, “Actis appreciates that the Vlisco Group Fabrics are part of the image of a modern West Africa; confident, contemporary and proudly African. It is grounded in tradition but adapted to the needs of the modern consumer.”

 

In partnering with Vlisco Group, we are committed to upholding the quality of these great name brands whilst broadening their reach to new pan-African audiences.”

 

Source: the Punch