RMB Ventures Acquires MoreCorp as Old Mutual Private Equity Exits After a Decade

JOHANNESBURG — Private equity firm RMB Ventures, an investment subsidiary of FirstRand's Rand Merchant Bank, has agreed to acquire South African sports, leisure, and lifestyle group MoreCorp from Old Mutual Private Equity (OMPE).

While the financial terms of the transaction were undisclosed, the deal marks a full exit for Old Mutual Private Equity after a ten-year holding period. The transaction remains subject to customary regulatory and competition approvals.

Ten-Year Expansion and Buy-and-Build Strategy

Old Mutual Private Equity originally acquired a controlling interest in MoreCorp in 2015, partnering with founder Darryl Egdes and the executive management team. Over the subsequent decade, MoreCorp expanded its presence across Southern Africa's golf and cycling sectors, tripling its annual turnover through organic growth and strategic acquisitions.

Under OMPE’s tenure, MoreCorp executed multiple bolt-on transactions, acquiring sports commercialisation agency SAIL, digital scoring and media firms InfoMasters and ScoreCapture, and course retail operator Global Golf Retail to strengthen its flagship brand, The Pro Shop. The group also launched tech-enabled experiential concepts including GolfTEC and HotShots, while expanding its Cycle Lab retail footprint and e-commerce capabilities.

Secondary Private Equity Realisation and Growth Capital

The acquisition by RMB Ventures is structured around full operational continuity, with MoreCorp’s existing executive leadership team reinvesting alongside new incoming executives to retain a significant equity stake. RMB Ventures plans to support the business's next expansion phase across outdoor recreation, sports technology, and direct-to-consumer services.

Financial advisors on the exit included Rothschild & Co as sole transaction advisor to Old Mutual Private Equity and MoreCorp, with Cliffe Dekker Hofmeyr (CDH) serving as legal counsel. The secondary buyout highlights a maturing African private equity landscape, characterized by institutional asset handovers between established regional private equity managers.

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