Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
Old Mutual Private Equity (OMPE), part of Old Mutual Alternative Investments, has agreed to sell its stake in South African sports and leisure group MoreCorp to RMB Ventures.
RMB Ventures is a prominent South African mid-market private equity and debt investor founded in 1995 and headquartered in Johannesburg
The sale ends a 10-year investment during which MoreCorp’s turnover tripled. The financial terms were not disclosed, and the deal still needs the usual regulatory approvals.
OMPE purchased a majority stake in MoreCorp in 2015, teaming up with founder Darryl Egdes and his management team. They chose to invest in the company because of its strong presence in golf and cycling retail, as well as the potential for more people to embrace these sports as part of their daily lives.
“When we invested in MoreCorp in 2015, we saw a strong entrepreneurial business with leading positions in attractive specialist markets. MoreCorp has since evolved from a collection of strong specialist retail businesses into a broader sports and leisure platform. Over the past decade, the group’s turnover has tripled. As we exit, the business has greater scale, a stronger institutional foundation and several avenues through which it can continue to grow,” said Chumani Kula, Co-Head of Old Mutual Private Equity.
Old Mutual Alternative Investments (OMAI) is an asset manager in Africa that focuses on private equity, impact investing, and infrastructure funds. Founded in South Africa in 2000, it is part of the Old Mutual group, which was established in 1845.
During OMPE’s ownership, MoreCorp grew organically and through acquisitions. These included SAIL, which gave the group exposure to sports commercialisation, InfoMasters and ScoreCapture, which added digital capabilities, and Global Golf Retail, which put The Pro Shop in outlets at golf courses. The group also built new concepts such as HotShots and GolfTEC.
“The past ten years have been transformational for MoreCorp. Our partnership with OMPE gave us the support and capital to invest with a longer-term perspective, build out our cycling platform, pursue strategic acquisitions and strengthen the systems and governance required for a business of our scale. Most importantly, we were able to do that while retaining the entrepreneurial culture that has always been central to MoreCorp,” said Darryl Egdes, CEO and founder of MoreCorp.
MoreCorp works across golf, cycling, sports commercialisation, e-commerce and leisure services.
The company operates in two main areas: golf and cycling. In the golf sector, it features The Pro Shop, which includes 11 retail Superstores and 29 on-course stores, along with the online platform PlayMoreGolf that provides access to over 100 golf courses across South Africa.
“We have built a much larger and more diversified business, and we continue to see considerable opportunity across the markets in which we operate. We look forward to working with RMB Ventures,” added Darryl Egdes.
In the cycling division, Cycle Lab stands out with 10 Superstores and the Cycle Lab Skills and Adventure Park in Johannesburg, offering a national cycling membership, events, and access to bike parks.
Both the golf and cycling communities are enhanced by the MyGolfLife and MyCycleLife rewards programs. Additionally, the company has Flook Sport & Travel, which specializes in sports and leisure travel packages, apparel, and accessories.
“More than ever, people seek outdoor experiences. Whether it’s a round of golf, a weekend mountain bike trail with friends, or the atmosphere of a live concert, these experiences matter. This is precisely what makes MoreCorp an attractive value proposition for RMB Ventures. It is a business built around delivering these experiences and making them more accessible and affordable for a broader range of consumers. This partnership is also anchored by a reinvestment by all existing management and is bolstered by fresh investment from a significant group of new executives,” said Andrew Aitken, Senior Partner at RMB Ventures.
