RMB Corvest assists client growth

RMB Corvest, alongside existing shareholders, will be exiting Plush Professional Leather Care Proprietary Limited ('Plush') while ensuring continued growth for the business. RMB Corvest has routinely achieved considerable returns by establishing mutually beneficial long-term partnerships in businesses with proven track records.

Plush specialises in superior quality suede, leather and home care products. The business has been operating since 1966 and has a growing export profile across the SADC region.  The current transaction will see Adcock Ingram Healthcare Proprietary Limited acquire 100% of the business. “We believe that Adcock Ingram will be a fantastic custodian of Plush, its brand, employees and reputation,” says Rob Grieve, executive: RMB Corvest. “Under Adcock Ingram’s leadership we believe Plush will continue to show good growth and retain its quality product offering.”

RMB Corvest is a preferred PE partner, with an emphasis on establishing long-term partnerships. Originally investing in Plush in 2001, and subsequently in 2010, a new management team was introduced to the business, who then invested alongside RMB Corvest to recapitalise the business.  This skilled management team is of significance: they have been instrumental in the exponential growth of the business.  

Steve de Villiers, CEO: Plush says that the transaction will ensure continued services and offerings to customers. “With new opportunities opening up, particularly in the SADC region, the company is well-positioned to capitalise on these opportunities,” notes de Villiers.

 “As a specialist PE player, we understand the complexities of identifying and acquiring attractive small to medium businesses, facilitating adept management teams to acquire equity alongside us, and then supporting management in growing the business to the next level,” says Grieve “Two decades after our initial investment, the exit of RMB Corvest allows for the business to continue to thrive, whilst realising a significant return for RMB Corvest. To this end, we thank the management team, in particular Steve and Heidi de Villiers and Vere Elliott, for a fantastic partnership.”