South African building materials retailer Iliad Africa has brought in an equity partner and acquired three operations as part of its expansion strategy.
The Women Private Equity Fund consortium has taken a 10% stake in Iliad by purchasing about four million shares for R26.9m, with options to buy a further 12 million A shares.
Iliad has bought two stores – Home & Garden and Timland – in Eastern Cape in order to expand along the east coast. It has also acquired wholesaler Amalgum.
