Two US based investment firms, TPG Growth and Evolution Media, have acquired a majority stake in South African based entertainment company, .
TPG Growth is the middle market and growth equity investment arm of private equity giant TPG while Evolution Media is the investment and advisory services firm created by Creative Artists Agency and TPG.
“By partnering with TPG Growth, a global investor known for its ability to grow and scale businesses, we are well-positioned to build on our success and accelerate our transformation into the leading global afro-urban digital entertainment group,” said Olivier Laouchez, co-founder, chairman and CEO of TRACE.
TRACE has created a massive media empire in sub-Saharan Africa with over 200 million viewers and listeners across 160 countries. The company owns and operates 30 digital and mobile services, 21 pay TV channels and seven FM radio stations.
Through more than 400 concerts, web simulcasts and talent search competitions, the company’s programming reaches viewers on the continent and throughout the world.
As part of the transaction, Millennium Technology Group, which had previously owned the company, will be selling its stake — subject to regulatory approval.
With this investment, this would another show of TPG’s commitment to investing in Africa. TPG has already, through its growth fund, made five investments across Africa. They include Gro Intelligence, a global agricultural data business; Frontier Car Group, which manages Cars45.com; and Ecoles Yassamine, a private school network in Morocco.
