SCMB Capital Investments Division acquires 10% of Wetherlys

Standard Corporate and Merchant Bank’s leveraged and equity investment arm, Capital Investments Division (SCMB CID), has acquired a 10% equity holding in niche furniture retailer, Wetherlys, for R27.9 million.

Wetherlys directors, including Executive Directors and founders, Nicholas and Stephen Davies, will retain 42% of the company.

SCMB CID, which purchased 12 702 044 shares at 220 cents a share, will be appointing a non-executive director to the Wetherlys’ board.

This transaction follows SCMB CID’s successful leverage buy-out with existing management of Protea Chemicals (Pty) Limited in September this year.