“You’ve built a great business. Now what?” – Standard Bank Corporate Finance Advisory shares key considerations for business leaders
Lessons from Twizza’s landmark sale and what every business leader must consider next
By Raven Moodley, Head of Advisory, Corporate Finance Advisory, Business & Commercial Banking, Standard Bank South Africa
If building a successful business is a marathon, then we can say that exiting one is a masterclass. For entrepreneurs across South Africa, the recent sale of Twizza (the proudly local beverage manufacturer founded in Queenstown in 2003) to The Beverage Company, a wholly‑owned subsidiary of India‑based Varun Beverages Limited, marks far more than a high‑profile transaction. It’s a reminder of something most business owners don’t think about early enough: your growth strategy is only complete when you’ve planned what happens next.
Twizza’s story, its timing, and the strategic nature of the sale highlight a powerful truth. That succession is a strategic milestone, and not necessarily the end of the road. And if approached correctly, it can unlock the greatest value a founder will ever capture. So, what can South African business leaders learn from one of the most significant fast‑moving consumer goods (FMCG) transactions in recent history? And what should founders be thinking about before they reach the point of exit?
Let’s break it down.
1. Growth doesn’t just happen, it’s engineered
Twizza didn’t land on the radar of one of the world’s largest PepsiCo bottlers by accident. Over two decades, founder Ken Clark built Twizza on a simple but compelling ambition: affordable, great‑tasting beverages for everyday South Africans, especially in underserved markets. That clarity of purpose powered its rise from a single facility in Queenstown to a tri‑plant manufacturing footprint with distribution capabilities spanning multiple provinces. Even more importantly, Twizza expanded into value‑adding revenue streams, such as contract manufacturing, packing, and distribution, making the business more resilient, more diversified, and far more attractive to strategic investors.
The lesson?
Scale is not the only indicator of exit readiness. Shape matters. Businesses that grow intentionally, across capabilities, geographic reach, and revenue channels, attract the right buyers at the right price.
2. Timing is everything (And timing is a strategy)
As the Standard Bank Corporate Finance Advisory team, we supported Twizza’s founding shareholders with insights, positioning, and a competitive process that maximised value. The transaction took place during a period of:
- High company performance
- Favourable market dynamics
- Consolidation activity in the FMCG sector
- Rising interest from both local and global bidders
When these factors align, shareholder value can multiply. But here’s the part many founders underestimate: perfect timing is rarely accidental. It’s designed through:
- Disciplined financial performance
- Strategic investment
- Operational readiness
- Good governance and reporting
- A forward‑looking view of industry trends
As I often tell clients: “Exits aren’t triggered by fatigue. They’re triggered by opportunity.”
If you’re waiting until there’s a need to exit, you’re probably too to take advantage of factors that can maximise value.
3. Succession planning starts long before you need it
Many entrepreneurs spend years obsessing over growth and very little time preparing for succession. Yet succession is not the final chapter, it’s a continuation of your legacy. In Twizza’s case, the acquisition by Varun Beverages represents the next stage in a long‑term growth journey. The business now enters a global network with:
- PepsiCo‑aligned capabilities
- Access to international expertise
- Expanded distribution
- Deep capital resources
- A scalable operating environment across Africa and Asia
Succession, done well, doesn’t diminish a founder’s legacy. It amplifies it. And yet, many business owners avoid the conversation, often because succession feels emotional:
- “Who will run what I’ve built?”
- “Will they honour my values?”
- “What happens to my people?”
Those questions are valid, but they’re also strategic.
It’s why the best exits aren’t spontaneous. They’re planned over years, with clear documentation, leadership development, good financial hygiene, and alignment among shareholders.
4. South Africa remains a high‑potential market (especially affordable segments)
One of the more overlooked insights from the Twizza transaction is what it signals about South Africa’s consumer market. International players continue to invest in scalable local businesses, especially those serving the affordable mass market (the segment that never stops moving). Standard Bank’s Township Informal Economy Report (October 2025) highlighted the resilience, scale and economic significance of township and informal markets. Twizza built relevance in exactly this space, and global investors took notice.
The takeaway for entrepreneurs?
If your business is:
- Solving real needs
- Reaching mass‑market consumers
- Priced accessibly
- Operationally efficient
- Able to scale
…you’re not just in a strong position; you’re in a globally attractive position.
5. The value of a competitive process cannot be overstated
One of the biggest mistakes founders make is assuming that when an investor knocks, it must be the right offer.
Wrong.
The difference between a good outcome and a premium outcome lies in competitive tension. At Standard Bank, our Corporate Finance Advisory team ran a carefully structured, competitive process for the Twizza transaction. That process:
- Positioned the company for strategic rather than financial buyers
- Tested appetite across local and international players
- Allowed bidders to sharpen their pencils
- Protected shareholder interests
- Secured value beyond expectation
A deal isn’t just about price. It’s about fit, future potential, earn‑out protection, employees, capital structure, culture, and long‑term alignment. Only a deliberate process uncovers all of that.
6. The future doesn’t favour the unprepared
Whether you plan to exit in 2 years or 20, succession conversations should begin now.
Here’s what business leaders should be putting in place today:
- Reliable financial reporting
- Investors pay more when reporting is accurate, consistent, and transparent.
- Documented processes
- If the business only works when you're present, it’s not ready.
- A credible leadership bench
- Investors look for continuity beyond the founder.
- Diversified revenue
- Single‑product or single‑customer dependence limits value.
- Governance maturity
- Boards, audits, controls, and compliance decrease transaction risk.
- A clear strategic narrative
- Investors buy potential, not just performance.
Think of an advisor not as someone who “sells your business”, but as someone who “helps you prepare the future”.
7. Your business may be ready for its next stage even if you aren’t
Founders often underestimate what their businesses are worth and overestimate how long they’ll want to operate them. The truth? Sometimes the market is ready before you are. And when that time comes, you’ll want to be prepared, positioned, and represented by people who understand African businesses and global investor appetite. That’s where Standard Bank continues to play a critical role: connecting African enterprises with the world, enabling access, and supporting entrepreneurs from start‑up to succession.
Twizza’s sale is not just a headline. It’s a blueprint. A blueprint for founders who want their businesses to outlive them, grow beyond them, and deliver value (not only to shareholders, but to employees, communities, and consumers). And remember, succession is not the end of the entrepreneurial journey. It’s the moment your vision becomes bigger than you. And when timed well, structured well, and executed with the right support, it can become the most powerful chapter of your legacy.