Investec-funded deal helps Sithega enter insurance sector
Investec Institutional Finance provided senior and mezzanine funding to support Sithega in acquiring 62% of Legal Expenses Group Africa Ltd with Hollard, South Africa’s largest privately-owned insurer, retaining the remaining 38% stake.
This transaction enables Sithega to realise its strategic ambition to enter the local insurance sector while meeting Hollard's mandate to encourage greater participation from black entrepreneurs as owners in South Africa’s financial services sector.
Sithega a black-owned and black-run investment management company, established in 2018 with a specific focus on creating and owning financial services companies. The LEGA deal marks the next step in Sithega's growth strategy aimed at building a financial services business that spans life and short-term insurance and asset management.