Johannesburg-based investor Genevieve Sangudi, partners lead Alterra to 10 exits in 30 months

Johannesburg-based investor Genevieve Sangudi and five fellow managing partners at Alterra Capital Partners have led the Africa-focused private equity firm to 10 portfolio exits in just over 30 months, marking a steady run of realizations across its Africa-focused investments. The latest transaction is the sale of TiAuto Investments (Pty) Ltd to Tokyo-listed trading and investment group Marubeni Corporation, which operates in more than 120 countries.

Southern Africa retail auto expansion

TiAuto is among Southern Africa’s largest independent automotive retail and wholesale platforms, operating brands including Tiger Wheel & Tyre and Tyres & More. It runs more than 160 outlets across South Africa, Botswana, Zambia, Zimbabwe and Namibia, generating annual combined sales of R4.5 billion ($272 million). The deal adds to Marubeni’s growing exposure to African consumer and industrial businesses and reflects continued interest from global buyers in locally built, multi-country operators with established supply chains and retail networks.

Over more than a decade of partnership with Old Mutual Alternative Investments, Alterra Capital Partners worked alongside TiAuto’s management team to expand the business beyond its South African base. The company gradually broadened its footprint across Southern Africa while strengthening procurement, distribution and brand positioning, laying the groundwork for its eventual acquisition by a global investor. 

Consumer-focused portfolio drives realizations

For Alterra, the transaction represents another step in a series of exits that have tested private equity conditions across African markets over the past two years. The firm has focused on businesses serving consumer demand and essential services, with investments structured around operational improvements, regional expansion, and management support.

Sangudi said the latest deal underscores the firm’s approach to building businesses with long-term buyers in mind. “Ten exits in a little over two years reflects consistent work across our portfolio. TiAuto is a business we helped scale into a regional platform, and we are pleased to see it move into the hands of a global investor with plans to expand it further,” she said.

Eric Kump, a partner at Alterra, said the sale marks a continuation of the firm’s approach to building companies that can compete beyond their home markets. “TiAuto is a strong Southern African business, and this transaction reflects years of work by the management team and our partners. We are proud of what has been achieved together,” he said.

Senior executives drive portfolio expansion

Alterra Capital Partners was formed in 2020 following the spinout of The Carlyle Group’s Africa investment team and the combination with senior executives from Emerging Capital Partners. The firm is led by six managing partners, including Sangudi, Kump, Bruce Steen, Paul Maasdorp, Bryce Fort and Renschke Volschenk.

Collectively, the group brings more than 100 years of private equity experience and has deployed about $1.9 billion across 20 companies in Africa. Its focus remains on domestically driven businesses tied to consumer demand, financial services and essential goods, with an emphasis on long-term operational value rather than short-term market cycles.

Sangudi, who is based in Johannesburg, has nearly two decades of private equity experience across Africa. Before joining Alterra at its formation, she served as managing director at The Carlyle Group’s Sub-Saharan Africa fund, where she was involved from inception. She previously held senior roles at Emerging Capital Partners, where she established its Nigeria operations and worked on deals in financial services, energy and petrochemicals.