VENTURES: Lizard In The Bag
Recent Western Cape Business News
WHILE retailing is Holdsport’s main focus, the company has taken the rather curious step of buying control of a Cape Town-based apparel manufacturer called First Ascent.
While most companies would desist from entering the very competitive local apparel manufacturing segment, First Ascent is a specialist business that has focussed on on technical outdoor apparel and sleeping bags for 17 years.
Most readers would recognise First Ascent from the ‘lizard logo’ running and cycling jackets and shirts that are seen in abundance at numerous sporting and outdoor get-togethers in the Cape winter.
So enamoured is Holdsport with this business that the company stretched its stake to 95% in 2010 and then acquired the remaining 5% stake this year.
First Ascent appears to be reassuringly profitable with Holdsport’s pre-listing statement noting that debt of R140 million had been re-paid from cash generated from operations.
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