Ethos, a South African private equity investor, has acquired the Tissue and Corrugate divisions from Nampak for a total purchase price of around $14m (R1.575bn).

Shaun Zagnoev, Ethos partner, said the firm identified both investment opportunities in 2014 and actively pursued them given their confidence in the business fundamentals.

“Drawing on the expertise of our value-add team, led by Ethos partner Richard Fienberg, we believe we can bring something new to each business - something exciting - and catalyse meaningful growth,” he said.

Ethos announced its acquisition plans in November 2014.

All conditions precedent, including various de-merger and supply arrangements with Nampak and approval by the Competition authorities, have been met.

The divisions will become autonomous entities under Ethos’ control, proudly reflecting separate, new leadership and operating structures.

Furthermore, both businesses have been re-branded, and as of April will be called Neopak (corrugate) and TwinCare (tissue).

Ethos has also announced a number of strategic appointments at Neopak and TwinCare.

This is the first time that the Firm has actively introduced new management as part of an acquisition since 2006.

As such, Kevin Clayton joins Neopak as CEO from Kimberly-Clark, where he was the Vice President and MD for Middle East & Africa.

Brian Jacobs joins Neopak as CFO, having previously been the CFO of JSE-listed Metair.

Garth Towell joins TwinCare as the CEO; he was the immediate past MD of Kimberly-Clark Sub-Saharan Africa.

Joanne Gould (previously MD of Kimberly Clark Turkey) and Dion de Graaff (previously MD of Stanley Black & Decker Africa) have been appointed joint-COOs at TwinCare, focusing on business-to-consumer and business-to-business, respectively.

Zagnoev said: “These appointments are the first step in Ethos’ stated objective to revitalise these businesses, through enhanced investment in resources, leadership capacity and strategy. We are delighted to have attracted such seasoned professionals and believe we have the teams in place to deliver on our investment thesis to achieve the full potential of Neopak and TwinCare.”

Towell added: “TwinCare is about to commence an exciting journey of reinvigoration. Twinsaver is a legendary South African brand and forms the bedrock of the business. Together with Joanne, Dion and the broader team, we believe we can rapidly migrate TwinCare into a leading FMCG business. Ethos’ capital, strategic ambition and operational expertise will come to bear. Together, we intend to grow the brand, improve our customer experience and ultimately expand the product range.”

Furthermore, Clayton stated: “Neopak is a robust and reputable market leader in the corrugate packaging sector. I am excited about the opportunity to lead a talented and dedicated Neopak team which, together with Ethos, we believe will inject fresh thinking into driving innovation, customer orientation and manufacturing excellence. We are confident that, along with a clear growth and leadership development agenda, the Neopak team will deliver on our objective.”