Old Mutual Private Equity (OMPE), part of Old Mutual Alternative Investments, has agreed to sell its stake in South African sports and leisure group MoreCorp to RMB Ventures, ending a ten-year investment during which the company's turnover tripled.

OMPE acquired a majority stake in MoreCorp in 2015, partnering with founder and CEO Darryl Egdes and the management team to expand the business beyond its core golf and cycling retail operations.

Financial terms of the transaction were not disclosed. The sale remains subject to customary regulatory approvals.

During OMPE's ownership, MoreCorp expanded through organic growth and acquisitions, developing a broader portfolio spanning sports retail, leisure services, e-commerce and sports commercialisation.

Acquisitions included SAIL, which expanded the group's sports commercialisation activities, InfoMasters and ScoreCapture, which strengthened its digital capabilities, and Global Golf Retail, which increased the presence of The Pro Shop at golf courses.

The company also developed new offerings, including HotShots and GolfTEC, while investing in its cycling platform and customer engagement services.

“When we invested in MoreCorp in 2015, we saw a strong entrepreneurial business with leading positions in attractive specialist markets and significant potential to scale in partnership with a high-quality management team,” said Chumani Kula, Co-Head of Old Mutual Private Equity.

“MoreCorp has since evolved from a collection of strong specialist retail businesses into a broader sports and leisure platform. Our role has been to support that evolution with capital, strategic input, and governance.”

MoreCorp's golf operations now include The Pro Shop, which operates 11 retail superstores and 29 on-course stores, alongside World of Golf, Golf Villages and PlayMoreGolf, a membership platform providing access to more than 100 golf courses across South Africa.

Its cycling business includes Cycle Lab, which operates 10 company-owned superstores, as well as cycling parks, events, tours and membership services.

The group also operates digital engagement platforms MyGolfLife and MyCycleLife, while Flook Sport & Travel provides sports-related travel packages and leisure services.

Egdes said OMPE's investment had enabled MoreCorp to pursue acquisitions, develop its cycling operations and strengthen its internal systems and governance.

“Our partnership with OMPE gave us the support and capital to invest with a longer-term perspective, build out our cycling platform, pursue strategic acquisitions and strengthen the systems and governance required for a business of our scale,” he said.

The acquisition by RMB Ventures will include reinvestment from MoreCorp's existing management team, alongside fresh investment from a group of new executives.

Andrew Aitken, Senior Partner at RMB Ventures, said the firm sees opportunities to expand MoreCorp's customer-focused sports and leisure businesses.

“This is precisely what makes MoreCorp an attractive value proposition for RMB Ventures. It is a business built around delivering these experiences and making them more accessible and affordable for a broader range of consumers,” Aitken said.

Egdes said MoreCorp would continue pursuing growth opportunities across its existing markets under the new ownership structure.

“We have built a much larger and more diversified business, and we continue to see considerable opportunity across the markets in which we operate,” he said.

Rothschild & Co acted as transaction advisor to OMPE and MoreCorp, while Cliffe Dekker Hofmeyr served as legal advisor.