News Release

Carlyle agrees to sell majority stake in Amrod to Oppenheimer Partners

24 November 2022 – Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell its majority stake in Amrod, a leading supplier of Branded Promotional Products in South Africa to Oppenheimer Partners Limited (“OP”). The financial details of the transaction were not disclosed.

Founded in 2000, Amrod has grown organically to become a leading trade only Branded Promotional Products suppliers in Sub-Saharan Africa. It offers a comprehensive range of quality products with strong brands and over 14,000 SKUs available at a range of price points, with a leading branding operation able to brand over 300,000 items daily, within 24-hour turnaround times. Its wraparound business services include a B2B e-commerce platform, sales & marketing, and logistics. The business employs over 1,400 staff and supplies its products across the continent through a network of 7,000+ active distributors. Amrod’s distributors, most of whom are small and medium-sized enterprises, span 14 African countries and are serviced through Amrod’s 5 South African branches and offices in Botswana, Namibia, Zambia, Kenya and Nigeria.

Carlyle invested in Amrod in 2016 through its Carlyle Sub-Saharan Africa Fund (“CSSAF”). In 2020, the CSSAF team formed a separate private equity firm, Alterra Capital Partners (“Alterra”), which continues to manage CSSAF’s investments including Amrod.

During the ownership period, the Alterra team worked closely with Amrod’s management to improve its operational performance, execute an M&A strategy, support its response to the Covid-19 pandemic, and expand into new markets including Kenya and Nigeria.

Genevieve Sangudi, Partner at Alterra, said: “It has been a pleasure working with Amit, Nimrod, Gabi, Wayne and the rest of the Amrod team on their exceptional growth journey. The business today is a true leader in the supply of Branded Promotional Products on the continent. We believe it is well-positioned for the future, and we wish the team every success in the next chapter of their journey.”

Jacob Hinson, Founding Partner at Oppenheimer Partners, said: “Amrod is a unique and differentiated business with a strong presence across Africa and values that resonate with OP. We were impressed by the management team and growth trajectory of the business, and we look forward to working with Amrod to build on its significant success to date.”

Amit Brill, co-CEO of Amrod, said: “I would like to thank Genevieve, Eric and the rest of the Alterra team for their unwavering support and strategic advice in recent years. I am incredibly proud of what everyone at Amrod has built over the last 22 years, and I believe that Amrod has great potential to continue its impressive growth trajectory. In Oppenheimer Partners, we have found the perfect long-term partner for this next stage of growth, and we look forward to working with the OP team on this new adventure.”

Rand Merchant Bank (a division of FirstRand Bank Limited) served as financial adviser to Alterra and Amrod. White & Case acted as legal adviser for Alterra and Amrod and Bowman Gilfillan acted as legal adviser for Oppenheimer Partners.


About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.

About Alterra

Alterra is an experienced pan-African private equity fund manager dedicated to investing in Africa. The Alterra team, operating out of offices in Johannesburg and Nairobi, have led over $1.0 billion of private equity investments into 23 companies across Africa. Alterra’s core focus sectors include business services, healthcare, technology and telecommunications.

About Oppenheimer Partners

Oppenheimer Partners is a global investment holding company with a focus on Africa and emerging markets. As a long-term investor, OP is uniquely positioned to deploy engaged capital that supports the growth stage of businesses. OP invests across the industrial, FMCG and services sectors and owns businesses in East, West and Southern Africa. OP has invested over $700 million since inception in 2016 and intends to continue to deploy significant capital across Africa and emerging markets.

Further information is available at

About Amrod

Amrod is a leading supplier of Promotional Products in the Southern Hemisphere with a Trade-Only policy, supplying over 7,000 distributors with a branded product Total Solution.




Nicholas Brown

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Gabi Bricker