Old Mutual Private Equity (OMPE), part of Old Mutual Alternative Investments, has signed an agreement to exit Medhold, a leading supplier of world-class medical devices in Southern Africa, from OMPE Fund IV’s portfolio, to Sanlam Private Equity - the private equity division of Sanlam Investments. The transaction is subject to customary regulatory approvals, with completion expected in the fourth quarter of 2025.

Since OMPE’s initial investment in Medhold in 2018, the company’s earnings have grown by 2.6 times, highlighting the quality of Medhold’s management team and its ability to successfully execute the agreed strategic vision of building a world-class medical devices business in Southern Africa. Medhold’s product portfolio significantly expanded under OMPE's stewardship, particularly through strategic bolt-on acquisitions, reinforcing Medhold’s market-leading position in the provision of critical healthcare devices including anaesthetic delivery systems, orthopaedics, robotic assisted surgery, minimally invasive surgery, patient monitoring, cardiology, maternal infant care, infection control, surgical workspaces and electro-surgical equipment. 

OMPE recognises that Africa faces one of the most compelling healthcare opportunities globally. With the continent’s healthcare sector poised for strong growth driven by demographic trends, rising urbanisation and an increasing demand for quality healthcare services, the critical role of investment in healthcare infrastructure, medical technology and skilled expertise has never been clearer. Strategic investments in businesses such as Medhold are essential to addressing Africa's healthcare challenges and ensuring sustainable, high-quality medical care.

"Medhold has been an exemplary investment, showcasing our ability to identify leading businesses that can act as cornerstone assets to buy and build upon, to effect growth within essential industries in South Africa, whilst partnering with strong management teams," says Chumani Kula, Co-Head of Old Mutual Private Equity. 

“Our goal was always to significantly scale Medhold’s impressive customer offering and position the business as the pre-eminent medical devices player across Southern Africa. We enjoyed a strong partnership with a very high-quality management team and we are pleased to leave the company in a formidable position, primed for continued growth. We wish the CEO Matthew Stephens and the broader management team continued success in this next chapter, in partnership with Sanlam Private Equity."

Under OMPE’s ownership, Medhold has grown its workforce and achieved significant milestones in gender equality and transformation, with women comprising an increasing percentage of the workforce and holding more managerial roles. Medhold has notably invested in the YES4YOUTH programme, addressing South Africa’s significant youth unemployment challenge by annually sponsoring young adults with vital training and employment opportunities. Moreover, Medhold’s outreach initiatives extend support to state hospitals, thereby directly contributing to enhanced healthcare access for under-served communities.

Matthew Stephens, CEO of Medhold, adds: "We have had the privilege of partnering with the OMPE team since July 2018. Their exceptional ability to quickly assimilate and evaluate strategic information in a dynamic, fast-paced industry has been instrumental to our sustained growth. Looking forward, we welcome the opportunity to work with the equally talented team from Sanlam Private Equity."

Paul Moeketsi, Managing Partner at Sanlam Private Equity, the private equity division of Sanlam Investments, says: “This partnership supports a healthier future for all South Africans. Medhold’s legacy of innovation aligns with our strategy to back market-leading businesses with strong growth potential. With the urgent need for healthcare investment in the country, we are excited to partner with Medhold’s exceptional team to expand access to world-class medical technology across critical sectors of the economy.”  

Strategic collaborations, such as OMPE’s investment in Medhold, underscore the transformative potential of targeted private equity partnerships. OMPE's stewardship and successful exit of the business demonstrates its capability to deliver both robust financial performance and meaningful social impact, reinforcing its role as a leading contributor to Africa's healthcare transformation.

OMPE and Medhold were supported by Rand Merchant Bank (A division of FirstRand Bank Limited) and Cliffe Dekker Hofmeyr Inc., who acted as sole financial and legal advisers, respectively. Edward Nathan Sonnenbergs Inc. acted as sole legal adviser to Sanlam Private Equity.