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MEDIA RELEASE
7 MARCH 2022
RMB acts as financial adviser to TFG in strategic acquisition of Tapestry in fast-growing home furnishings sector
Rand Merchant Bank (RMB) has announced it is acting as financial adviser to The Foschini Group (TFG) in relation to its acquisition of the entire share capital of Tapestry Home Brands (Tapestry), a leading home furnishings group for a purchase consideration of R2.35 billion.
The acquisition of Tapestry with its easily scalable local manufacturing and distribution capabilities is aligned to TFG’s stated strategy of vertical integration in key product categories, and the continued development of its quick response local manufacturing capability. TFG’s strategy of onshoring manufacturing was recently lauded by President Ramaphosa in his 2022 State of the Nation Address.
In line with TFG’s strategy to expand its homeware/home furnishing footprint, this proudly South African acquisition will augment TFG’s current offering of @home services in the middle to upper segments with premium home textiles, kitchenware, decor and furniture.
The Tapestry group includes four well known furniture and bedding businesses, Coricraft, Dial-a-Bed, the bed store and Volpes. It was established in 2005 and has grown from 12 to c.175 stores across South Africa, Namibia and Botswana, with significant runway for further expansion.
“This R2.35 billion investment in our homeware and local manufacturing capability is strongly aligned to the government’s furniture Masterplan to grow employment, develop skills and reindustrialise our economy.” said Shani Naidoo, TFG Group Director for the Homeware Division.
Following the acquisition, TFG Home Division will have nine homeware consumer brands (@home, @homelivingspace, Jet Home, Coricraft, Volpes, Dial-a-Bed, the bed store, Granny Goose and Biggie Best), and four vertically integrated factories (mattresses, upholstered furniture, household textiles, duvets and pillows). TFG will also have an expanded distribution network and its own last-mile furniture delivery and assembly service.
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Contact:
Kate Kelly l RMB l kate.kelly@rmb.co.za
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