STEELBOND

SteelBond (Pty) Ltd

Growth Capital Partners is pleased to announce that it concluded an investment into SteelBond (Pty) Ltd (“Steelbond”) effective 1 May 2022.

Established in 1962, Steelbond (previously Handy Shoe Dyes and Adhesives Manufacturing Company (Pty) Ltd) is a niche South African adhesives manufacturer and supplier. This family run business has been operating successfully for many decades and, with its extensive manufacturing abilities, has built a reputation as a low cost, high quality producer in its chosen markets. Over the past 15 years the business has focused on becoming a leading manufacturer of contact adhesives targeted at the footwear and footwear repair segment.

Growth Capital Partners provided the capital for the founding shareholders to exit from the business and through a combination of equity and mezzanine funding, structured a transaction alongside the key executives which resulted in the management team acquiring a meaningful equity stake.

We were in discussions with a few potential investors, but we knew from early on that Growth Capital Partners was the best fit for us; we were looking for more in a partner than just the capital contribution. We appreciated being able to work with Growth Capital Partners in devising a funding structure which could meet the requirements of the executive shareholders and the business.
Greg Námer, an Executive at SteelBond
We were very impressed by the strength of the brands, the quality of the products and their respective price points. We believe that there is significant potential to be unlocked and are pleased to partner with a highly motivated management team.
Scott Broadley, an Executive at Growth Capital Partners
I believe Growth Capital Partners are an excellent cultural fit for us and we are looking forward to leveraging their network to help us unlock the true potential of this business.
Gavin Toet, an Executive at SteelBond
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