Old Mutual has announced the sale of Medhold Group, a leading supplier of medical technologies, to Sanlam Private Equity, signalling a major shift within South Africa’s private equity landscape and broader continental healthcare sector. The transaction—subject to customary regulatory approvals—is expected to be finalised in the final quarter of 2025.
The move underscores a maturing phase in African private equity investment, particularly within healthcare, a sector increasingly recognised as pivotal to the continent’s sustainable development. Both Old Mutual and Sanlam stand among Africa’s most established financial institutions, each with diversified portfolios spanning insurance, asset management, and alternative investments.
Old Mutual Private Equity (OMPE), a division of Old Mutual Alternative Investments, has over twenty-five years of experience in identifying and nurturing growth enterprises within South Africa. Its portfolio includes leading firms such as Primedia, Tourvest, 10X Investments, Consol, and Holdsport. The acquisition of Medhold in 2018 marked OMPE’s entry into advanced healthcare technology, a sector that has since demonstrated strong returns and socio-economic value.
Since its acquisition by OMPE, Medhold has achieved earnings growth of approximately 2.6 times and expanded its portfolio to include cutting-edge innovations such as anaesthetic delivery systems, orthopaedics, robotic-assisted and minimally invasive surgical tools, as well as advanced ventilation and infection control systems. This growth has been supported by South Africa’s broader demographic and urbanisation trends, which continue to drive demand for modern, accessible healthcare services across the continent.
In a statement, Chumani Kula, Co-Head of Old Mutual Private Equity, described Medhold as “a testament to our strategy of identifying sector-leading businesses that not only deliver financial performance but also advance essential industries critical to Africa’s development.” Kula highlighted Medhold’s collaborative management culture and commitment to transformation, noting progress in workforce expansion, gender equality, and participation in youth employment initiatives such as the YES4YOUTH programme.
For Sanlam Private Equity, the acquisition aligns with its long-term strategy of fostering African-led innovation within key sectors of the economy. Paul Moeketsi, Managing Partner at Sanlam Private Equity, commented that “Medhold’s track record of excellence and its ethos of innovation make it an ideal partner for Sanlam’s growth strategy.” He added that the company intends to build upon Medhold’s strong foundation to enhance access to world-class medical technology across both public and private healthcare ecosystems.
The transaction illustrates a deepening sophistication in African capital markets, where local institutions increasingly finance transformative sectors rather than relying solely on external capital. It also reflects a shift in investment thinking—from extractive, short-term models to those that prioritise sustainable growth, local expertise, and inclusive development.
Medhold’s next growth phase under Sanlam Private Equity is expected to further integrate technology with social impact, creating scalable solutions for healthcare infrastructure across Africa. As both firms continue to invest in African innovation, the deal serves as a reminder that the continent’s most powerful growth stories are increasingly being written—and financed—by Africans themselves.
