Ethos promotes MacKenzie to CEO

Stuart MacKenzie (pictured), who joined Ethos 15 years ago, will replace founding partner and CEO André Roux at the end of 2013.

Ethos Private Equity has named Stuart MacKenzie, a partner at the firm since 2002, as its next chief executive officer. MacKenzie will replace André Roux, who will transition to the role of deputy chairman at the end of this year, according to a statement.

Roux, who has acted as CEO of Ethos since its founding in 1984, will become chairman of the firm’s investment committee in January 2014. Prior to founding Ethos, Roux was chief executive of FirstCorp Capital Investors Limited and FirstCorp Merchant Bank. 

“This succession has been planned for some time”, Ethos chairman Peter Mageza said in the statement.

Roux, Ethos founding partner

MacKenzie joined Ethos in 1998 and has served on the firm’s executive committee since 2009. 

Ethos focuses on acquiring control stakes in companies in South Africa and selectively in sub-Saharan Africa. Its most recent vehicle, Fund VI, exceeded its $750 million target and closed on $805 million, roughly 30 percent larger than its Fund V. About 60 percent of the fund’s investors also invested in Fund V. About 40 percent of the capital came from local investors. 

Ethos has made two investments from the fund, including corporate clothing and promotional products company Kevro. The firm focuses on a variety of sectors, but does not invest in the deep mining and mineral exploration industry, gambling enterprises and start-ups, according to its website. 

Ethos has raised more than R16 billion ($1.9 billion, €1.4 billion) since 1992.