Private equity firm, Eos Capital will acquire The Mushara Collection through its Allegrow Fund, pending approvals from the Namibian Competition Commission (NaCC) and land waiver application with the Ministry of Lands and Resettlement.
Mushara is a high-quality tourism asset with locations near Etosha National Park and comprises of three main lodges, namely Mushara Lodge, Mushara Bush Camp and Mushara Outpost.
The Mushara Villa is part of the Mushara Lodge and is an exclusive offering at Mushara with only two exclusive villas available.
Mushara is owned by Marc Pampe and his wife, Mariza Pampe and Marc set to stay as Managing Director for a period of three years until a suitable successor is found.
“Tourism and its related activities are uniquely exposed to the COVID-19 pandemic and were among the hardest hit sectors in the Namibian economy in 2020 due to local and global travel restrictions. Whilst Mushara is no exception, it offers significant upside potential as tourism is expected to recover over the next 3 years. The asset will be sufficiently capitalised to sustain a resurgence or persistence of COVID-19 restrictions for another year and thus preventing further job losses for the already struggling Namibian economy,” the company said.
“We are confident of a strong recovery of the Namibian Tourism sector as we will be a preferred destination of choice for overseas tourists as the trend is shifting towards open and sparsely populated destinations. Eos is planning to expand and enhance Mushara’s excellent offerings, and we are excited to work with the highly competent team on the ground to take the asset to new heights.” said Ekkehard Friedrich, the Partner in charge of the transaction at Eos.
“We are grateful to have found a trusting partner in Eos Capital and look forward to building on the foundation we have laid over the past 23 years with them,” said Pampe.
Eos Capital is an established Namibian private equity fund manager, founded in 2015 and 100 percent Namibian-owned and manages the Allegrow Fund, Namibia Infrastructure Development and Investment Fund (NIDIF) and Euphrates Agri Fund.
The Allegrow Fund, in 2015 raised committed capital of N$ 460 million and has 8 portfolio investments to date, in the healthcare industry, consumer goods, general industrials and services, ranging from pharmaceutical manufacturing to education.
Eos recently completed its first acquisition through its NIDIF, a N$ 535 million infrastructure private equity fund.