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Success comes from finding the right partnerships
We provide growth capital to high-potential businesses in the United Kingdom and Europe.
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We partner with
high-potential businesses
We take a partnership-led approach.
The investments we make are based on mutual trust and a shared vision for growth.
Universal Partners is an investment holding company with a primary listing on the Stock Exchange of Mauritius and a secondary listing on the JSE’s Alternative Exchange (South Africa). We invest in growth businesses in the United Kingdom and Europe. Our objective is to achieve strong capital appreciation for our shareholders, to achieve this we partner with organisations where we can add strategic value. We are patient investors with a permanent capital structure.
Our investment strategy
We seek meaningful
participation in our investments
We are focused on acquiring and building successful businesses across a broad range of sectors where we have the experience to add value.

Our approach is to take an active shareholding in the businesses we invest in, in order to enable meaningful participation in the formulation and execution of the business strategy. We look for investments that require an equity contribution of between £10 million and £20 million and where we are able to secure a significant minority stake in the business (25% to 49%).
Current investments
Dentex Healthcare Group Limited
Offers a unique clinician-led partnership model, enabling it to roll-out and support a network of dental practices
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Company name
Dentex Healthcare Group Limited
Business description
UK dental consolidator
Sector
Healthcare services
Investment partners
Universal Partners
Dentex management
Cost of investment
£32.3 million
Date of investment
April 2017
Shareholding
34%

Founded in 2016, Dentex is a private dental consolidation platform with a highly experienced management team.

The company has a unique co-ownership partner model with dentists: up to 20% of the purchase consideration for a practice is settled in Dentex equity, creating alignment through co-ownership whilst retaining clinical freedom for the dentist.

Universal Partners first invested in Dentex in 2017 when the company had only 3 dental practices. It has since partnered with management to grow the business into a respected player in the UK dental market, leading a number of capital raises and assisting with raising significant senior debt to fund the buy and build strategy. As at the end of February 2022, Dentex is comprised of 112 dental practices, with a significant pipeline of additional practices under signed Heads of Terms . Dentex is currently the 4th largest dental corporate in the UK and 2nd largest corporate that focuses on acquiring private practices.

UPL has been instrumental in raising the debt facilities to enable Dentex to rapidly grow and deliver the business plan.

David Vinokur and Justin Rodrigues represent Universal Partners on the Dentex board.

For more information about the company visit www.dentexhealth.co.uk

Workwell
Provides Limited Company, Umbrella and Payroll services to contractors and temporary workers in the UK
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Company name
Workwell
Business description
Professional Employment Organisation
Sector
Employment Services
Investment partners
Universal Partners
Credo Wealth (selected individual clients)
Cost of investment
£19.5 million
Date of investment
May 2018
Shareholding
56%

Workwell (formerly JSA) is a contractor accountancy and payroll solutions business based in the UK.

Universal Partners acquired a significant minority stake in the business in May 2018 from existing investors. Andrew Goodman, the executive chairman and majority shareholder at the time of the transaction, is a recruitment industry veteran having founded, acquired, listed, and served on the boards of numerous recruitment and Professional Employment Organisation businesses.

Universal Partners has played a pivotal role in progressing the buy and build strategy and has assisted with raising debt facilities to fund the rapid expansion of the business.

In November 2021, Universal Partners committed to a longer-term investment horizon and increased its shareholding to become a majority shareholder in the business

Universal Partners is represented by Pierre Joubert and Justin Rodrigues who sit on the board of Workwell.

For more information about the company visit www.workwellsolutions.com

Xcede Group
Global technology recruitment specialists
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Company name
Xcede Group
Business description
Human capital business
Sector
Specialised IT employment services
Investment partners
Universal Partners
Management
Cost of investment
£7.8 million
Date of investment
January 2020
Shareholding
46%

Xcede Group (formerly Techstream Group) is a global recruitment organisation that delivers technology and energy talent solutions that enable companies to innovate and grow.

After the introduction of Universal Partners as an investment partner in 2020, the group was formed through the merger of Techstream, Xcede and Etonwood, three of the UK’s leading recruitment businesses with a specific focus on technology, engineering, renewable energy, digital, data and automation.

Xcede is headquartered in London and has offices in London, New York, Hamburg, Singapore, Cadiz and Cape Town.

Xcede boasts an excellent management team with a clear strategy to grow the business both locally and internationally.

Universal Partners is represented on the board by Pierre Joubert and Justin Rodrigues.

For more information about the company visit www.xcede.com

SC Lowy Partners
High yield bond and distressed debt trading and investment business
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Company name
SC Lowy Partners
Business description
Financial services
Sector
Financial
Investment partners
Universal Partners
Investec Bank
Cost of investment
US$15 million
Date of investment
December 2017
Shareholding
5%

SC Lowy was founded in 2009 by Michel Lowy and Soo Cheon Lee as a global banking and asset management group. It has a proven track record of delivering unique fixed income solutions to its investors and clients.

The asset management division of the company specialises in high yield, distressed, event driven and private structured credit.

SC Lowy owns two commercial banks – Choeun Savings Bank in South Korea (acquired in 2014) and Solution Bank in Italy, formerly known as Credito di Romagna (acquired in 2018).

The business is headquartered in Hong Kong, with a global team of investment professionals also working from offices in Seoul, Milan and London.

Universal Partners and Investec Bank co-led a consortium that invested in the business in December 2017.

Pierre Joubert represents Universal Partners as an observer on the board of SC Lowy.

For more information about the company visit www.sclowy.com

Propelair
Revolutionised the flush toilet
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Company name
Propelair
Business description
A high-performance toilet and water efficient solution
Sector
Sanitation and sustainability
Investment partners
Universal Partners
Investec Bank
Sustainable Technology Investors
Cost of investment
£1.4 million
Date of investment
July 2017
Shareholding
14%

Propelair is a CleanTech company based in London. It manufactures the Propelair low-flush toilet – the world’s lowest water-flush toilet.

In 2017, the company received a significant round of investment from a consortium which included Investec Bank, Earth Capital Partners and Universal Partners. The growth capital provided helped the company to further develop the product and to accelerate its distribution.

Propelair works with numerous distribution partners and has a solid client base across the UK, South Africa and the Middle East.

For more information about the company visit www.propelair.com

Previous investments
YASA
Patented a range of electric motors, generators and controllers for hybrid vehicles
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Company name
YASA
Business description
Manufacturer of electrical motors, generators and controllers
Sector
Automotive manufacturing (motors), aviation, trains and other industrial applications
Investment partners
Universal Partners
Parkwalk Advisers
Oxford University Innovations
Cost of investment
£14.3 million
Date of investment
August 2017
Shareholding
22%

Yasa is a manufacturer of a range of electric motors, generators and controllers with superior performance characteristics – Yasa motors are smaller, lighter, easier to manufacture and deliver superior power and torque. These motors are used in the automotive sector by manufacturers such as Mercedes Benz, Ferrari, Koenigsegg and others. They are also used in the aviation sector, where they are supplied and supported by Yalium, a company spun out of Yasa.

YASA was incorporated in 2009 to commercialise research undertaken at Oxford University by founder and Chief Technology Officer, Dr Tim Woolmer. The initial funding for the business was provided by HNW individuals and EIS investors, led by Parkwalk Advisors.

Universal Partners made its initial investment in Yasa in August 2017 and went on to invest a total of £14.3m. In line with its commitment to being an active and value adding partner, Universal Partners was a very supportive lead investor. In addition to providing capital to help Yasa grow, we were also actively involved in formulating a successful strategy for the company.

In August 2021, Yasa was sold to Mercedes Benz AG, who had identified the company as a key pillar in their electrification strategy. Concurrent with the sale, Universal Partners also sold its shares in Yalium to a consortium of investors.

Universal Partners received total proceeds of £42.8m from these sales, which translated into a gross return of 3 times money invested, a gross IRR of 33% and a net IRR of 28%, after taking account of fees and carry payable to Argo.

For more information about the company visit www.yasa.com

We grow
successful businesses
We are seasoned investment specialists, with a track record of successfully growing businesses and delivering shareholder value.
As former investment bankers and business owners, we are adept at helping the businesses we partner with deliver sustainable growth.

Our strong global investor network enables us to successfully invest in high-growth businesses, and our ethos means that we only seek to partner with organisations where we believe we can add strategic value.
Our Executive Team
Pierre Joubert
Chief Executive Officer
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Pierre Joubert
Chief Executive Officer
Nationality
South African (permanently resides in Mauritius)
Pierre is the CEO of Universal Partners. Prior to joining Universal Partners, he was the chief investment officer of the Richmark Group of companies, which he joined in November 2015. Previously he spent 13 years at Rand Merchant Bank (“RMB”) fulfilling various roles including senior transactor in the Corporate Finance division, head of the Equities and co-head of the Global Markets divisions. Pierre is a member of the RMB investment committee, a position he has held for 17 years. He is also a member of the Ashburton Private Equity Fund 1 investment committee and a non-executive director of Homechoice International PLC. Previously, Pierre held various executive positions at Connection Group Holdings Ltd including that of CEO of Connection Group for four years, leading the successful turnaround of the business that culminated in the group being bought by JD Group Ltd. In his early career, Pierre worked for various companies in the Reunert Ltd group after completing his articles
with Deloitte.

Pierre holds a Bachelor of Commerce degree from the University of Cape Town, and is a Chartered Accountant (South Africa).
David Vinokur
Chief Financial Officer
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David Vinokur
Chief Financial Officer
Nationality
South African
David is the CFO of Universal Partners Limited. He is also the CEO of the Global Capital Group. David has more than 15 years of private equity experience. During his career, he has been instrumental in originating, structuring, concluding and exiting private equity transactions in a variety of industries and
countries. He represents Universal Partners and Global Capital on the board of the underlying companies both locally and offshore, and assists with the strategic management of the investments. After completing his articles at PricewaterhouseCoopers, David was certified as a chartered accountant and became a member of South African Institute of Chartered Accountants. Following this David joined Global Capital in February 2004; his portfolio consists of a diverse range of private companies in a variety of industries.

David holds a Bachelor of Commerce degree and Bachelor of Accounting degree from the University of the Witwatersrand (South Africa), and is a Chartered Accountant (South Africa).
Justin Rodrigues
Principal
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Justin Rodrigues
Principal
Nationality
British/South African
Justin joined Universal Partners in 2016 following a 7 year career at Investec Bank. During his time at Investec, he worked in the Johannesburg, London and Cape Town offices specialising in private equity and leveraged finance transactions.
Since joining Universal Partners in London, Justin has been actively involved in the origination, execution and management of investments. He sits on the Board of Directors of Dentex and TechStream and takes an active role in the capital raising activities and the strategic direction of Universal Partners’ investments.

Justin holds a Bachelor of Commerce degree from Rhodes University (South Africa), and is a Chartered Accountant (South Africa).
Doron Falk
Group Financial Manager
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Doron Falk
Group Financial Manager
Nationality
South African
Doron is the financial manager of Universal Partners and has been with the company since its inception in 2016. He is also the financial manager of Global Capital, a private equity investment company, where he oversees the finance function for various portfolio companies.
Doron completed his articles at PKF (South Africa) and, prior to joining Universal Partners, worked for eight years in the finance teams of both listed and private companies in the telecommunications and finance industries.

Doron is a Chartered Accountant. He holds a Bachelor of Accounting from the University of the Witwatersrand, South Africa.
Our Board and Investment Committee
Larry Nestadt
Non-Executive Director and Chairman of the Board
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Larry Nestadt
Non-Executive Director and Chairman of the Board
Nationality
South African
Larry Nestadt has a long and successful global corporate career. He is a co-founder and former executive director of Investec Bank Ltd. Larry has been instrumental in the creation and strategic development of a number of listed companies including Capital Alliance Holdings Ltd (Capital Alliance Life – acquired by Liberty Life; Capital Alliance Bank – now Brait), Super Group Ltd, HCI Ltd, SIB Holdings Ltd, CorpGro Ltd and Global Capital Ltd. He also served as past chairman on the boards
of these companies. Previously, Larry sat on the boards of Softline Ltd, JCI Ltd and Abacus Technologies Holdings Ltd. Further he has been a former chairman on a number of non-listed company boards both in South Africa and abroad including Stenham Ltd (UK) and Prefsure Life Ltd (Aus). Larry is the current executive chairman of Global Capital (Pty) Ltd and non-executive chairman of Blue Label Telecoms Ltd, Dis-Chem Pharmacies Ltd, National Airways Corporation (Pty) Ltd, Morecorp Group (Pty) Ltd, Melrose Motor Investments (Pty) Ltd and SellDirect Marketing (Pty) Ltd. He also serves as deputy chairman of Cell C Ltd.

Larry is a life member of the Young Presidents Organisation, Lloyds of London (since 1983) and is an honorary colonel in the South African Air Force.
Marc Ooms
Independent Non-executive Director
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Marc Ooms
Independent Non-executive Director
Nationality
Belgian
Marc Ooms was general partner of the Petercam Group, a Benelux investment bank. He was also the managing director of Petercam Belgium N.V. and chairman of Petercam Bank Nederland. He retired from Petercam in 2011. Today, Marc is a private equity investor and independent board member. He is also involved in real estate mainly in Germany and Poland. He serves, between others, as a board
member of the following companies: Sea-Invest Corporation, Luxemburg (the largest European
stevedoring group in bulk and fruit which is also active in Africa); BMT International NV (gears, transmissions, aeronautics, moulds for the glass industry); Greenyard Foods NV (world leader in distribution of fresh, frozen and canned food, listed on Euronext); Baltisse and Straco, both important Belgian family controlled groups in private equity and real estate.

Marc is a graduate of the VLEKHO Business School, Brussels.
Neil Page
Independent Non-executive Director
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Neil Page
Independent Non-executive Director
Nationality
South African
Neil started his career with Ford Motor Company prior to entering the banking industry in 1978. He has extensive commercial banking experience including retail, corporate and international banking. He specialised in private equity in 1985, when he joined the MBO division of Barclays Merchant Bank (which subsequently became Firstcorp Capital, the forerunner of Ethos Private Equity (Pty) Ltd). In 1989 Neil co-founded what is today RMB Corvest, a leading private equity investor in South Africa. Neil was the managing director until his retirement in 2018 and sat on the boards of various RMB Corvest investee companies, and the boards of the subsidiary companies making up the RMB Corvest Group
of Companies. Neil remains on the board of RMB Corvest as a non-executive director. Neil was a member of the RMB investment committee for a number of years up until his retirement from RMB Corvest.

Neil holds a Bachelor of Commerce and CAIB (SA), Dip SAIM from Port Elizabeth Technikon, South Africa.
Andrew Dunn
Non-executive
Director
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Andrew Dunn
Non-executive
Director
Nationality
South African
Andrew has over 25 years’ experience in all areas of business development and Private Equity, from establishing and scaling companies to structuring and managing business investments. Andrew’s career has featured highlights such as founding Miltrans, a Logistics and Supply Chain business which
was later sold to Super Group, the successful MBO of Premier Foods which was sold to Brait, the Manline Group which was merged into Barloworld Logistics and several other Private Equity interests spanning Property, Aviation (National Airways Corporation), Dealerships (Melrose Motor Investments) and Security (SSG Holdings), and was the CEO of the Richmark Group from 2012-2018. Andrew cofounded DNI in 2006 where he currently serves as the CEO.

Andrew holds a Bachelor of Commerce degree from the University of Cape Town, South Africa.
Gary Spellins
Independent Non-executive Director
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Gary Spellins
Independent Non-executive Director
Nationality
British
Gary is currently Chair at Inflexion LLP backed Reed & Mackay, a global corporate travel solutions company servicing the financial and professional services market. During his 18 years leading Private Equity backed businesses he has been Chair at Inflexion LLP backed Scott Dunn, an international luxury tour operator specialising in premium tailor-made holidays. Gary was also Chair at The Parts Alliance, an Hg Capital investment in the automotive sector which was successfully sold in 2017.

Previously, between 2002 and 2014, he was Chief Executive then Chair at Independent Clinical Services which is Europe’s leading healthcare staffing and professional services company. Gary led ICS through five phases of Private Equity ownership. He is also a Board advisor at FINE+RARE, Europe’s largest fine wine brokers. In his early career Gary was Group Managing Director at RAC PLC serving on the PLC Executive Board and European Marketing Director at GE Capital. Gary began his commercial career at American Express.
Daniel Rubenstein
Non-executive
Director
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Daniel Rubenstein
Non-executive
Director
Nationality
South African
Daniel Rubenstein is a qualified CA (SA) having completed his articles at PKF.

He is an entrepreneur and property investor, being a founder and shareholder in many businesses and property companies. After qualifying, Daniel worked for Brait Ltd, a private equity fund listed on the Johannesburg Stock Exchange (“JSE”), where he was responsible for sourcing deals. Daniel was a founder and Executive Director of Annuity Properties, which listed on the JSE in 2012. The company was subsequently sold to a larger, listed REIT (Redefine Properties) in 2014.

Daniel is currently the CEO of Glen Anil Development Corporation, a property and private equity investment vehicle, with interests in South Africa, the United Kingdom and Europe.
Françoise Chan
Non-Executive
Director
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Françoise Chan
Non-Executive
Director
Nationality
Mauritian
Françoise is an executive director of Intercontinental Trust Ltd.

With many years of practical experience, Francoise is a seasoned professional and has a deep understanding of the intricacies of the Global Business industry. She has assisted a number of multinationals, fund managers and high net worth individuals in the structuring and the implementation of their affairs in Mauritius. Françoise previously held senior positions at the representative of Arthur Andersen in Mauritius as well as in the International Banking Division
of Barclays Bank Plc. Françoise is a member of both the International Fiscal Association (IFA) and the Society of Trust and Estate Practitioners (STEP) and serves as a director on the board of several Global Business companies including Mainland Real Estate Limited.

Françoise holds a DEA in banking and finance and she holds a Master Degree in Econometrics from the University of Paris 1 Sorbonne, France. She also holds a Magistere d’Economie from the University of Paris 1 Sorbonne in conjunction with ULM et L’Ecole des Hautes Etudes en Sciences Sociales of Paris, France.
Kesaven Moothoosamy
Non-Executive
Director
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Kesaven Moothoosamy
Non-Executive
Director
Nationality
Mauritian
Kesaven is an executive director of Perigeum Capital. He was, until June 2016, a senior manager in the Capital Market Advisory team of a leading management company in Mauritius. For the past 14 years, in the Mauritius financial services industry, he has acquired experience ranging from fund formation and administration, accounting, Mauritius regulatory matters, investment structuring, transaction advisory to valuation, capital raising and listing on securities exchanges. He is actively involved on various initiatives to enhance the attractiveness of the SEM. He is also a board member of SEM listed
companies and a number of funds established in Mauritius. He graduated from the University of Mauritius with a B.Sc. (Hons) in Accounting with Information Systems and holds a MBA in Leadership and Innovation. He is also a fellow member of the Association Of Chartered Certified Accountants UK (FCCA), a member of the Mauritius Institute of Professional Accountants (MIPA) and Member of the
Mauritius Institute of Directors (MiOD).
Investor Relations
Share Price
Corporate Governance
News and reports
Stock Exchange News
Investments
Financial reports
Documents
Press
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Exchange:                            Mauritius                           Johannesburg

Last close:                            100 pence                            2,095 cents

Previous close:                    100 pence                            2,095 cents

Change:                                –                                             –

Volume:                                –                                             –

 

The Board endorses the code of corporate practices and conduct as set out in the Code of Corporate Governance for Mauritius (“the Code”). The disclosures included in this review are consistent with the requirements of the Code. Independent consultants have been made available to members of the board to ensure that all directors are fully conversant with best practice and current thinking with regards to corporate governance.

 

 

Results announcement year ended 30 June 2022

Disposal of interest in Dentex Healthcare Group Limited

Results of general offer

Finalisation announcement pertaining to the mandatory offer to Universal Partners shareholders

Posting of Reply Document to Universal Partners shareholders

Availability of results 31 March 2022

Results announcement QE 31 March 2022

Update regarding the mandatory offer to Universal Partners shareholders

Mandatory offer to the shareholders of Universal Partners

Results announcement QE 31 December 2021

Approval of the SEM for the issue of additional shares

Finalisation announcement in respect of the cash distribution for the year ended 30 June 2021

Results announcement QE 30 September 2021

Cash distribution announcement

Notice of Annual General Meeting and Availability of Integrated Report

Communique

Results announcement year ended 30 June 2021

Disposal of interest in Yasa Limited and withdrawal of cautionary announcement

Cautionary announcement

Cautionary announcement

Results announcement QE 31 March 2021

Results announcement QE 31 December 2020

Results announcement QE 30 September 2020

Notice of Annual General Meeting and availability of Integrated Annual Report

Results announcement year ended 30 June 2020

Results announcement QE 31 March 2020

Results announcement QE 31 December 2019

UPL acquisition of Techstream

Results announcement QE 30 September 2019

Notice of Annual General Meeting and Availability of Integrated Report

Results announcement year ended 30 June 2019

Results announcement QE 31 March 2019

Results announcement QE 31 December 2018

Results announcement QE 30 September 2018

Notice and Proxy to the Annual General Meeting

Notice of Annual General Meeting and Availability of Integrated Report

Results announcement year ended 30 June 2018

UPL acquisition of JSA Services Limited

Results announcement QE 31 March 2018

Results announcement QE 31 December 2017

UPL acquisition of SC Lowy

Results announcement QE 30 September 2017

Results announcement year end 30 June 2017

UPL Acquisition of YASA

Results announcement QE 31 March 2017

UPL Acquisition of Dentex Healthcare

Results announcement QE 31 December 2016

Results announcement QE 30 September 2016

 

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Universal Partners is an investment holding company listed on the Stock Exchange of Mauritius (SEM) with a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange Limited (AltX).