Africa Special Opportunities Capital has completed its deal to recapitalize Okuhle Media. The transaction was prompted earlier by a number of events destabilizing to South Africa’s film and TV industry earlier in the year. The financial terms of the deal were not reported.
Okuhle Media is one of South Africa’s top producers of media content for both the domestic and international markets. The firm produces a daily-live show, Hectic Nine-9 which is now in its 12th season and has an audience of over 2,5 million viewers every week. Other South African shows include lifestyle shows such as Sarah Graham Food Safari and Neill Anthony Private Chef which have also been distributed to Europe, the Middle East, North America and Australia.
The capital will be used to restructure the company to allow for a greater focus on additional media services that complement and support content production and distribution as well as enabling the company’s creative team to develop more cross-platform content which, until now, has been hampered by lack of funding.
The transaction is being done via ASOC Fund I, which was launched in August last year. Typically, the fund invests up to R50 million or $3.8 million in each transaction and has its team work with portfolio company management teams to turnaround or restructure their businesses.