Ghanaian investment company Olive Africa Partners Fashions Ltd has agreed to acquire from Vlisco BV the entire shareholding in fabric manufacturer TexStyles Ghana Limited, as well as the Woodin brand. The deal provides for the transfer of the company’s trademarks, including GTP and Woodin, MyJoyOnline reports.
Olive Africa Partners Fashions Ltd is an investment company entirely owned by Ghanaian shareholders. Its co-founders are Kofi Kwakwa and John Gadzi. Once the deal takes effect, the company will become the main shareholder of TexStyles Ghana Limited.
Operations in Ghana will continue
TexStyles Ghana will continue operating in Ghana with its current management structure. The company expects this to help maintain continuity in its relations with employees, distributors, retailers and customers.
The company has operated in Ghana’s textile industry for decades and produces fabrics sold in the country and in other West African states. TexStyles Ghana said it would retain its operations in Ghana and serve customers through its existing distribution network in the region.
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Positions of the parties
Olive Africa Partners Fashions chairman Kofi Kwakwa called the acquisition an important personal event. According to him, as a child he saw his mother sell GTP fabric to support the family. Kwakwa said that he and John Gadzi consider it an honor to take control of a historic company and develop the legacy of the GTP and Woodin brands.
Vlisco Group CEO Perry Oosting said that TexStyles Ghana and its brands are closely connected to the cultural and textile heritage of Ghana and West Africa. According to him, Vlisco Group will continue supporting the company and view its relationship with it as a partnership.
TexStyles Ghana Managing Director Kodwo Agyenim-Boateng thanked Vlisco for its long-term support and welcomed the new shareholders. He said that management expects to work with them to further develop the business. The deal is expected to take effect in the coming weeks after administrative and regulatory requirements are met.
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