Lelo Rantloane’s Ata Capital exits Novare

Ata Capital, the Johannesburg-based private equity firm founded and led by South African financier Lelo Rantloane, has exited its stake in Novare Holdings in a management buyout transaction that returns the diversified investment group to full owner-management control.

The sale, executed through Ata Fund II, transfers Ata’s 26 percent stake to Novare’s executive leadership team for an undisclosed sum. The deal, subject to regulatory approvals, will be  executed through Ata Fund II, reflecting the firm’s focus on mid-market and empowerment-driven investments.

Stepping back from the transformation cycle

Ata Capital first made investments at Novare during a time of strategic repositioning and restructuring with the goal of enhancing operational discipline, bolstering governance, and integrating transformation.

Over the course of six years, Novare expanded regionally, improved governance, and changed the way it operated. Rantloane described the exit as “timely,” noting that Novare’s management had built a platform capable of sustaining long-term growth without private equity backing.

“We believe the timing is right for the management team to assume full ownership and drive the business forward,” he said. “Services businesses thrive under owner-management, and Novare’s team has demonstrated exceptional resilience in navigating a turbulent economic environment.”

The firm’s value-creation plan included streamlining business lines, enhancing sustainability credentials, and backing a leadership team capable of steering the firm’s African expansion.

Management consolidates ownership across Africa

With the latest buyout, Novare’s top executives, led by CEO Ola Leepile, now fully own the company for the first time since its early founding period. Additionally, he acknowledged Ata Capital for helping the company with its agenda for transformation, regional expansion, and restructuring. 

Novare oversees important assets, such as Novare Matola (Mozambique), Novare Lekki Mall (Lagos), and Novare Gateway (Abuja). Its Africa Property Fund II, valued at $350 million, continues to support regional retail and office projects, targeting urban growth and modern infrastructure demand.

Ata Capital’s investment outlook under Rantloane

Rantloane, who has built Ata Capital into one of South Africa’s leading black-owned private equity firms, said the exit reflects the firm’s broader mandate to support empowerment-led transactions that create local champions. Since 2012, the firm has raised over R2.5 billion across multiple funds for mid-market investments in Africa.

The deal reinforces Ata’s position as a key player in South Africa’s transformation-aligned private capital ecosystem, backing black leadership, strengthening corporate governance, and enabling long-term wealth creation within the country’s financial services sector.

The Ata Capital–Novare management buyout marks a pivotal shift in the ownership of one of Africa’s most recognisable multi-asset and real estate investment groups. It closes a chapter of private-equity-supported restructuring and opens a new one where owner-management takes full control.