Ghanaian company to acquire TexStyles Ghana and Woodin
Ghanaian investment firm Olive Africa Partners Fashions Ltd has acquired TexStyles Ghana and the Woodin brand from Vlisco BV. The deal aims to keep the historic textile business under local ownership while maintaining current operations.
Why it matters
This acquisition represents a significant shift toward local ownership of historic industrial brands in the West African textile sector.
--> 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.
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.
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