Sanlam, backed by billionaire Motsepe, to acquire medical devices firm Medhold

Sanlam Limited, Africa’s leading insurer, partially owned by South African billionaire Patrice Motsepe, has struck a deal to acquire Medhold, a leading Southern African medical-devices firm, from Old Mutual Private Equity (OMPE) in a transaction expected to close by the fourth quarter of 2025 (Q4 2025).

Under the agreement, Sanlam’s private equity arm will take full ownership of Medhold, a business that OMPE had built from 2018 onward, subject to customary regulatory approvals. This transaction marks a clear step by Sanlam to expand into the fast-growing healthcare sector.

A strategic move into healthcare

Sanlam’s private equity arm will take full ownership of Medhold, which Old Mutual Private Equity (OMPE) first backed in 2018. Medhold's profits more than doubled under OMPE, and the company grew across Southern Africa through smart deals and new partnerships. 

The company also expanded its product line by adding cutting-edge technologies for infection control, robotic surgery, orthopedics, and cardiology. Beyond business growth, Medhold made notable social strides, expanding its workforce, promoting women into management, and joining the YES4YOUTH program to tackle youth unemployment.

As Africa’s population rises and demand for quality healthcare accelerates, the deal positions Sanlam at the center of one of the continent’s most critical and fast-growing industries. As Old Mutual’s largest competitor, Sanlam is deepening its commitment to the healthcare sector via its private equity business with the aim of driving inclusive growth and long-term development. 

A focus on long-term value

The move also mirrors a wider shift among African financial institutions investing directly in essential sectors such as health and infrastructure. With the region still facing shortages in medical capacity and technology, private capital is becoming a crucial partner in addressing those gaps.

Medhold Chief Executive Matthew Stephens described Sanlam as “an ideal long-term partner” that shares the company’s mission of expanding access to advanced medical technology. He credited OMPE for helping the firm grow stronger and said the management team looks forward to building on that progress with Sanlam’s support.

Paul Moeketsi, Managing Partner at Sanlam Private Equity, said the deal fits with Sanlam’s goal of investing in sectors that matter to everyday lives. “Healthcare has both economic and social relevance,” he said.

Patrice Motsepe's continued influence

As vice chairman, Patrice Motsepe, who has a 7.8 percent indirect stake in Sanlam through Ubuntu-Botho Investments, is still very important in making decisions about the company's growth strategy. His leadership is still helping Sanlam strengthen its position in Africa's growing insurance and financial services markets.