Private Capital Markets fund manager, Resolve, acting through Resolve Private Equity Fund I and working with management, has completed the acquisition of leading tile specification business Tiletoria in a deal that signals the Resolve’s confidence in traditional, brick-and-mortar, asset-based industries.
“While investor attention often gravitates towards emerging fields such as technology and energy, we continue to see attractive opportunities in traditional business models that are integral to South Africa’s industrial base,” says Phumi Twantwa, Partner at Resolve. “Tiletoria operates in a sector that is expected to deliver growth, driven by renewed infrastructure activity, local procurement priorities, and steady consumer demand. It’s also a business that quite literally touches the lives of South Africans every day – in their homes, shopping centres, favourite take-away joint and workplaces.”
Resolve’s investment thesis focuses on infrastructure support and services – sectors positioned to deliver both strong returns and tangible socioeconomic benefit. Twantwa says the Tiletoria transaction aligns with this strategy. “Private markets investments should create visible impact. Our investors can take pride knowing their capital is supporting a business that contributes directly to South Africa’s built environment.”
A traditional business built on specification and service
Established in 1995, Tiletoria has grown to become one of South Africa’s foremost tile and bathroom specification businesses, supplying major retailers, property developers and commercial projects. The company provides tailored product sourcing and design solutions to clients such as Woolworths, Checkers, Clicks, KFC, and leading residential developers across the country.
Unlike most tile retailers, Tiletoria’s focus is not on direct-to-consumer sales but on supplying high-volume, project-based clients. This specialisation, coupled with decades of market experience, has made it the go-to partner for businesses seeking high-quality, reliable surface solutions.
Local sourcing on the rise
Post-pandemic shifts in global supply chains have reinforced the importance of local procurement, a trend that Tiletoria has been quick to leverage. Around 80% of its product range is now sourced locally, compared with a near-reversed ratio ten years ago when most products were imported from Asia.
“The business sits at the intersection of localisation and infrastructure growth,” Twantwa explains. “As developers and retailers look to strengthen domestic supply chains and support South African manufacturers, Tiletoria is well positioned to capture that opportunity.”
Continuity with renewed agility
For Tiletoria CEO, Sven Swart, the transaction represents both continuity and renewal.
“Over three decades we’ve built a trusted brand, a strong client base and a reputation for responsiveness,” Swart says. “Partnering with Resolve allows us to preserve that foundation while regaining the entrepreneurial agility that defined our early years.”
He added that the company intends to enhance its decision-making speed and flexibility – traits that have helped Tiletoria stay ahead of competitors historically. “In today’s market, the ability to adapt quickly is crucial. Working with a partner that values that entrepreneurial DNA enables us to grow more dynamically and continue serving our customers with the quality and responsiveness they expect.”
Investing in growth that creates opportunity
Tiletoria’s growth directly supports the local manufacturing sector through sustained procurement and specification work. As the business expands in step with construction and retail demand, it also expects to create new employment opportunities, particularly for first-time job entrants.
“Every mall that opens, every housing project completed, every retail fit-out done with our products has a human impact,” says Twantwa. “It’s about more than tiles; it’s about enabling spaces where people live, work and build their futures.”
The acquisition, Twantwa adds, confirms Resolve’s confidence in South Africa’s long-term potential despite near-term economic pressures. “There is still meaningful value to unlock in bricks-and-mortar industries, provided investors take a selective, informed approach,” he says. “We believe that investing in tangible, established businesses not only generates returns, but strengthens the country’s economic backbone.”
For Resolve, the transaction is another example of its partnership ethos. “This investment entrenches the blueprint for how we partner with management teams – combining capital, strategic support and a shared commitment to sustainable growth,” Twantwa concludes.