US private equity firm Carlyle Group has announced in a statement released on Sept 26, that it will acquire majority stake in South African supplier of promotional products and clothing Amrod, as it aims to expand its activities to other markets.

Funds for the acquisition will come from Carlyle Sub-Saharan Africa Fund, the same source added.

The transaction, whose amount was not disclosed, is however still to be approved by regulatory authorities.

Carlyle Group which has offices in Lagos and Johannesburg announced in April 2014, the final closing of his first Sub-Saharan Africa investment fund, at $698 million. An amount that largely exceeds $500 million target which the Carlyle Sub-Saharan Africa Fund initially aimed at.

The group which is headquartered in Washington D.C has already invested in four African companies including Nigerian bank Diamond Bank, South African tyre maker Tiger Wheel & Tyre, and Mozambique logistics group J&J Africa.