SHUTER and Shooter Publishers recently announced a landmark transaction with Zungu Investments Company, an existing shareholder in the company.
The acquisition increases Zungu Investments’ equity stake in Shuters to just in excess of 95% and translates into Shuters becoming one of the largest 100% black-owned educational publishers in South Africa.
The Craib family, who ran and owned the The Witness Group in KwaZulu-Natal, have been the majority shareholders of Shuters for many years. Stuart Craib, who represents the third generation of the Craib family, served as the Company’s chairperson.
In 2008, Zungu Investments acquired a 36.2% equity stake in Shuters. Sandile Zungu, founder and executive chairperson of Zungu Investments, has been involved in a number of companies and is personally invested in education.
Shuters is a leading publisher in the South African schools sector. Established as a bookshop almost 100 years ago, the Company began publishing isiZulu novels, poetry and textbooks from the early 1930’s. Since then, they have successfully produced quality literature and educational materials in most of the South African official languages, as well as for the National Department of Basic Education’s school curriculum.
Zungu Investments is a 20-year-old investment holding company with an investment philosophy guided by long-term partnerships.