Media & News

Capitalworks acquires a significant interest in leading independent management consulting firm

South African based independent alternative asset management firm, Capitalworks has acquired a significant interest in IQ Business, a leading independent management consulting firm. This transaction has been made alongside Tiso Investment Holdings, existing shareholders (IQ Group Holdings) and the executive partners of IQ Group.

Commenting on the transaction, Capitalworks founding partner and chairman, Chad Smart said, “Capitalworks first approached IQ Business in 2012.  We have monitored the success and growth of IQ Business over the past 4 years and profiled their activities.  We believe the leadership team of IQ Business has created a solid foundation for further growth and expansion with the support of an active private equity investor”.

“IQ Group will provide a welcome addition to our current portfolio, offering further diversification to an attractive growth sector,” concludes Smart.

Since its establishment in 1998, IQ Business has grown to become a trusted partner to leading corporates in solving their business challenges involving people, processes and technology. Capitalworks believes that IQ Business’s pioneering Consulting-Research-Contracting service delivery model, which ensures clients remain in control of how they engage consultants, backed by subject matter experts in many disciplines will continue to underpin its growth.

Notes to Editors: 

About IQ Business

IQ Business is the leading independent management consulting firm in South Africa.  Established in 1998, IQ has built a team of over 550 IQers in Johannesburg and Cape Town with projects conducted all over Sub-Saharan Africa and the UK.  IQ Business is a Level 4 BBBEE contributor and a growth enterprise – IQ Business’ vision is to be recognised as the leading independent management consulting firm in Africa.  For more information, see

About Capitalworks

Capitalworks is an independent alternative asset management firm based in South Africa providing investment access and specialist solutions to its clients across a wide range of industries and investment themes in Sub-Saharan Africa.  Today, Capitalworks manages more than US$515 million for a diverse range of domestic and international investors.

For more information, see

 About Tiso Investment Holdings

Tiso Investments Holdings (TIH) is a principal investment business formed in 2001 by businessmen David Adomakoh and Nkululeko Sowazi.  Between them they have over 50 years senior executive business experience.

TIH holds significant equity interests in a diversified portfolio of companies including Tiso Blackstar Group and Vanguard Group (Ghana).

Adomakoh and Sowazi were co-founders of Tiso Group which in 2011 merged with Kagiso Trust Investments (KTI) forming Kagiso Tiso Holdings which has emerged as one of South Africa’s largest diversified investment business that is black owned.