Ghanaian investment firm Olive Africa Partners Fashions has acquired TexStyles Ghana Limited, the parent company of two of the country’s most iconic textile brands, GTP and Woodin, in a deal that marks a significant shift in ownership of the historic textile manufacturer .
The acquisition gives the wholly Ghanaian-owned investment company full ownership of TexStyles Ghana after purchasing the entire shareholding held by Dutch textile group Vlisco BV. The transaction also includes the transfer of trademarks associated with the company, notably the GTP and Woodin brands, which have been woven into Ghana’s fashion industry and cultural identity for decades .
Veteran investor leads acquisition
The deal was led by Kofi Kwakwa, a veteran investor and former Partner at Africa Capital Alliance, the West Africa-focused private equity firm. Kwakwa brings more than three decades of experience spanning private equity, investment banking and corporate finance. He currently serves as Chairman of Olive Holdings, the investment holding company behind Olive Africa Partners Fashions, which he co-founded with John Gadzi .
For Kwakwa, the acquisition carries both business significance and deep personal meaning.
“My connection to this business goes back many years as a Ghanaian child who watched his mother trade in GTP fabric to support her family,” Kwakwa said .
“John and I deem it a great honour to take over this historic company and the iconic GTP and Woodin brands and are excited about building on their legacy for the future,” he added .
A textile legacy spanning six decades
GTP has been part of Ghana’s textile sector since 1966, when the factory was incorporated as Ghana Textiles Printing Company, a wax printing company owned by the Ghana Government, Unilever PLC and Gamma Holdings . The company has since become a household name, recognised as the most preferred African fabric brand at the Home Builders Africa Awards in 2022 .
Woodin, which has been produced in the GTP factory since 1985, later became one of the country’s most recognisable fashion and lifestyle textile brands . In 2021, Woodin was unveiled as the official textile supplier for the Ghana Football Association, providing fabrics and sports leisurewear for coaches and technical team members of Premier League clubs and the Black Stars .
The company’s rich history includes several ownership transitions: the Government of Ghana assumed majority shareholding in 1976, Unilever resumed management control in 1994, Gamma Holding (represented by Vlisco) assumed majority shareholder and management in 1996, and Actis Group of the UK acquired 100 percent of Vlisco group shares in 2010 .
Vlisco welcomes transition
The transaction ends Vlisco BV’s ownership of TexStyles Ghana. Vlisco Group CEO Perry Oosting said the company was proud of the role it had played in developing TexStyles Ghana and its brands.
“TexStyles Ghana Limited and its brands are deeply connected to Ghana’s and West African cultural and textile heritage,” Oosting said .
He welcomed the move to Ghanaian ownership, describing Olive Africa Partners Fashions as a dedicated Ghana-based investor that, together with TSG’s existing management, understands the industry and its potential. Vlisco, he added, would continue to support the company and treat the relationship as a partnership going forward .
Management and operations to continue
TexStyles Ghana will continue operating under its existing management following the acquisition. Managing Director Kodwo Agyenim-Boateng welcomed the new shareholders and said the company looks forward to working with them to grow the business .
“We want to thank Vlisco for their support over the many years and are glad to hear that they will continue to treat TSG as a partner going forward,” he said .
The company will maintain its relationships with employees, distributors, retailers and customers across Ghana and other West African markets. The transaction is expected to take effect in the coming weeks, subject to the completion of applicable administrative and regulatory processes .
