Accra: Ghanaian investment company Olive Africa Partners Fashions Ltd has acquired the shares of TexStyles Ghana Limited held by Vlisco BV, bringing the GTP and Woodin brands under Ghanaian ownership. The company aims to combine long-term Ghanaian ownership with strong corporate governance, operational excellence, and investment to support growth in Ghana and other African markets.
According to Ghana Web, the acquisition makes Olive Africa Partners Fashions the principal shareholder of TexStyles Ghana Limited, one of Ghana's leading textile manufacturers. The deal also includes the transfer of trademarks associated with the GTP and Woodin brands, which have been part of Ghana's textile and fashion industry for decades. Olive Africa Partners Fashions is represented by its co-founding partners, Kofi Kwakwa and John Gadzi.
Chairman of Olive Africa Partners Fashions, Kofi Kwakwa, described the acquisition as both a significant personal milestone and a strategic investment in Ghana's textile sector. 'My connection to this business goes back many years. As a Ghanaian child, I watched my mother trade in GTP fabric to support her family,' he said. He and John Gadzi expressed their honor in taking over the historic company and its two well-known brands, GTP and Woodin.
Despite the change in ownership, TexStyles Ghana will continue operating in Ghana under its current management structure. The company stated this would help ensure continuity for its employees, distributors, retailers, and customers. It will also continue serving customers through its existing distribution network across Ghana and the wider West African region.
Chief Executive Officer of Vlisco Group, Perry Oosting, expressed satisfaction that TexStyles Ghana would continue under Ghanaian ownership. 'TexStyles Ghana and its brands are deeply connected to Ghana's and West Africa's cultural and textile heritage,' he said. He added that Vlisco would continue to support TexStyles Ghana and treat the company as a partner following the change in ownership.
Managing Director of TexStyles Ghana, Kodwo Agyenim-Boateng, welcomed the new shareholders and thanked Vlisco for its support over the years. 'We are delighted to welcome our new shareholders and look forward to working with them to continue to take the business forward,' he said. The transaction is expected to take effect in the coming weeks after completing all applicable administrative and regulatory requirements.