Sabvest Capital’s board said yesterday it was sad to advise shareholders that Eric Ellerine (90), who had also founded the Ellerine Holdings furniture retail group that listed in 1969, passed away on Monday.
When Sabvest Limited (Sabvest) was listed on the JSE in 1988, Ellerine was the first new material shareholder in Sabvest and the first Family Office investor.
Ellerine opened his first store at the age of 16 in Johannesburg’s Cyrildene.
The business grew and eventually included other retail brands such as Beares, Dial-a-Bed and Furniture City.
In 2007, African Bank Investments bought Ellerines for R10.6 billion.
Sabvest said Ellerine had been very supportive of the Sabcap Group over 35 years, including being a co-investor in a number of Sabvest/Sabcap investees.
His family entities are together currently one of Sabcap's three largest shareholders.
“Chris Seabrooke personally and on behalf of Sabcap's board extends sincerest condolences to Dionne Ellerine and the Ellerine family at this difficult time,” a statement from the company said.