Two of Ghana’s best-known textile brands, GTP and Woodin, have returned to Ghanaian ownership following the acquisition of TexStyles Ghana by local investment firm Olive Africa Partners Fashions.
The Ghanaian-owned investment company has acquired the entire shareholding in TexStyles Ghana previously held by Dutch textile group Vlisco BV, giving it full ownership of the company and the trademarks associated with GTP and Woodin.
The transaction marks a significant new chapter for the two iconic brands, which have played a major role in Ghana’s textile and fashion industry for decades.
GTP has been part of Ghana’s textile landscape since 1966, while Woodin has grown into one of the country’s most recognisable fashion and lifestyle textile brands, with both brands deeply embedded in Ghanaian culture, fashion and ceremonial wear.
Local investment firm takes control
The acquisition was led by veteran investor Kofi Kwakwa, Chairman of Olive Holdings, the investment holding company behind Olive Africa Partners Fashions.
Mr Kwakwa, who co-founded Olive Holdings with John Gadzi, brings more than three decades of experience in private equity, investment banking and corporate finance to the transaction.
He previously served as a Partner at Africa Capital Alliance, where he helped lead investments across Ghana and other African markets, and has held senior investment positions at Standard Bank Group. He also founded Sagevest Holdings.
For Mr Kwakwa, the acquisition carries a personal significance, having grown up watching his mother trade GTP fabric to support the family.
He described the opportunity to own the company and its iconic brands as an honour, saying he and Mr Gadzi intended to build on the legacy established by GTP and Woodin.
Building on established brands
Rather than establishing a new textile business, Olive Africa Partners Fashions is taking control of an established company with decades of operating history, a recognised customer base and strong brand equity in Ghana and the wider West African market.
Under the new ownership, TexStyles Ghana will continue to operate with its existing management, while maintaining relationships with its employees, distributors, retailers and customers.
Managing Director of TexStyles Ghana, Kodwo Agyenim-Boateng, welcomed the new shareholders and expressed optimism about the company’s prospects under the new ownership.
He said the company looked forward to working with the new owners to grow the business and strengthen its position in the textile and fashion industry.
Vlisco Exits
The transaction brings to an end Vlisco BV’s ownership of TexStyles Ghana.
The Dutch textile group, which has been associated with the Ghanaian textile company for several years, acknowledged the deep connection GTP and Woodin have with Ghana and the wider West African textile heritage.
Vlisco welcomed the transition to Ghanaian ownership and said it would continue to support TexStyles Ghana as a partner.
The acquisition is expected to take effect in the coming weeks, subject to the completion of the necessary administrative and regulatory processes.
The return of GTP and Woodin to Ghanaian ownership is expected to renew interest in the future of the two brands and their role in Ghana’s textile manufacturing and fashion industry.
