Steinhoff International, a South African-based international retail holding company, has agreed to acquire Tekkie Town, South Africa’s largest specialist footwear retailer, from a private equity firm Actis.

Terms of the transaction were not disclosed.

Markus Jooste, CEO of Steinhoff International, said the acquisition would complement and provide further scale to Steinhoff’s general merchandise segment.

“Steinhoff continues to see opportunities for growth within our key markets. Efforts to integrate the company’s supply chains and reduce costs will help boost profit margins and keep selling prices low,” he said.

Founded in 2001, Tekkie Town has now rolled-out over 300 stores and offers the widest range of footwear brands at great value.

Tekkie Town attracts a supplier base of global brands including Adidas, Nike, Puma, Asics, Converse and Vans.

Actis will sell its 42.5% stake, which it acquired for $65m in November 2014.

Actis declined to comment on the deal.