Jannie Mouton
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In South Africa’s corporate history, few names loom as large as Jannie Mouton.
Through PSG, he built transformative businesses like Capitec and Curro, ventures that redefined industries and expanded access for millions.
Now, his family foundation is attempting something unprecedented: taking a publicly listed education company private, converting it into a nonprofit, and redirecting its profits toward national social good.
The Jannie Mouton Foundation has offered R7.2 billion to buy out Curro Holdings.
According to an interview on 'RSG Geldsake' with Jan Mouton, adjunct chair of the Jannie Mouton Foundation and son of Jannie, this buyout would translate to R13 per share, which means it is a premium of about 60% above its recent trading range.
If shareholders agree, Curro will delist from the JSE and operate as a public benefit organisation, reinvesting surplus into building new schools, expanding campuses, and offering bursaries to disadvantaged learners.
On RSG Geldsake, Mouton told Ryk van Niekerk that the foundation was weighing whether to spend around R100 million building a new skills-focused school in Stellenbosch.
But he noted that the math didn’t add up, and it would have led to years of losses before impact.
Instead, they asked: What if we buy an entire system that already works?
“For R7.2 billion, you are effectively acquiring 189 functioning schools, averaging around R38 million each,” Mouton said.
“These are profitable, well-run, and ready to scale. Transforming Curro into a nonprofit allows us to direct its future success toward education for all, not shareholder dividends.”
According to News24, the donation would heavily rely on the foundation’s portfolio of Capitec and PSG Financial Services shares and is believed to be the largest philanthropic commitment in South African history.
According to the school's 2024 financial report, Curro currently educates more than 72,000 students across 81 campuses.
Under the nonprofit model, its revenues would still cover salaries, operations, and infrastructure, but surplus cash would fund new schools and bursaries, rather than returns to investors.
The timing is telling. South Africa’s education system is under strain: state schools are oversubscribed, and private schooling is increasingly out of reach for many.
Curro’s latest results showed flat learner numbers, with economic pressures weighing on enrolments. By pivoting to a nonprofit, the Mouton Foundation reframes Curro’s value—not as a growth stock, but as a long-term piece of national education infrastructure.
News24 noted that parents shouldn’t expect fees to suddenly fall. The model is about access and expansion, not undercutting existing pricing.
But it does allow Curro to grow into geographies and communities that wouldn’t make commercial sense under a profit-first model.
This deal is also personal. Jannie Mouton stepped down as PSG’s chairman in 2018 after being diagnosed with dementia. For his son Jan, the Curro buyout ensures his father witnesses the transformation of one of his proudest ventures into a vehicle for enduring impact.
Jan told van Niekerk that his father does show symptoms, but that the family was very pleased that this transaction could be done during his lifetime.
“Education lies very close to his heart. If you give learners access to quality teaching, they can improve their lives, and ultimately make South Africa a better place,” Jan said.