Golf's Allure Amid South African Gloom Draws Old Mutual Deal

  • Unit bets luxury consumers less hurt by economic slump
  • Plans to roll out mega-store concept for cycling outlets

Old Mutual Plc’s private-equity unit bought a majority stake in MoreCorp, the largest South African golf-equipment retailer, as the investor bets demand from an expanding upper-middle class will overcome slowing economic growth.

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