The man who was fired at 48 and then created one of the largest companies in South Africa

Jannie Mouton is one of South Africa’s most successful entrepreneurs. After being dismissed at age 48, he established PSG and grew it into a financial powerhouse worth billions.

Born in 1946 in Carnarvon, a small town in the Northern Cape, Johannes ‘Jannie’ Mouton pursued higher education at Stellenbosch University, where he obtained a B.Com. Honours degree.

He began his professional journey at PricewaterhouseCoopers (PwC), completing his articles and qualifying as a chartered accountant in 1973. 

In 1982, Mouton, along with Johan Senekal and Jannie Kitshoff, co-founded the stockbroking firm Senekal, Mouton & Kitshoff.

In 1995, Mouton’s life took a dramatic turn when he was fired from Senekal, Mouton & Kitshoff, where he served as managing partner. 

This decision was due to differing strategic perspectives within the firm. Mouton wanted to elevate the company into a financial giant, while his partners opposed this vision.

“I wanted to turn it into an investment bank, list it to attract capital and institutional shareholders, but remain independent,” he explained.

In his book ‘And Then They Fired Me,’ Mouton describes how being fired was a pivotal moment in his life that set him on a new path.

“With the wisdom of hindsight, I can now say that day in 1995 was a blessing in disguise. It was a life-changing occurrence that led to the founding of PSG,” he wrote.

In November 1995, Mouton teamed up with Chris Otto to establish PSG Group, driven by the vision of creating a financial services conglomerate. 

They acquired a 51% stake in a listed recruitment company, PAG, for R3.5 million. By 1997, they sold PAG Placements for R107 million and renamed the holding company PSG Group.

They pursued various innovative transactions with the primary goal of enhancing shareholder value. In the early 2000s, PSG Group shifted its model to more closely resemble that of an investment holding company. 

Both of Mouton’s sons are members of PSG Group’s board, with Piet Mouton serving as CEO.

In late 2025, Mouton made history with the largest single philanthropic donation in the country by purchasing 100% of the private schooling group Curro Holdings for R7.2 billion through his charitable foundation. 

The buyout received overwhelming shareholder approval, with shareholders accepting a combination of cash, Capitec shares, and PSG shares at a 60% premium.

This transaction enabled Curro to delist completely from the Johannesburg Stock Exchange (JSE) in late 2025 and transition to a registered Public Benefit Organisation.

By shifting from a profit-driven corporate model to a purpose-led entity, 100% of Curro’s future cash flow will no longer go to stock market investors.

Instead, it will be reinvested to fund over 12,000 bursaries for lower-income students, expand campuses, and build affordable schools in underserved areas across South Africa.

The legacy of PSG and Jannie Mouton

Over the years, PSG Group has played a significant role in building successful businesses, including Capitec, PSG Konsult, and Curro.

One of PSG’s most notable successes is Capitec Bank. Founders Michiel le Roux and Riaan Stassen recognised the potential of microlending, secured a banking license, and had the necessary capital. 

Le Roux acknowledged that PSG and Mouton’s active involvement during Capitec’s early years was crucial to the bank’s success. 

PSG held a large stake in Capitec, which was listed at under R1 per share but has now surged to over R3,100 per share.

In 2005, PSG acquired a 15% stake in the Johannesburg Stock Exchange (JSE), becoming its largest shareholder. 

Two years later, PSG collaborated with Sanlam and Santam to establish MiWay Insurance, a new direct insurance company, alongside Rene Otto.

PSG Group has also made significant contributions to the education sector by helping establish Curro, a private school provider, and Stadio, a higher-education company.

In August 2020, PSG Group unbundled a 26.4% interest in the JSE-listed Capitec. 

In September 2022, PSG Group underwent a restructuring process involving indivisible transactions, during which it unbundled PSG Konsult, Curro, Kaap Agri, CA&S, and Stadio. 

PSG Group repurchased all shares from existing shareholders for a cash consideration of R23.00 per share and was subsequently delisted from the JSE.

As an unlisted investment holding company, PSG Group continues to act as an incubator, building businesses while providing good returns to its shareholders. 

Mouton’s success is noteworthy; an investment of R100,000 on PSG’s first day of business grew to R390 million twenty-two years later, assuming all dividends were reinvested.

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Jannie Mouton and PSG photos

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