Uncategorized 25.6.2015 11:37 am

Kagiso Tiso Holdings buys 51% of Servest Group in R4.5bln deal

Picture: Thinkstock

Picture: Thinkstock

Investment holding company Kagiso Tiso Holdings (KTH) on Thursday announced the acquisition of 51% of the Servest Group in a deal worth R4.5 billion.

Vuyisa Nkonyeni, KTH chief executive, said the transaction made Servest, a provider of facilities management services to over 6500 clients across more than 24 000 sites in Africa and the UK, the largest majority black-owned facilities management company in Africa.

Servest chief executive Kevin Derrick added that, although the deal means that Servest is now 51 percent black owned “it represents so much more than just an empowerment transaction”.

He said: “This not only clearly demonstrates our ongoing commitment to transformation and long-term sustainability, but brings with it significant opportunities for future growth, expansion and job creation.”

Nkonyeni said: “This transaction demonstrates clear delivery against KTH’s strategy of acquiring meaningful or majority stakes in fast growing companies which are supported by strong management teams and have good exposure of African market opportunities.

“In the South African market, we will identify investments that will afford us significant influence or control alongside like-minded partners,” he said.

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