Old Mutual Alternative Investments (OMAI) Hybrid Equity (HE) says it has assisted in funding the acquisition of a 6.56 percent shareholding in Imperial Logistics South Africa by a black women-owned and -managed investment holding company, Afropulse Group.
The co-head of OMAI HE, Mujaahid Hassan, said: “We are excited by the prospects this transaction means for transformation, particularly in the logistics industry. As a funding partner, HE is proud to have facilitated this deal that not only drives transformation forward but places businesswomen at the centre of empowerment in South Africa.”
HE would provide preference share funding of R112 million as part of a quasi-equity related funding package to Afropulse Group to fund the deal in full.
The equity and preference share funding would be provided to a special purpose vehicle, a wholly owned subsidiary of the Afropulse Group, jointly led by Phumzile Langeni and Bongi Masinga.
Masinga, Afropulse’s chief executive and co-founder, said: “It was a complex transaction to get right, and now we can focus on the value we can bring to the business. We believe this is a great partnership that will yield benefits for us as partners to Imperial Logistics SA and our strategic funding partners HE. It is a great addition to the growing Afropulse investment portfolio.”
BUSINESS REPORT ONLINE