Phatisa has reached an agreement with JSE-listed Torre Industries Limited (Torre), whereby Phatisa and Kanu management buy Torre’s remaining shareholding in Kanu Equipment Limited (Kanu). The purchase takes Phatisa’s shareholding to 85%, with Kanu management increasing their stake to 15%.
Established in 2012, Kanu is a leading African heavy-equipment supplier of purpose-fit equipment, providing quality maintenance and on-the-ground service teams, operating in nine countries across Africa, servicing the agriculture, construction and mining industries. The business has demonstrated strong year-on-year growth by securing new customers attracted to Kanu’s internationally recognised equipment brands and its superior levels of customer service and support.
“Phatisa has supported our growth aspirations and shares Kanu’s vision of becoming the foremost equipment dealer in Africa. The management team has invested significantly alongside Phatisa, which demonstrates our shared commitment and confidence in the business, and we look forward to continuing our journey with Phatisa as Kanu grows from strength to strength,” commented Stephen Smithyman, Chief Executive Officer of Kanu.
Since the initial investment in June 2016, Phatisa has supported Kanu’s ambitious expansion plans by using its sector expertise and African network to source new growth opportunities. The most recent transaction reinforces the partnership between Phatisa and Kanu, enabling Kanu to pursue its strategic objectives of extending its African footprint and expanding its network of loyal customers across the continent.
Joseph Bergin, Senior Partner at Phatisa commented, “Today’s announcement reflects Phatisa’s confidence in both the business and the management team. Kanu’s success is attributed to its customer service excellence and a comprehensive product offering. We believe in management’s vision and support their growth objectives, both organically and through acquisitions in selected markets.”