African Rainbow Capital Acquires Majority Stake in Autoboys Holdings
Autoboys Holdings, the holding company of Autoboys Glass Services Pty Ltd and Autoboys Automotive Pty Ltd, has signed an agreement with African Rainbow Capital (ARC), where ARC acquires 51% of the company.
ARC, chaired by mining magnate Patrice Motsepe, is a black-owned and controlled company focusing on the South African and African financial services industry and businesses that deliver exceptional returns on equity.
“We are now in a position to ensure our partners have the option of supporting black-owned business in the supply chain. Our insurance partners were advocating the need for a more inclusive and transformed economy. We listened and acted on this very real need,” he explains.
Beyond the black-owned partnership credentials, the deal further allows investment by Autoboys in network expansion. The company plans to invest on improving its service delivery network and to develop technology-driven solutions to customers.
Original article published on: https://www.riskafrica.com/arc-stake-autoboys-holdings/