VENTURES: Actis Wins Deal Of the Year for Tracker Buyout
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Becoming South Africas Leading Fleet Management Services Provider
The transaction saw Remgro dispose of its interest in Tracker to Actis while FirstRand restructured its investment to include RMB. The Mineworkers Investment Company (MIC) increased its stake in the business, improving Trackers BEE credentials. Working with Trackers committed senior team, the intention is to build on the success of this powerful brand to grow Trackers subscription base even further. The aim is to transform it into South Africas market leading fleet management services provider while maintaining its dominance in the SVR sector and continuing to innovate and deliver state-of-the art technologies and solutions that are making a real difference to safety and quality of life in South Africa.
Tracker Deal Hugely Important to Actis
We are very proud of this deal, says Actis partner, Natalie Kolbe. It took us almost two years to conclude, with a major disruption coming from a significant change in tax regulations in June 2011, which meant that we needed to completely restructure the deal. With the right degree of flexibility, and thanks to the collaboration of the authorities we were able to pull it off regardless.
Our investment in Tracker plays well into Actiss commitment to supporting world-class businesses to grow across Africa, where we already have $1.5bn at work. Its a great privilege to receive this award, and Im excited about continuing to work with the Tracker management team on the next phase of development.
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