Logistics firm Elite Truck Hire is seeking to grow its business "aggressively", after selling a 25,7% equity stake to black-owned private equity firm Medu Capital for an undisclosed amount, it said on Monday.

Elite - which operates some 1 000 trucks, tractors and trailers in South Africa - said that its lack of empowerment credentials had limited its growth prospects.

MD Les Tomsett said that the company's newly-acquired black economic-empowered status would allow it to tender aggressively for other transport business, particularly outsourced third party distribution contract work.

Medu Capital, founded in 2003, had R1,5-billion in funds under management and invested between R30-million and R160-million in other companies.

The black-owned firm would appoint Ernest January and Zeyn Angamia to the board of Elite.

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