Waco to list on JSE main board
Equipment hire and industrial services provider Waco International is planning to list on the main board of the JSE, which will facilitate a partial realisation of the interests of a private equity consortium led by Ethos Private Equity and which includes RMB Ventures Six, Waco management and Standard Bank.
Waco would be listed in the General Industrials – Diversified Industrials sector.
“Four years ago, Ethos and RMB Ventures committed to partner with Waco as a growth strategy, underpinned by a robust balance sheet and supportive shareholders,” Ethos CEO Stuart MacKenzie said.
Waco CEO Stephen Goodburn added that the company was proud of its record of servicing its customers. “Waco has built a platform for growth off its extensive branch network and we will continue with our strategy of diversifying our business further across products and geographies.”
Over the last three financial years, the group invested R682-million to maintain and expand its hire fleet and further develop its branch network, with a focus on expansion in South Africa and other sub-Saharan African countries.
During this period, Waco also invested R166-million in strategic acquisitions, including that of United Scaffolding in New Zealand and SkyJacks in South Africa.
The group also implemented successful turnaround plans in the UK and Australia, which have returned the international operations to profitability.
These strategic initiatives have contributed to a 45% increase in the group’s revenue and a 94% increase in the group’s earnings before interest, taxes, depreciation and amortisation (Ebitda) from R3.07-billion and R395-million, respectively, in the 2013 financial year to R4.5-billion and R768-million in the 2015 financial year.
Since end-June, the group also continued to perform in line with management’s expectations. Between June 30 and August 31, the group’s adjusted Ebitda was higher than in the corresponding period in 2014, owing to improved profitability in Waco’s international operations segment as a result of the implementation of its restructuring plans.
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