In a deal valued at R1.6-billion, South African private equity investor, the Ethos Fund has acquired 65% of work-at-height and material handling solutions provider Eazi Group.
An investment vehicle controlled by Buffet Investments’ Jonathan Beare and founding shareholders would retain the remainder of the company.
Founded in 2003, Eazi Group boasted a diverse fleet of boom lifts, scissor lifts, telehandlers and vertical personnel lifts, serving the fast-moving consumer goods, transport, entertainment and mining industries.
The company also held exclusive distribution rights for leading brands in South Africa, most notably, mobile high-access equipment manufacturers JLG, Magni Telescopic Handler and Maeda Mini Cranes.
The deal represented the Ethos Fund’s fifth investment in 12 months, following recent investments into Pan-African telecommunication towers company Eaton Towers, paper-based packaging solutions group Neopak, branded tissue products provider Twinsaver and automotive parts retailer Autozone.
“Eazi Group is a prime example of South African pioneering spirit, where visionary entrepreneurs identified a void in the market and through grit and determination established a new industry.
“In a little over a decade, management built a differentiated business, offering service excellence, enhanced safety and innovative cost-effective solutions to their customers. We are delighted to invest in the next phase of Eazi’s journey to reach its full potential,” commented Ethos partner Shaun Zagnoev.