Thebe Investment Corporation has acquired a majority stake in privately owned auction provider Clear Asset – a move that creates a leading black-owned online auction house.
Clear Asset focuses on the auction of mining, construction, maritime, agriculture and other heavy-duty assets.
“We see opportunities to expand the business both across our portfolio and into other targeted areas. We believe the systems, governance and price transparency that Clear Asset provides will continue to be more and more valuable as a mechanism to dispose of redundant or overage assets,” Thebe CEO Jerry Mabena said.
“We are delighted to have Thebe on board as a partner. This a major milestone for Clear Asset and a strong vote of confidence both in our business and the growing potential of South Africa’s online auction market,” commented Clear Asset CEO Warren Schewitz.