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In a deal worth some R65-million and which remained subject to the achievement of profit targets over a three-year period, Workforce Holdings subsidiary and accredited training provider Training Force has acquired mining training service provider Prisma Training Solutions.
Training Force believed the addition of Prisma to its service offering would allow the company to grow its portfolio of services and revenues in the mining sector.
Funding would be through the issuance of R5-million of Workforce shares to vendors, with a balance in cash over a three-year period.
All jobs at Prisma would be retained after the acquisition, with key management having signed service contracts to ensure the continued success of the business, which would operate as a standalone company under the Training Force umbrella.
Established in 2007, Prisma offered technical training in mining, team development and supervisor development, having completed training projects for mining companies including South32, Anglo Coal, De Beers, Anglo American Platinum, Kumba Iron Ore, Swakop Uranium, Lanxess Chrome Mine and Koidu Holdings, in South Africa, Namibia, Botswana, Ghana, Sierra Leone and Tanzania.
“The Prisma acquisition allows us to diversify further, in line with our strategy of adding depth to our service offering, expanding our geographic reach and following through on our promises to investors that we would grow the company through organic as well as acquisitive growth,” commented Workforce Holdings CEO Lawrence Diamond.