Financial services company Tennant Group has concluded its first broad-based black economic empowerment (BBBEE) transaction with KDI Capital Partners, which will result in it becoming majority black-owned.

This BBBEE transaction enables strong growth opportunities for the Tennant Group across South Africa and further expansion into the African continent.

KDI Capital Partners is part of the KDI Group, which is led by Kuseni Dlamini, who will assume the role of chairperson of the Tennant Group board. He is also the former CEO of Old Mutual South Africa and Emerging Markets and was also the head of Anglo American South Africa and a member of the executive committee of Anglo American in London.

Dlamini is currently chairperson of Massmart and Aspen Pharmacare.

Tennant Group founder and MD Stephen Tennant says that, taking care of tomorrow and today is what drives the group, with this transaction assisting it to do that by accelerating its competitiveness and relevance in the financial services sector.

“We welcome our new partners on board, and we look forward to enhancing our delivery of unique customised and personalised services and products to companies and individuals to enhance employee benefits, human capital and personal wealth needs.

Dlamini says Tennant is a well-established company with a highly competent leadership team that has been assisting individuals and companies for over 30 years. “This transaction will enable us to take the business to its next phase of excellence and greatness and thus secure its long-term profitable growth and sustainability.”

"This has been a worthwhile journey considering that businesses in general continue to navigate challenging economic headwinds imposed by Covid-19 and, as such, most of our engagements took place during the country’s lockdown and were, by necessity, virtual, which shows that the rebuilding of our economy cannot wait for the lockdown to end.

“At the core of our focus will be service excellence to our customers and looking after our outstanding employees.”

Tennant Group former chairperson John Butler retains the deputy chairpersonship role and remains a committed shareholder to ensure continuity.

The Fedgroup have been investors in the business for over ten years and will remain invested through KDI Capital Partners.

The Tennant Group is an active player in the local and African financial services market with many standalone funds under administration. The Tennant Group has strong international networks and also has majority shareholding in Stratum Benefits – which is a major player in the gap cover and medical benefits industries.