Energy equipment and solutions provider Conco Energy Solutions has been acquired by wholly black-owned DLO Resources Group, which is headed up by 51% shareholder, founder and CEO Linda Mabhena-Olagunju.
DLO is a renewable energy developer and strategic investor.
The transaction will result in the company changing its name to DLO Energy Solutions and becoming a Level 1 broad-based black economic empowerment contributor, which is wholly black-owned and 51% black female-owned.
Mabhena-Olagunju describes this as “a major victory for women’s participation in the male-dominated South Africa power sector”.
The acquisition of Conco Energy Solutions was made possible through the partnership with the engineering and technical team led by Conco Group CEO Johnny Dladla, through JMD Energy Resources.
DLO Energy Solutions has retained the core critical skills of Conco Energy Solutions within DLO Energy Solutions and will continue to offer its clients the same level of service previously received from the Conco Energy Solutions team and management, the statement on July 29 said.
The acquisition has also saved several jobs and critical skills required in the industry to build the energy infrastructure and support the current energy investment programmes.
The country requires the inclusion of competent skilled people in key technical roles, meaningfully focusing on the promotion of women and youth in the energy development opportunities, Dladla said.
He added that Mabhena-Olagunju’s business record “brings entrepreneurial and commercial acumen to the acquisition”.
“The importance of this acquisition for us as DLO Energy Solutions is that it will finally lead to meaningful participation of black women in the energy sector, not just through shareholding but through the day-to-day involvement in the operations.
“It is also a key strategic company for South Africa in that we manufacture locally, thus adding locally-manufactured components to the energy value chain which is so heavily reliant on international imports,” Mabhena-Olagunju said.