South African slurry pump manufacturer Pump and Abrasion Technologies has offloaded a 30% stake to Innovative Strategic Investments (ISI) in a black economic-empowerment (BEE) deal that will allow the company to advance its ambition of expanding into Africa.
The deal, which was financed by Grindrod Bank, was structured to meet several criteria, including the stipulation that it be fully funded, Grindrod Bank executive director Andrew Blades explained.
“It was [also] crucial that there be mutual benefits to the partners and that ISI becomes actively involved in Pump and Abrasion Technologies."
ISI co-founder and director Muvhango Netshitangani said ISI was in complete agreement that these criteria were met.
“The culture within our two companies is a perfect fit and met our expectations on all counts. With this partnership, we see great potential for expansion and continued success within the mining industry,” he said.
Pump and Abrasion Technologies sales and marketing director James Pienaar added that ISI was selected as a strategic partner as its ethics, business culture and objectives aligned strongly with that of the slurry pump group.
“ISI’s strong record in the mining industry underpinned our decision,” he concluded.