African Marine Solutions Group (Amsol) has bought Southern Africa-focused specialist marine solutions provider Smit Amandla Marine from Netherlands-based maritime infrastructure company Royal Boskalis Westminster for €50-million, returning the company to South African ownership.
Amsol is owned by a consortium including Smit Amandla Marine management and employees, the Mineworkers Investment Company (MIC), Pan-African Capital Holdings and RMB Ventures.
Amsol MD Paul Maclons, who joined Smit Amandla Marine in 2004, noted that the business opportunity for a management buyout was the catalyst for this transaction. “We are excited to build a great South African company and to remain relevant to our clients in the energy, mining, ports and maritime sectors in the future.”
Delivering marine solutions to international standards to government and private sector clients, the company’s record and long-term partnerships have ensured substantial growth and value creation since Smit Amandla Marine was launched in 2015.
MIC CEO Mary Bomela believes the acquisition supports the objectives of government’s oceans economy programme that falls under Operation Phakisa.
“In facilitating the transformation of the maritime economy in South Africa, Amsol is now in a unique position to support the continued growth and transformation of the sector in the region – with the transaction including Smit Amandla Marine’s business in Namibia and Mozambique.
“They bring their market leadership and expertise to the acquisition and have been guided by a strong management team. We look forward to all the possibilities and how this will create a difference,” she added.
The sale of the business to Amsol is in line with a stated commitment by shareholders to capacitate the company over time and return it to 100% South African ownership.
This ensures that the business remains relevant in its chosen markets, which include Africa and the Indian Ocean Island region, and enables it to continue to meet expectations of local and international clients.
Looking ahead, the company’s strategy will support sustainable regional economic transformation in a niche industry where barriers to entry remain high.
Smit Amandla Marine will transition to the Amsol brand by the end of the year.