South Africa: Edge Growth backs laboratory supplies company
South African fund manager Edge Growth, through the Coca-Cola Beverages South Africa (CCBSA) Fund, has provided funding to Bashumi Instruments & Control Services (BICS), which specialises in supplying laboratory equipment, consumables and specialised chemicals as well as related installation and repair services to both the public and private sectors.
“BICS has a long history of quality service and an established client network. Due to the ever-evolving nature of supplier repayment terms both internationally and locally, there is a pressing need to remain liquid to be able to grow as an SME. We believe that the relationship we have built with the company will lead to continued revenue growth and market share,” says Vuyiswa Nzimande, Edge Growth lead deal maker.
It’s just over 17 years since BICS was established as a black female-owned company by founder Lomo Senoamadi, with a dream of entering a world of business previously believed to be a predominantly male-dominated industry. Since then, BICS has faced constantly changing industrial dynamics, radical IT advances and service orientation challenges. With its target market also evolving to the globalised standards of business, BICS is an organisation that has learnt to re-invent itself and is recognised today for its quality products and efficient customer service.
The CCBSA Fund, managed by Edge Growth, is focused on supporting the growth, development and sustainability of majority black-owned suppliers. The BICS funding is in the form of long-term debt, which will provide increased capacity and improved agility for the company where job creation and long-term sustainability are front and foremost in planning.
“We are delighted and indescribably grateful to receive the funding from the CCBSA SME Fund. This has been an amazing, demanding and deeply insightful journey. The funding came at the opportune time… just after we celebrated 17 years in business. We find ourselves ready to take BICS to the next level,” says Lomo Senoamadi. “Going through the application process has helped us improve our business processes and prepared us for the growth that we yearn for, and that we know is required in order to expand our capacity to serve our industries even better.”
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