South Africa: Edge Growth-managed Abadali Fund in engineering services deal
The funding facility will enable Siyanqoba to acquire specialised mining equipment and expand its operational capacity.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Edge Growth Ventures has deployed capital from the Abadali Fund, a fund it manages, into Siyanqoba, a 100% black woman-owned and managed engineering company based in Mpumalanga, South Africa.
The Abadali Fund forms part of the Abadali Equity Equivalent Investment Programme, a South African economic inclusion initiative by the Department of Trade, Industry and Competition, in partnership with J.P. Morgan.
The funding facility will enable Siyanqoba to acquire specialised mining equipment and expand its operational capacity.
Founded in 2013 by Nqobile Valencia Mkhabela, Siyanqoba has grown from a single engineering entity into a diversified group with three subsidiaries focused on engineering, mining and logistics, and energy.
Siyanqoba serves mining houses including Seriti Resources, Thungela, and Glencore. The company has built a track record in conveyor systems engineering, plant maintenance, and mechanical and electrical services.
“The process of the application was very educational for me as an entrepreneur and for my colleagues, as Edge Growth guided us throughout the journey. Our business acumen has been sharpened, helping us achieve our strategic outcomes and deliver positive results,” says Mkhabela.
“The business’s growth trajectory over the past 12 years, and its projected future performance, reflects its consistent quality service delivery to blue-chip clients and the strength of its technical team, led by a highly experienced and astute entrepreneur,” comments Fana Mnguni, associate principal at Edge Growth and one of its senior dealmakers.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now