South Africa: RMB Corvest in security products deal
Private equity firm RMB Corvest and Imbani Private Equity have acquired a significant shareholding in Insulation Thermal Acoustic Security Company (ITAS).
ITAS, founded by Johan Luyt with the support of his wife, Anneke Luyt, is a specialist manufacturer of value-added, end-to-end physical security products, which target the protection of people and cash, along with secure access control systems. The business designs and manufactures cost effective, low maintenance, electro-mechanical, physical security safety equipment and offers these end-to-end solutions to a variety of industries.
Genevieve Alberts, an executive at RMB Corvest, explains this opportunity arose as a result of the retirement of the founders of the business and the need for black economic empowerment (BEE) in the business. “We are excited that the inclusion of Imbani Private Equity will result in ITAS being at least 51% black owned and 30% black women owned,” she said.
Briss Mathabathe, founding director of Imbani, notes that the firm’s shareholding has incorporated a significant BEE element into the business and an opportunity to leverage off its vast business networks, making ITAS an even more attractive potential supplier in the South African safety and security industry.
“The nature of our business lends itself to long term, stable customer relationships,” says Bennie Luyt, managing director, ITAS. “Our research and development team also ensures ITAS stays ahead of the competition and keeps on delivering innovative security solutions for clients. We look forward to unlocking further opportunities in the broader market as well as through both RMB Corvest’s portfolio companies and Imbani’s investee entities.”
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