South Africa: RMB Ventures backs Mafika Engineering
RMB Ventures has acquired a 45% stake in Mafika Engineering, Africa’s largest independent rebuilder of high horsepower (HHP) diesel engines used in the mining industry. RMB Ventures has made this investment in concert with Mafika’s existing management team.
Mafika restores HHP and ultra-HHP engines used in high-value mining machinery, such as ultra-class haul trucks, dozers, and excavators.
Amina Pahad, a senior transactor at RMB Ventures, commented, “We are proud to be partnering with a homegrown South African business that provides a world class service to some of the largest mining houses on the continent and around the globe. RMB Ventures will help instil the appropriate systems, processes and funding to position the business for further growth without losing the flexibility and responsiveness so important in servicing its customers.”
By remanufacturing mission critical engines, Mafika Engineering enables its customers to better engage in the circular economy. Remanufacturing provides mining companies the chance to recycle existing resources, restoring their equipment’s efficiency and output at a lower cost but with OEM-comparable quality.
Commenting on the partnership, Graydon Epstein of Mafika Engineering said, “Our consistent delivery of quality certified engine rebuilds and world class service have established us as a well-known, reliable service provider and allowed us to grow rapidly over the past decade. RMB Ventures is a great fit due to their skill in supporting businesses through significant growth phases, while retaining the entrepreneurial business’s unique culture and flexibility. In addition to this, having a partner within the FirstRand Group allows us to gain access to broader networks within the mining sector and further accelerate our growth aspirations.”