Durban - African Marine Solutions Group (Amsol) on Thursday announced that it had acquired SMIT Amandla Marine, which it says is a market leader in the provision of specialist marine solutions in the Southern African region, for an undisclosed amount.Amsol is owned by a consortium that includes SMIT Amandla Marine management and employees, the Mineworkers Investment Company, Pan-African Capital Holdings and RMB Ventures.
Amsol MD Paul Maclons said the business opportunity for a management buyout was the catalyst for this transaction.
“We are excited to build a great company and to remain relevant to our clients in the energy, mining, ports and maritime sectors into the future.”
SMIT Amandla said the sale of the business to Amsol was in line with a stated commitment by shareholders to capacitate the company over time and return it to 100percent South African ownership.
The transaction also includes SMIT Amandla Marine’s business in Namibia and Mozambique.