JOHANNESBURG - The Laser Group, the prominent independent and privately owned logistics company, has concluded a significant empowerment transaction involving Pape Fund Managers to transform the company into a 51 percent black-owned group.
The group’s black ownership comprises the black participation in Laser’s management consortium and a significant investment from Pape Fund Managers, a level-1 broad-based black economic empowerment fund manager, whose shareholders include the Carla Foundation Trust, a broad-based education and health upliftment trust that benefits rural women in the Eastern Cape.
In terms of a transaction concluded on July 30, a management consortium led by Laser Group chief executive Iain Johnson, chairperson Philip Hayes and Pape Fund Managers through its boutique private equity fund Pape Fund 3, acquired 100 percent of the equity of the group.
Pape has acquired a 48.3percent equity interest in the Laser Group for an undisclosed amount through the transaction. Investors in Pape Fund 3 include the Public Investment Corporation, the Eskom Pension and Provident Fund and FMO, the Dutch Entrepreneurial Development Bank.
Johnson said the Laser Group was now one of the few independent logistics players in South Africa that was majority black-owned.