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Follow on Google News | Tracker acquired in R3.9bn dealAn R3.9billion buy-out has resulted in a change of ownership structure at Tracker, South Africa’s largest vehicle tracking company, and the entry of pan-emerging markets investor Actis.
By: Tracker “Everything we do at Tracker is underpinned by the principle that our work can make a real difference to quality of life in South Africa,” commented Tracker CEO, Alan Hutcheson. “Whether it is helping to track and recover assets, combating crime or delivering services that enable people and organisations to be more efficient, the creation of value is critical to our work. Today’s announcement reflects the confidence this consortium has in both our approach and our track record.” John van Wyk, Co-Head of Africa at Actis said: “Tracker’s committed management team has built a powerful brand known for high quality customer service, CSR and a strong, differentiated internal culture. We are looking forward to reinforcing Tracker’s position as the market leading vehicle tracking and monitoring company in South Africa.” Tracker is known for its vehicle recovery successes – it has achieved approximately 55,000 vehicle recoveries and over 10,000 arrests since its establishment in 1996, more than any other tracking company in South Africa. It is utilised by the South African Police Service and has increasingly diversified into new technologies; As an example, this data opens up an opportunity for car insurance companies, enabling them to offer usage-based insurance, where rates can be determined by driver behaviour (speed, distance travelled) and actual performance on the road. This results in fairer premiums for law-abiding, fuel-conscious drivers. “In a dynamic industry, Tracker has demonstrated a consistent ability to innovate and provide relevant solutions to its customers. These qualities resonate strongly with RMB Ventures,” says Eutychus Mbuthia, co-head of RMB Ventures. Existing shareholder MIC is increasing its stake in Tracker. MIC Strategy Director Mary Bomela explained: “The transaction enabled MIC to consolidate our position in a strong, well-managed business that has proved good returns since we first invested in the company in 2001.” She continued: “Changes to the ownership structure were an opportunity to extract value while expressing our confidence in the future of an industry leader and its management team. For more than 10 years, Tracker has been a value-enhancing component of MIC’s diversified investment portfolio. We are delighted to remain invested in Tracker and to strengthen our Tracker connection.” Commenting on the decision to dispose of its interest in Tracker, Jannie Durand, Chief Investment Officer of Remgro, said: “VenFin, which is now part of Remgro, was one of the founding shareholders in Tracker in 1996 and our commitment to this investment over the years has delivered significant returns to our shareholders. We are delighted to see the company enter its next phase of development with the committed support of new and existing shareholders and Tracker’s very capable management team.” About Actis Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$4.6bn funds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. In March 2011, Actis was named African Private Equity Fund of the Year by PEI Magazine for the fourth year in a row. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society. www.act.is About RMB Ventures RMB Ventures is a private equity company within the FirstRand Group. RMB focuses on partnering with experienced management teams to provide equity and debt funding for medium to large buyouts of established businesses with established track records. The team also provides equity funding to facilitate growth organically or by acquisition. RMB Ventures has long standing relationships with a number of BEE investors with whom they partner to provide solutions for a wide variety of transactions. RMB Ventures has participated in numerous large private equity transactions some of which include Life Healthcare, Actom, Idwala, Stocks & Stocks and RTT Group. www.rmb.co.za About MIC The Mineworker’s Investment Company (MIC) is a 100% broad based BEE investment company established in 1995 by the Mineworker’s Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy and construction workers and their dependents. Since inception, the MIC has disbursed over R368 million directly to MIT, which has in turn advanced the money to fund its social development programmes in the areas of education and micro-enterprise development. The MIC’s investment portfolio is spread across a variety of industry sectors including financial services, leisure, industrial and media. Its portfolio is valued at R2.2 billion. www.mic.co.za Actis: Gillian Findlay +27 82 330 1477 Gillian@inzalo.com Tracker: Gareth Crocker +27 82 787 8757 gcrocker@tracker.co.za RMB Ventures: Joandra Griesel +27 11 282 1748 Joandra.griesel@ MIC: Mbali Msimango +27 11 704 6618 mbali@hmcseswa.co.za # # # Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$4.6bn funds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. In March 2011, Actis was named African Private Equity Fund of the Year by PEI Magazine for the fourth year in a row. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society. www.act.is End
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