Medu Capital acquires 25.1% of Weir Minerals South Africa
Posted on: 29 June, 2020 at 4:17 PM
Medu Capital has acquired 25.1% of Weir Minerals South Africa (Pty) Ltd, Weir Minerals Africa’s South African operation. The transaction was finalised in Johannesburg in May 2020.
Formed in 2003, Medu Capital is a 100% black-owned investment management company with a focus on private equity.
Explaining the rationale behind Medu Capital taking up the shareholding in Weir Minerals South Africa, co-founder and director Ernest January says Weir Minerals has an outstanding reputation for high quality products. “The company’s design, engineering and technical capabilities, combined with its high-quality standards and global reach, have led to impressive long-term customer relationships and a strong track record,” January says.
“We are proud to be associated with the Weir brand and support the company’s aim to achieve and maintain a competitive B-BBEE rating. We look forward to working with the management team to complement its value proposition to customers and are excited to participate in the company’s growth story.”
According to Weir Minerals Africa regional managing director Gavin Dyer, the deal is another step in an ongoing transformation journey.
“We have, over the years, made significant progress in terms of our employment equity, skills development, preferential procurement and socio-economic development,” says Dyer. “We are therefore very pleased to conclude this transaction, which creates an organisational ownership structure that is more representative of the demographics of South Africa.”
The deal has been facilitated by the creation of Weir Minerals South Africa (Pty) Ltd, whose assets include sales branches across the country, an assembly facility in Alrode, Gauteng, and a distributor network.
Part of the global Weir Group PLC, Weir Minerals Africa serves primarily the mining sector around Africa and the Middle East. It also manufactures mineral processing equipment for export to international group destinations. Listed on the London Stock Exchange, Weir’s engineering heritage dates back over 140 years.
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