Kwane Capital enters partnership with CVS Ferrari

Colin Clegg, regional manager – CVS Ferrari and Mcebisi Mlonzi, chairman and CEO of Ritam Holdings.

It is estimated that the distribution and localisation agreement’s capex investment in Operation Phakisa will exceed R1bn - with an initial market offtake of R3bn in the first year – which will also lead to significant job creation and skills investment in the ports and handling industry.

Says Mcebisi Mlonzi, chairman and CEO of Ritam Holdings: “Partnering with a global brand such as CVS Ferrari show tremendous faith in our ability to provide superior services to important customers such as Transnet as well our commitment to growing this crucial industry through job creation and skills investment. We look forward to mutually beneficial and fruitful relationship with CVS Ferrari.”

Supplying specialist skills, training

Adds Colin Clegg, regional manager – CVS Ferrari: “CVS Ferrari will, through our agreement with Kwane Capital, support the localisation of our product range in South Africa which also means we will be supplying specialist skills and training to support the programme.

The agreement will see the distribution of CVS Ferrari’s premier range of forklifts, empty container handlers, and reach stackers and it will provide sales and after-market support to CVS Ferrari’s South African customer base.

The agreement provides for the transfer of intellectual property and designs from Italy to South Africa enabling significant product localisation. This will include the assembly of partially assembled or pre-fabricated parts as well as the local manufacture of specific equipment such as the container straddle carrier through the TFM Group in which Kwane Capital holds a 63.7% stake.

The TFM Group specialises in the manufacturing, supply and support and import of specialist truck bodies.