What you need to know about the new direct marketing guidance note
Nadine Mather and Chloë Loubser
Kwane acquires 63.75% stake in TFM Group
Kwane Capital has acquired a 63.75% stake in the TFM Group in a cash transaction. The transaction is effective immediately, with Kwane intending to exercise its option to increase its stake to 72.66% within the next 12 months.
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“We came across TFM when sourcing specialised vehicles for our earthmoving, plant and equipment leasing business, and were so impressed we just had to buy the business. The intention is to boost the turnover of the business to R2bn within a year,” says Mcebisi Mlonzi, founder, chairman and CEO of Kwane Capital.
TFM was established in 1966 as a specialist truck customisation, maintenance and repair business, branching out into the armoured vehicle production industry in the 1970s. “The concentration will be to increase the armoured vehicle division earning hard currency,” adds Mlonzi.
Specialist truck bodies for the transport, construction, forestry, cargo body, waste and environmental transport industries, and ambulances, armoured vehicles, tippers, fuel tanks and trailers are manufactured and assembled in TFM’s Olifantsfontein, East London, and Durban factories.
