A South African company owned by a former G4S director has received approval from the Competition Commission to acquire G4S’s local cash-in-transit (CIT) business. The acquiring entity, Izi Africa, is a special purpose vehicle created specifically for the deal and is owned by Amajuba Management Solutions. Amajuba also runs Izi Cash, which operates in key cities including Johannesburg, Pretoria, Cape Town, Durban, Gqeberha, and others.
At the helm is 53-year-old Albert Erasmus, the sole director of Amajuba, CEO of Izi Cash, and a director of Izi Africa. Erasmus previously served as a director of G4S Cash Solutions until March 2015, just two months before Amajuba was registered. His background includes leadership roles in several companies within the G4S group.
The Competition Commission has found that the acquisition is unlikely to harm competition in any market. Approval of the deal comes with two key conditions: no job losses for two years and a commitment to broaden ownership to historically disadvantaged individuals. G4S has confirmed that it will retain and expand other parts of its operations in South Africa, including its security services arm (G4S Secure Solutions) and its payments tech business (Deposita). The company’s regional African headquarters will also remain in South Africa.
This deal marks a significant shift in South Africa’s cash logistics sector, transferring control of a major CIT player into local hands, led by someone with deep knowledge of the business.