Pepkor has announced the sale of The Building Company to the management team and private equity group Capitalworks for R1.2bn.
- The sale comes after the Competition Commission blocked a previous attempt to sell the company to Cashbuild, as it raised concerns about creating a dominant hardware firm with a monopoly in certain areas.
- The Building Company is a significant player in the building retail sector, offering a wide range of products and services to customers.
- The management team and Capitalworks, a private equity group, have agreed to acquire the company, ensuring continuity and growth under their ownership.
- This strategic sale allows Pepkor to focus on its core business and optimize its operations in the retail and consumer sector.
- The deal reflects the confidence of the management team and Capitalworks in the potential and value of The Building Company.
- The transaction signifies a new chapter for The Building Company, as it becomes an independent entity with opportunities for expansion and development in the building retail market.