Page 101 - KZN Top Business Portfolio 2024/5 - ebook

in an industry traditionally dominated by white
ownership. The Fund’s participation aligned with
the South African Automotive Masterplan (SAAM)
and involved a transaction valued at R76 million.
Brace Able, based in Pinetown, Durban, is a Tier
One supplier of automotive tools and equipment
to well-known brands. The investment created 105
additional jobs and enabled Brace Able to diversify
its clientele by introducing original equipment
manufacturers (OEMs) as customers. The company
continues to seek diversification opportunities, with
the Fund’s ongoing support to unlock further value.
Another significant investment by the Fund involved
the development of iDube Cold Storage an
8,680-pallet multi-temperature cold storage facility,
valued at R90 million, with 51% black ownership.
The project created 65 jobs and expanded its
capacity to 9,600 pallets, providing the cold supply
chain industry with a high-tech and efficient multi-
temperature storage solution for perishable goods.
The facility, located next to King Shaka International
Airport, is one of the largest of its kind in KwaZulu-
Natal. Despite initial challenges, including a rack
collapse, the project has made steady progress
in recovering, with the Fund discussing potential
restructuring terms with the project’s management.
The Fund also played a crucial role in the acquisition
of JT Ross interest entities in two private hospitals,
investing equity alongside Busamed (Pty) Ltd,
which now operates the Busamed Hillcrest Private
Hospital and Busamed Gateway Private Hospital. The
transaction, including the acquisition of properties,
was valued at approximately R1.6 billion. The Fund’s
involvement facilitated industry transformation and
the preservation of existing jobs, while also creating
additional employment opportunities through expan-
sion. The two hospitals now employ a total of 642
staff members.
Busamed is one of South Africa’s first black-owned
healthcare groups, operating private hospitals
nationwide in a sector traditionally dominated
by majority white-owned entities. The improved
performance of these hospitals has led to growth in
the equity stake acquired by the Fund.
The Fund continues to fulfil its mission of fostering
economic growth and development in KwaZulu-
Natal through innovative funding solutions. By
financing projects that create jobs, promote B-BBEE,
and drive sustainable development, the Fund is
creating a legacy of growth and prosperity in the
region. Through its strategic investments, the Fund
is transforming industries, creating opportunities,
and empowering businesses to achieve their
full potential, thereby contributing to the socio-
economic upliftment of KwaZulu-Natal.

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