The Executive Management of Goscor, a large player in South Africa’s industrial equipment market, is proud to announce the buyout of all Goscor shares from JSE-listed Imperial Holdings and the introduction of two new shareholders
The Goscor Group of Companies which comprises the Goscor Lift Truck Company, Goscor Access Rental, Bobcat, Goscor Cleaning Equipment, Goscor Hi-Reach, Goscor KLG, Goscor Power Products and a finance company, have enjoyed five very successful years as part of the Imperial stable where the business has grown strongly, reporting revenue of over R1.6-billion to the year ended 30 June 2015. Goscor CEO, Neil Wilson, affirms that the strategic decision by Imperial to dispose of its non-core assets resulted in the sale of Goscor to a management led consortium. The transaction is a great opportunity for the management team and is the start of an exciting new future for the business.
“The Group is well diversified, is trading well and is financially sound,” states Wilson. “The acquisition of the shares from Imperial confirms our extreme confidence in the Goscor companies going forward, a confidence that extends to our quality equipment and services, our committed employees and very importantly, our valued customers. Together with our key principals – Crown, Doosan, Tennant, Bobcat, Genie, and others, who share our enthusiasm about the future of the Goscor businesses, we look forward to building this next and exciting chapter in the Group’s history.”
In addition to the buy-out of Imperial’s shares by management, two new shareholders, Khulasande Capital Partnership (“Khulasande”) and Unispan Holdings (Pty) Ltd (“Unispan”) will be introduced. Khulasande is a partnership between the Entrepreneurship Development Trust and Investec Bank Limited and Uni-Span operates in similar industry segments as the Goscor Group of companies.
The introduction of the two new shareholders will result in an increase in Goscor’s Black Economic Empowerment credentials, with over 25% black ownership. Furthermore, there are a number of synergistic and sales benefits anticipated.