Fidelity Services Group has acquired a majority shareholding in SSG Holdings, where former World Cup-winning Springbok captain John Smit is CEO.
The purchase price was not disclosed.
Under the terms of the agreement, SSG will become a subsidiary of Fidelity, continuing to operate under its own brand.
A management retention programme forms part of the transaction, Fidelity said, to keep the existing leadership team. Smit, who captained the SA team to victory at the 2007 Rugby World Cup, landed the top job there six years ago.
Key shareholders, including Richmark and Northam Platinum, will also retain their “significant” equity stake and board representation, ensuring continuity and strategic input, Fidelity said.
Wahl Bartmann, its CEO and also a former Springbok, said: “This deal strengthens Fidelity’s leadership in commercial integrated security, cleaning and facilities management.”
The acquisition expands the company's footprint to more than 256 locations and grows its workforce to about 69,200 employees in Southern Africa.
SSG has nearly 9,000 employees working in security, cleaning and hygiene, and integrated facilities management for clients in the mining, commercial, retail, industrial and government sectors in 14 locations nationwide.
Previous high-profile acquisitions by Fidelity include ADT SA, Protea Coin and some assets from the former Chubb Security company.
“As a proudly SA company, SSG is excited about the opportunities this partnership presents to our customers, stakeholders, and employees,” Smit said.
“Fidelity’s diverse expertise and deep resources will allow us to elevate our services. We are proud of what the SSG team has built and confident that this partnership provides the right foundation for our future growth.”
TimesLIVE
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