Itec sees change in ownership
Itec, suppliers of office automation, telecommunications, and rental finance, has restructured its ownership, following a management buy-out.
A consortium comprising the Itec management team, Investec Bank and Khulasande Capital, a black-owned and controlled private equity and investment vehicle, has purchased all of the issued shares in the Itec group.
Previously, the majority of Itec shares were held by non-SA residents.
According to Itec chief executive officer Philip Perkins, the management buy-out comes with numerous benefits and is going to yield several new opportunities. Through the transaction the group has a new and dynamic growth agenda, strong financial gearing and significant corporate backers.
“We have plans to become increasingly more involved in system development whilst introducing innovations that will greatly improve operating efficiencies, service delivery and customer flexibility,” Perkins said.
Loading ...