WesBank subsidiary RentWorks acquired by DölbergPremium
RentWorks, South Africa’s largest independent asset rental company, has been acquired by DölbergPremium for an undisclosed amount.
The deal is subject to regulatory approval by the Competition Commission of South Africa.
A subsidiary of WesBank, RentWorks currently funds over R3 billion worth of assets for more than 400 organisations across most industries and asset types.
The current management team and all employees of RentWorks will remain on-board following the acquisition, RentWorks said.
“The reason behind this acquisition is alignment to the worldwide trends in regulatory frameworks, which are more and more inclined towards the separation of banking and non-banking activities in the financial services industry,” said CEO of RentWorks, Kuben Rayan.
RentWorks currently has operations across South Africa and Namibia. The company has its main office in Johannesburg, with branches in Cape Town, Durban and Windhoek.
Stellenbosch based DölbergPremium specialises in the provision and facilitation of advisory, financial support and distribution of respected brands to its clients.
Read: The most valuable banking brands in South Africa in 2017
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