Johannesburg, 29 April 2019 – One of Gauteng’s leading bending, fabricating and steel cutting company GRL Steel PTY has been acquired by black women consortium led by the Akhona Group and Xitsavi SPV, in a move that positions the new company at the forefront of transformation in a sector that is still male dominated. The consortium has acquired a majority 51% economic interest in the business, and GRL Steel has changed its name to Borwa Steel Services Pty Ltd with immediate effect.
The Borwa Steel Services management, which remains unchanged for now, has more than 40-years’ experience in the steel fabricating industry, whilst the new owners bring in extensive experience and networks in the industrial sector and steel value chain.“This is a milestone transaction for the company, bringing women owners into what has been traditionally a male dominated steel industry. Borwa Steel Services is well positioned to take on big projects with the new shareholders lending the right empowerment credentials and potential to tap new funding opportunities for future growth,” says Ms Natasia McMahon, Board Chairperson of Borwa Steel Services. Borwa Steel Services MD, Leonard Lambert, says the transaction has ushered in a new dawn for the company. “We are excited about the future of the business now that we have settled the process bringing in a majority shareholder.
We now look forward to reinvesting in the business for growth. Borwa Steel Service provides a variety of services to the mining, manufacturing and industrial clients ranging from profiling, bending, guillotining, rolling, high definition plasma and laser cutting, fabrication, saw cutting and drilling to customer specifications. “We worked hard to get the best strategic partners as shareholders because we needed value adding partners. We believe we made the correct choice for the company’s future business growth,” says Lambert.Ms Noluthando Gosaof Akhona Group adds that, “This acquisition is very important as it does not only empower previously disadvantaged black businesswomen in a traditional male dominated industry, but also opens doors for us to create opportunities for other young girls and women from previously disadvantaged backgrounds to enter the industry in various capacities such as artisans, engineers and suppliers”.
Borwa Steel Services has established a new Board of Directors and introduced a restructured management team led by Leonard Lambert as the Managing Director and Reginald Lambert as Operations Director. The management team has more than 40-years’ experience in the industry. The company serves mining and industrial sectors amongst others, and counts companies such as Aveng, Robor and Fermel among its clients.
-- END --
Contact Numbers: Sales: 011 025 5655
Media Contact: Kgomotso Molefe
Tel: (011) 026 1607