Waco changes ownership

24 April 2008

Waco's chief executive officer, Royden Vice, who is part of the management team buying into the business, said the deal would not affect the structure of the company or lead to any redundancies; “There will be a considerable inflow of foreign capital into South Africa as a result of the transaction.”

Under its new owners Waco aims to grow its business further through geographical expansion, additional complementary products and adding new customers in new sectors.

The Waco business encompasses scaffold and formwork manufacturing, sales and rental activities in South Africa, Australia and Chile and temporary accommodation sales and rental businesses in South Africa, the UK and Australia. In South Africa it owns Form Scaff and SGB Cape; its Australasian companies are Wako Kwikform, Portacom and Ausco; and the UK temporary accommodation business trades as Wako UK. (Waco sold its US scaffolding and formwork business, Waco Scaffolding & Equipment, to its management team last September.)

Approximately 45% of Waco's R2.63 billion ($440 million) turnover for the year to 30 June 2005 came from its scaffolding and formwork businesses. Its Australasian companies represent 55% of the total; South Africa 22% and the UK 23%. Equipment rental is the main revenue earner for the group.

The group has made some significant recent acquisitions, including South African scaffolding contractor Cape Contracts and New Zealand scaffolding/formwork business Australasian Pacific Ltd.

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