Invicta selling BSG to Steinbuild for R678m, effective April
Invicta says BSG is a better fit with Steinbuild in terms of building its brands and its growth aspirations
Invicta Holdings, a diversified industrial group, will sell Steinhoff Doors and Building Materials (Steinbuild), a subsidiary of Steinhoff International Holdings, 100% of its subsidiary Building Supply Group (BSG) for R678m, effective April 2017. Invicta holds a 60% interest in BSG with the balance held by management. The sale will be settled with cash. BSG owns distribution facilities and tile retail outlets in Southern Africa, and also has offices in Asia. Steinbuild’s retail brands include Buco, Pennypinchers, Timbercity, Hardware Warehouse and The Tile House. "We are very pleased with this transaction as we believe that the BSG business is a much better fit with Steinbuild in terms of building its brands and growth aspirations," Arnold Goldstone, CEO of Invicta, said on Thursday. "It also allows Invicta to focus on its core competencies … providing capital equipment and parts, as well as engineering solutions, to a number of diverse industries." BSG imports more than 4,000 conta...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.