Privately owned logistics company Laser Group has concluded a broad-based BEE (B-BBEE) transaction resulting in Pape Fund Managers taking a 48.3% equity in the company for an undisclosed amount. Pape and a management consortium that includes Laser CEO Iain Johnson and chair Philip Hayes have acquired 100% of the equity of the group, lifting its black ownership to 51%. Pape is a level-one BBBEE fund manager. Johnson said on Wednesday that the increased black ownership would benefit the company’s operating entities Laser Logistics, DPD Laser Express Logistics and GAC Laser International Logistics. "Our customers want to work with empowerment suppliers. It was important for us to find the right black-owned partner. Laser is now one of the few independent logistics players in South Africa that is majority black-owned," Johnson said. Hayes said on Wednesday the transaction would accelerate the company’s competitiveness in e-commerce, health-care, automotive, retail and business-to-busine...
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