Investment firm buys stake in motor giant Adient’s local business
Black-owned P Pather Capital hopes to conclude more deals with other original equipment manufacturers
Investment firm P Pather Capital has acquired a 30.87% interest in CRH-Africa Automotive in a deal that will boost the car-seat-frame assembler’s empowerment credentials. P Pather Capital wants to use the transaction, valued at R111m, as a springboard for similar deals with other automotive original equipment manufacturers in SA, says CEO Kevin Pather. CRH-Africa Automotive supplies metal seat structures and metal pressings for catalytic converters to the automotive industry. CRH-Africa Automotive’s wholly owned subsidiary Adient Pasdec assembles more than 800,000 seat-frame assemblies for carmakers such as BMW, Nissan, Ford and Volkswagen SA, among other customers. Pather said the deal was funded by the Industrial Development Corporation (IDC) . He said the transaction would improve CRH-Africa Automotive’s empowerment credentials, which would have commercial benefits as its clients would also get better empowerment ratings. CRH-Africa manufactures more than 40-million pressed, mach...
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