Sanlam has kicked off the new year in style, announcing this week that it had bought a stake in BrightRock for about R707-million. This is the latest in a string of acquisitions as the group seeks to grow its footprint in South Africa, throughout the rest of the continent and in other emerging markets like India. The BrightRock partnership will be a small component of the group's market capitalisation - 0.5% of Sanlam's total market capitalisation. But Adrian Cloete, a portfolio manager at PSG, said it was strategically important for the insurance group. The two companies will continue to operate as independent businesses. Sanlam Personal Finance CEO Hennie de Villiers said it was important to ensure that the two brands and what they offered were not diluted. "We bought them because they are quite differentiated from the rest of the market, so it makes no sense to just turn them into Sanlam," said De Villiers. BrightRock CEO Schalk Malan said maintaining the branding was important. ...
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