Capital Appreciation: Dynamic niche group but off investors’ radars
Capital Appreciation has over the past year emerged as one of SA’s most dynamic fintech groups
Capital Appreciation (Capprec) has over the past year emerged as one of SA’s most dynamic financial technology (fintech) groups. But when it came to the market to raise capital in 2015 and obtain a JSE listing as a special-purpose acquisition company, Capprec had only one thing to offer. It was the track records of its three founders: Motty Sacks, Alan Solomon and Michael Pimstein. They were formidable records. Sacks is best known as a co-founder of Netcare, Solomon had held the position of executive director at Bidvest for 22 years while Pimstein served as Macsteel’s CEO for 14 years. Pimstein is joint CEO of Capprec, Solomon its chief financial officer and Sacks its nonexecutive chairman. Capprec’s goal in 2015 was to raise R500m, the minimum required for a JSE main board listing. It went on to raise R1bn. African Rainbow Capital, Patrice Motsepe’s BEE investment company, is also a key Capprec shareholder. Capprec made its first move in February 2017, announcing three acquisitions...
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