Fibre-Wound Holdings Ltd

The Directors of Spirit Capital (Pty) Ltd are pleased to announce the acquisition of a majority interest in Fibre-Wound Holdings Limited.

Nature of business

Fibre-Wound is involved in the design, engineering, manufacture, installation, maintenance, servicing, marketing and distribution of a range of non-metallic, polymeric and composite materials, products and equipment for corrosion resistant applications. A leader in the GRP (Glassfibre Reinforced Plastics) field in Southern Africa, Fibre-Wound services and supplies the petrochemical, pulp/paper, chlor-alkali, precious metals refinery, minerals and metals beneficiation and allied type industries.

Rationale for transaction

The existing majority shareholders of Fibre-Wound were nearing retirement age and wished to implement a transaction whereby senior management increased their equity stake in the business and a second tier of management were granted the opportunity to acquire a shareholding. Management buy-out transactions perfectly match Spirit Capital’s investment philosophy.

Terms of the transaction

Theomac Investments (Pty) Ltd, a new company established for the transaction, purchased the shares in Fibre-Wound on 30 June 2011. The terms of the transaction remain confidential.

July 2011 - Johannesburg

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