Fleet management services company Afrirent has acquired bus manufacturer Busmark as part of Busmark's exit from business rescue as a going concern.

The transaction is part of Afrirent’s strategic expansion that integrates high-capacity vehicle manufacturing into its existing suite of fleet management, telematics and logistics services.

By acquiring Busmark, Afrirent secures a strategic role in the domestic transport infrastructure value chain, while ensuring the continuity of a premier South African original equipment manufacturer partner.

Busmark, in Randfontein, Gauteng, has been in business rescue since August 2021, and Afrirent was the successful bidder to acquire 100% of the shares in Busmark to ensure its exit from business rescue as a going concern.

The Competition Commission provided unconditional approval of the proposed transaction in January.

“This acquisition is a commitment to the future of South African manufacturing. By bringing Busmark into our group, we are not only diversifying our service offering but also ensuring that a critical player in our nation’s transport sector can continue to innovate and deliver world-class vehicles,” says Afrirent founder and executive chairperson Senzo Tsabedze.

The acquisition is a key component of Busmark’s adopted business rescue plan. Under Afrirent’s leadership, the company will transition from the control of business rescue practitioners to a stable, long-term growth environment, thereby safeguarding its industrial capacity and expertise and preventing the loss of jobs.

Afrirent provides fleet management and logistics solutions, maintenance services for light and freight vehicles and data-driven fleet monitoring for the public and private sectors.

Busmark is a specialist manufacturer of bus bodies for commuter, semi-luxury, and coach buses. Its portfolio also includes specialised vehicle bodies, such as emergency service vehicles and safari game-drive units.

Further, Afrirent thanked national development financier the Industrial Development Corporation of South Africa for supporting Busmark through the business rescue process and the conclusion of the transaction.