JSE-listed packaging producer Nampak has successfully concluded a black economic empowerment (BEE) transaction with private equity fund manager Cambrian Capital Partners.
Cambrian, through a Nampak-incubated fund, aims to participate in high-impact economic sectors including manufacturing, green energies and services through direct participation and partnerships to create sustainable employment, enable rural communities to participate in the mainstream of the economy and explore funding to generate new and innovative ideas.
Nampak will contribute R12.5-million of capital to the fund that will be managed by Cambrian.
“The transaction aligns with our strategy, one underpinned by strategic coherence and a meaningful impactful contribution to society.
“We believe Cambrian's skill and expertise will augment the company’s competitive edge and insight. This transaction complements our BEE initiatives and also enables Nampak to improve its BEE standing,” explains Nampak CEO Phil Roux.
The founders of Cambrian are MD Tembinkosi Bonakele and nonexecutive chairperson Tembeka Ngcukaitobi. Together, they have more than 40 years of regulatory, commercial, competition and legal experience, which Roux believes complements Nampak’s incumbent board.
"Nampak presents a unique opportunity for broad-based black participation because of its location in the high-job-absorption sector of the economy, and its role as a premier manufacturer. Cambrian will seek to leverage the partnership to advance and deepen economic transformation and enhance shareholder value for Nampak," Bonakele comments.
“This transaction complements all the restructuring initiatives that have enabled the company to optimise its portfolio and return it to sustainable profitability, taking the company one step closer to realising its vision of being a leading metals packaging solutions partner in South Africa and Angola.
“We are committed to creating value for our shareholders through long-term growth while ensuring compliance with regulatory requirements.” Roux concludes. 