Paramount acquires majority stake in Nautic Africa
Paramount Group, Africa’s largest privately- owned defence and aerospace firm, has acquired a majority (51 per cent) stake in Cape Townbased Nautic Africa, one of the continent’s leading specialist shipbuilding and maritime solutions companies.
The deal comes amid a growing need to protect and secure Africa’s coastlines, including oil pipelines, shipping lanes, tourist areas and national borders. The merger of the two companies will see Nautic Africa double its staff employment to 200 by 2015.
According to the Western Cape provincial government, boat building is a competitive and fast-growing sector of the provincial economy. It generates more than R1 billion for the region’s gross domestic product each year and creates employment for more than 2,500 residents.
Ivor Ichikowitz, executive chairman of Paramount Group, said: “We are committed to the development of the South African shipbuilding industry and putting Africans at the heart of it.
“Our acquisition of Nautic Africa signals our commitment to growing an innovative shipbuilding industry and delivering 21st-century solutions to protect African assets.”
He said Nautic’s modern high-speed vessels “are not only vital strategic and logistical assets for African countries — they are also key tools for solving security challenges that are shared by much of Latin America, south Asia and the Middle East”.
Nautic was recently awarded contracts worth more than R600 million to build seven “multi-role” patrol vessels for West African clients. The 35-metre “fast vessels” will be the first in their class to be designed and built in South Africa.