Thebe buys into web auctioneers
Unlisted empowerment company Thebe Investment Corporation is bidding for a niche in the online auction space. On Tuesday, Thebe confirmed the acquisition of a 51% stake in Cape Town-based online investment house Clear Asset for an undisclosed sum.
Unlisted empowerment company Thebe Investment Corporation is bidding for a niche in the online auction space.
On Tuesday, Thebe confirmed the acquisition of a 51% stake in Cape Town-based online investment house Clear Asset for an undisclosed sum.
Clear Asset provides online auction services to the mining, construction, maritime and agriculture sectors.
The company sold more than R1bn in assets in the past year. About 50% of these assets were exported globally, with shipments to more than 20 countries in 2016.
Clear Asset MD Arielle Kuper said growth had been brisk and the company had recently won a R40m contract with leading steel company ArcelorMittal as well as a deal with mining conglomerate Glencore.
Clear Asset also taps financial institutions for business, helping them to dispose of excess, redundant or distressed assets. Thebe’s involvement comes after Clear Asset’s original strategic partners, Hasso Plattner Ventures Africa — the venture capital investment firm controlled by technology magnate Hasso Plattner — and empowerment company Identity Partners had exited.
Thebe Services CEO Jerry Mabena believed there would be opportunities to expand Clear Asset’s business across the company’s portfolio and into other targeted areas.
“We believe the systems, governance and price transparency that Clear Asset provides will continue to be more and more valuable as a mechanism to dispose of redundant or overage assets.”
Thebe, founded in the early 1990s, has investments in tourism, mining, resources, infrastructure, renewable energy, petrochemicals, telecommunications, financial services and healthcare.
Clear Asset CEO Warren Schewitz discounted the possibility of seeking a JSE listing in the immediate future. “We are comfortable with our growth trajectory and will likely remain a private company for now. Of course, we are open to assess a JSE listing in the future.”