JOHANNESBURG, 30 October 2017 – RentWorks, South Africa’s largest independent asset rental company, has been acquired by DölbergPremium. The deal is subject to regulatory approval by the Competition Commission of South Africa.
A subsidiary of WesBank, one of the country’s major asset financial services providers, RentWorks currently funds over ZAR 3 billion worth of assets for more than 400 organisations across most industries and asset types.
DölbergPremium made an acceptable offer and the conditions surrounding the acquisition were compatible with the company’s philosophy. The current management team and all employees of RentWorks will remain on-board to ensure a seamless transition.
“The reason behind this acquisition is alignment to the worldwide trends in regulatory frameworks, which are more and more inclined towards the separation of banking and non-banking activities in the financial services industry. We are excited and look forward to the journey ahead to better serve our valued clients and suppliers,” says Kuben Rayan, who remains the CEO of RentWorks.
With this acquisition, DölbergPremium will be able to enhance its offering to current and future customers. It will benefit from the expertise and know-how of a team which is already well versed in leasing and rental transactions, and the acquisition of RentWorks will further reinforce its strength as a leading provider of similar solutions across Southern Africa.
RentWorks currently has operations across South Africa and Namibia. The company has its main office in Johannesburg, with branches in Cape Town, Durban and Windhoek.
- Established in 1998, RentWorks was the first company in South Africa to offer genuine residual-based rental solutions. Over time, the company has built up the largest ICT resale network in Southern Africa and, with it, an unrivalled ability to resell assets on return. RentWorks has also diversified its offering to different asset classes in a range of industries including manufacturing, mining and construction, and alternative energy.
- The DölbergPremium Group was established in 2016 by Stefan van der Walt, Heinrich Odendaal, Kamil Patel and AJ Coetzee following the merger of the Premium Group, founded in 1972, and the Dölberg Group. The Group owns or has significant holdings in a number of businesses in various jurisdictions.
It is an international financial services group with a diversified product range, providing services from Botswana, Hong Kong, Mauritius and South Africa.