Autovest acquires two new operations

2007-11-22 00:00

The new investments, which catapults the group’s turnover to in excess of R250 million, include SA Canopy Centre, one of the largest manufacturers of fibreglass canopies for the automotive industry in Southern Africa and Rhino Linings, South Africa’s largest manufacturer and distributor of the chemical compounds that are sprayed onto the load bins of pick-ups and light commercial vehicles.

According to Bruce Chelius, Director of Autovest: “Our aim is to invest in and grow established and profitable businesses within the automotive industry. It is for this reason that we decided to invest in SA Canopy Centre and Rhino Linings and integrate them under the Autovest umbrella. In doing so, we believe that we have created a group which offers a range of market leading automotive accessory brands where we are able to meet our customers’ requirements by providing a unique ‘one stop’ accessories shop, offering a range of quality products.”

He noted that these businesses have great synergistic potential and position Autovest as the only supplier of a broad range of OEM approved automotive accessories in the country, with a national distribution network of more than 130 franchised fitment centres.

As another major development at Autovest, the company has just announced the appointments of Ted Waldburger as Group CEO (with effect from January 1, 2008) and Kevin White as Group CFO (with immediate effect).

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