History

Waco International Limited (Registration Number 1952/001223/06) (formerly W&A Investment Corporation Limited and Forward Corporation Limited) ("Waco International"), was listed on the JSE in 1952. In the years following its listing, Waco International developed into an international conglomerate with retail, manufacturing and mining businesses in South Africa and abroad. By late 1990 it was decided to dispose of non-core assets and focus on Waco International's core lines of business, namely Forming Shoring and Scaffolding Equipment (FSS) and Relocatable and Modular Buildings (R&MB).

In September 2000, Waco International was de-listed and the entire share capital of Waco was acquired by a consortium of private equity funds and management.

Waco appointed a new senior management team in 2002, which introduced a coordinated business optimisation programme aimed at overhauling Waco's performance both operationally and financially. The elements of this strategy also included the pursuit of new customers in new sectors, an expansion into new geographies and an extension of product and service offerings into complementary fields.

After an exceptional growth period (compound EBITDA growth of 23% from 2000 to 2005), in December 2005, Waco was acquired by CCMP Capital Asia ("CCMP") in conjunction with management. CCMP is a private equity firm based out of Hong Kong and America. Performance continued to be robust and a number of acquisitions were made, namely, Rhino in New Zealand, a modular building and temporary fencing business, Hire West in Perth Australia, a company focusing on providing services to the housing sector, and in South Africa, Sanitech offering portable toilets and Abacus Modular, a modular building business.

Results continued to improve until 2008, and then the Global Financial Crisis hit. In June 2011, the group completed its sale of its Australasian modular building businesses, which substantially improved the group's capital position.

More recently, on 5 July 2012, the Waco group was acquired by a consortium made up of Ethos Private Equity, RMB Ventures, Standard Bank and management shareholders. The change of ownership brings a number of benefits to the group, including shareholders who are willing to support the group's growth agenda, improved Black Economic Empowerment credentials, a robust capital structure, a refreshed commitment to the business by key executive management, and a return to South Africa for the group's holding company. As always, management focus will be on providing excellent service to all of our customers, ensuring that the work gets completed to the best possible standards and with the highest regard for safety.

 

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