Much Asphalt separates from M&R
Construction and engineering group Murray & Roberts’ (M&R’s) hot mix asphalt supplier, Much Asphalt, ventured out as an independent entity after its acquisition by a Capitalworks Private Equity-led consortium.
The deal, which came into effect on November 1, is the first of four construction- products disposals announced by M&R in June, which are collectively valued at R1.15-billion.
“The change in ownership will give us more flexibility in managing our own destiny. The focus will be exclusively on the asphalt business and in continuing to be innovative in providing high-quality products and excep- tional service to our customers,” explains Much Asphalt MD Bennie Greyling.
The consortium, comprising Capitalworks, 100% black-owned investment company Mineworkers Investment Company and senior executives of Much Asphalt, invested in the company on the basis of Much Asphalt’s long and profitable record and will not make any management or strategic changes.
The new owners will, however, provide strategic direction to the company and lever- age Much Asphalt’s vast geographic footprint, product innovation and capacity to reduce the cost of building and maintaining South Africa’s roads.
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