WIPHOLD has concluded a Black Economic Empowerment transaction with insurance procurement services provider Bluespec Holdings that results in the company taking a 25.1% stake in the Group.
Bluespec is a holding company, comprised of many specialist businesses, who collectively aim to transform the vehicle repair and recovery industry, in order to enable customers to deliver more effective and efficient propositions to their clients. Their divisions which include, First Group; Renew It Group and Auction Nation among others offer emergency motor incident management; autobody repair services; and salvage operations.
Delivering a sustainable solution to insurers that meets cost and quality requirements in addition to creating meaningful transformation is a key goal of the partnership between WIPHOLD and Bluespec.
WIPHOLD founder Gloria Serobe said the transaction enabled WIPHOLD to play an influential role in a dynamic market sector.
“The investment in Bluespec comes at a stimulating time in the economic and political climate of South Africa,” said Serobe. “Bluespec is in a prime position to cater for insurance company commercial procurement requirements and WIPHOLD brings the experience, knowledge and skills to add value in the economic transformation initiatives and goals that Bluespec intends to deliver on.”
“We consider ourselves business disrupters in industries where change was idealised but lacked the solutions and drive to transform. In Bluespec we see both steely determination and tabled solutions to effect real change and this excites us greatly,” she said.
Bluespec CEO Mike Tsafandakis said WIPHOLD was the ideal partner to bring real value to the organisation in a challenging environment.
“Following an exhaustive process to identify a new partner who shared our vision and values, we identified WIPHOLD, who has a proven track record in value creating BEE transactions,” said Tsafandakis. “We are thrilled about this new partnership and confident that together this transaction will add significant value to our business going forward.”