Autoboys Holdings, the holding company of Autoboys Glass Services Pty Ltd and Autoboys Automotive Pty Ltd, has signed an agreement with African Rainbow Capital (ARC), where ARC acquires 51% of the company.
ARC, chaired by mining magnate Patrice Motsepe, is a black-owned and controlled company focusing on the South African and African financial services industry and businesses that deliver exceptional returns on equity.
“We are now in a position to ensure our partners have the option of supporting black-owned business in the supply chain. Our insurance partners were advocating the need for a more inclusive and transformed economy. We listened and acted on this very real need,” he explains.
Beyond the black-owned partnership credentials, the deal further allows investment by Autoboys in network expansion. The company plans to invest on improving its service delivery network and to develop technology-driven solutions to customers.
Correction: This article originally stated that the acquisition will make ARC SA’s first black-owned national glass and collision parts provider, as per the official press release by Autoboys Holdings. However, glass replacement service provider My Glass has been a national black-owned company since 2016.