African Rainbow Capital acquires majority stake in Autoboys Holdings

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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. 

Read more: New growth prospects for Indwe after African Rainbow Capital deal

“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.