Fledge Capital Hunts Acquisitions After Selling Its Stake In WeBuyCars

South African rand
South African rand. Inked Pixels / Shutterstock.com

Independent investment company Fledge Capital is on the hunt for acquisitions after selling its stake in WeBuyCars.

Fledge Capital provides capital solutions to private companies across a wide range of industries.

Fledge was founded in 2010 by Louis van der Watt and Konrad Fleischhauer. Together and on their own, they have a track record of investing in unlisted businesses. They sought to formalise their relationship into an investment vehicle, which led to the establishment of Fledge Capital.

In 2017, African Rainbow Capital Investments (ARC) became a shareholder in Fledge. ARC is the listed investment vehicle of Patrice Motsepe, the well-known South African industrialist, therefore Fledge qualifies as an empowerment partner to its investments with reference to ownership and control.

ARC informed investors on Friday that Fledge Capital disposed of its investment in WeBuyCars and is currently in an acquisition phase and is considering a series of new opportunities in the market.

“This follows its recent acquisition of 20% of the sports nutrition manufacturer USN.”

Also read: TymeBank Is Signing Up 130 000 Customers A Month

Digital bank TymeBank disclosed on Friday that it is sustaining the momentum of acquiring about 130 000 customers per month.

African Rainbow Capital (ARC) said in an update to investors that TymeBank is also making headway in increasing the number of customers with active accounts, which has proved
to be challenging, given the tough economic environment with added pressure on consumers.

Internationally, TymeBank’s fellow subsidiary company, Tyme Global, based in Singapore, is set to launch a digital bank called GOtyme in the Philippines in October 2022 with its local partners, the Gokongwei family, added ARC.

In May 2022, TymeBank announced that, given its international growth strategy, it had decided to assign its CEO Tauriq Keraan to a new international executive role and had contracted Coenraad Jonker, a founding member of TymeBank and Executive Chairman of Tyme Global, based in Singapore, to take up the role of CEO of TymeBank. This change in leadership has been approved by the Prudential Authority of the SA Reserve Bank.

 

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