Thebe and Clear Asset join forces
By Thandisizwe Mgudlwa
Cape Town – On Monday this week THEBE Investment Corporation on Monday, April 10, announced that it has closed on the acquisition of a majority stake in Clear Asset (Pty) Ltd.
Economic analysts said this is a move that creates a leading black owned online auction house.
Clear Asset, which is privately owned and headquartered in Cape Town is a fast-growing online auction provider for mining, construction, maritime, agriculture and other heavy duty assets.
It also rapidly emerged as a leader in the online auction space having sold over R1 billion of assets in the last year alone.
Approximately 50% of these assets were exported globally with shipments to over 20 countries in 2016.
On top of most major mining houses, Clear Asset works with a number of leading financial institutions. The company helps them to dispose of their excess, redundant and distressed assets.
Jerry Mabena, CEO of Thebe Services, commented, “We see opportunities to expand the business both across our portfolio and into other targeted areas.
“We believe the systems, governance and price transparency that Clear Asset provides will continue to be more and more valuable as a mechanism to dispose of redundant or overage assets.”
The acquisition deal by Thebe Investments was facilitated by the Praxley Group that was acting in the capacity of transaction advisors to Clear Asset on the transaction.
Warren Schewitz, CEO of Clear Asset, said, “We are delighted to have Thebe on board as a partner. This a major milestone for Clear Asset and a strong vote of confidence both in our business and the growing potential of South Africa’s online auction market.”
Thebe was established in 1992 as a pioneering black-owned company.
The company is one of South Africa’s leading investment companies and manages assets of over R6 billion.