ServestGroup

In 2006, RMB Corvest and Safika Investments funded the buyout of African Merchant Bank’s shareholding in Servest, in a transaction that saw the management team take control of the business.

 

The transaction also maintained the BEE credentials of Servest. Since the initial investment, Servest has actively sought to supplement organic growth with acquisitive growth. It acquired two RMB Corvest portfolio investments, Industrial Health Services and Plants At Work, in addition to numerous other small investments. These acquisitions significantly enhanced Servest’s offering to its South African customer base.

Recognising an opportunity to take the Servest model offshore, the shareholders then decided to build a service portfolio through acquisitions in the UK. In 2007, Servest and RMB Corvest acquired a controlling interest in Ecocleen Holdings (subsequently rebranded as Servest) – a cleaning business focused on the retail sector in the UK. Following this initial offshore investment, RMB Corvest assisted Servest UK to acquire additional businesses in that market, initially focusing on cleaning in the commercial and public sectors, but later targeting security, catering and building services. The business transformed from a cleaning-focused business to a multi services facilities management provider.

In 2015 a large BEE conglomerate, who wanted to grow their South African and African footprint in the facilities management sector, acquired RMB Corvest and Safika Investments’ shareholding in Servest South Africa. The transaction realised a significant return for the parties and positioned Servest South Africa as a black-controlled company.

During 2018 RMB Corvest exited its investment in Servest UK alongside Servest UK management to a major European facilities management business. This ended RMB Corvest’s involvement with Servest in SA and the UK. Having successfully supported a “build and grow” strategy for Servest UK, RMB Corvest demonstrated that it has the skills and expertise to aggressively grow companies through acquisitions, both locally and offshore.