Established in 1992 with a donation of R100 000, Vusi Khanyile's Thebe Investment Group has over the years grown its asset base to breach the R2bn mark.
Last year, the broad-based black economic empowerment (BEE) player snatched a 17,7% interest in Accéntuate following nonexecutive deputy chairman Manne Dipico's decision to offload his stake in the group. It led to the listed company being 32% black-owned.
In addition to Accéntuate, the asset-rich Thebe has shares in BioScience, Combined Motor Holdings, Indwe, Kaya FM, Phindana Housing and Safrican. Earlier this year, Thebe, alongside the Royal Bafokeng Nation and other BEE entities, won the bidding war for a stake in Vodacom.
The move to buy into Accéntuate last year was motivated by the AltX-listed company's massive scope for growth, says Matsobane Khwinana, the head of Thebe Enterprises.
"The products the company makes, especially the chemical-cleaning and flooring products, can be exported more actively. There is huge scope for expansion in Africa," he says. "It's a good company with good management structures and that's why we chose it. We're going to invest in it for a long time, we're not here just to make some quick cash."
Following the deal, Thebe's nonexecutive director Mfanyana Salanje is due to join the Accéntuate board in the third quarter. As a chartered accountant, Salanje brings on board several years of finance experience.
Thebe's connections on the continent and its presence in a wide range of sectors already appears to be of benefit to the construction and infrastructure firm.
"We often go to the Democratic Republic of Congo for other business and when people express interest in the flooring business, we put them in touch with the company," Khwinana says. Thebe's association with Phindana, a private development company, could also provide opportunities for Accéntuate's glassing unit.
Thebe is majority-held by the Batho Batho Trust that is in turn chaired by former president Nelson Mandela. The remainder of its shares are in the hands of employees and financial institutions Absa and Sanlam.
A JSE listing may be next for the group, which has over its 16-year history become a prominent player in the BEE space.
