Senzo Tsabedze, founder and executive chairman at Afrirent Holdings
Busmark, a bus manufacturing company in Randfontein, Gauteng, has been in business rescue since August 2021 and Afrirent was the successful bidder to acquire 100% of the shares in Busmark to ensure its exit from business rescue as a going concern.
The transaction marks a significant milestone in Afrirent’s strategic expansion, integrating high-capacity vehicle manufacturing into its existing suite of fleet management, telematics, and logistics services. By acquiring Busmark, Afrirent secures a strategic role in the domestic transport infrastructure value chain, ensuring the continuity of a premier South African original equipment manufacturer (OEM) partner.
“This acquisition is more than a business transaction; it is a commitment to the future of South African manufacturing,” said Afrirent Holdings founder and executive chairman Senzo Tsabedze. “By bringing Busmark into our group, we are not only diversifying our service offering but also ensuring that a critical player in our nation’s transport sector can continue to innovate and deliver world-class vehicles.”
Furthermore, Tsabedze welcomed the unconditional approval by the Competition Commission, and added that the Competition Commission’s unconditional approval confirms that the merger will not substantially lessen or prevent competition in any relevant market. Furthermore, the Commission found that the transaction does not raise any significant public interest concerns, clearing the way for immediate implementation.
Afrirent is widely recognised for its expertise in comprehensive fleet management and logistics solutions for both public and private sectors. It also excels in the maintenance services for light and freight vehicles, as well as cutting-edge data-driven fleet monitoring.
Busmark is a specialist manufacturer of bus bodies for commuter, semi-luxury, and coach buses. Its portfolio includes specialised vehicle bodies (SPVs) such as emergency service vehicles and safari game-drive units.
The acquisition is a key component of Busmark’s adopted business rescue plan. Under Afrirent’s leadership, the company will transition from the control of business rescue practitioners to a stable, long-term growth environment, safeguarding its industrial capacity and expertise and preventing the loss of jobs. Afrirent is also highly appreciative of the role that The Industrial Development Corporation of South Africa Limited, has supported Busmark through the business rescue process and the manner in which it has supported the conclusion of this transaction.
