Africa's largest, and one of its leading hotel groups, Protea Hotels, announced on 11 April 2009, that their existing BB-BEE shareholders have acquired the equity in the hotel group previously held by the Australian-based Stella Group on behalf of a consortium. This move now sees the hospitality group revert to a 100% wholly owned South African entity.
The consortium will comprise of the BB-BEE partners, Investec Private Equity and Protea Hotel management, who will continue to operate and drive the business across Africa.
“We have been a part of Protea Hotels and their growth for the past decade and in sharing their belief in the potential of the country, the continent and the company we enthusiastically look forward to the future” stated Themba Matsane, spokesperson for the BB-BEE consortium.
“It's great to have all the shares back on South African shores. With the expertise of the existing management team in place we will carry on expanding our footprint across the continent and continue to deliver exceptional hospitality and growth”, said Arthur Gillis group managing director of the hotel group.
Stephen Koseff, CEO Investec said “We are pleased to be part of this all African partnership of a very powerful BB-BEE consortium and a strong management team and we are excited to be participating in the growth of this great company”.
The transaction is subject to approval from the South African Competition Commission.
