Investec Asset Management (IAM) has successfully completed an exit from its mezzanine investment in SA Taxi, the first financial services provider to focus solely on the taxi industry in South Africa.
IAM invested in March 2011 through its first African private equity fund to support SA Taxi, a subsidiary of JSE-listed Transaction Capital, with whom Investec Asset Management has had a strong and longstanding relationship.
SA Taxi is a market leader in enabling the financial inclusion of local minibus taxi entrepreneurs with over 27 000 vehicles currently financed and a book size of over ZAR7.2bn. SA Taxi does not only extend credit but also provides allied business services that support the SMEs in managing their businesses. Each vehicle financed has a wider impact too, including job creation and ensuring the sustainability of the taxi industry, a fundamental model of transport in South Africa.
Investec Asset Management is proud to have assisted in the financing of this critical SME growth in South Africa.
“In supporting a firm such as SA Taxi, with a high quality service offering led by an experienced management team, we are very excited to have been a part of catalysing a vital market sector that has a stimulating effect on the national economy at many different levels.” - Gerben Dijkstra, Investment Principal, Investec Asset Management
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