Matasis Concludes BEE Equity Transaction With Worley RSA
The transaction will see the two businesses working closely together to provide transformative solutions to the complex challenges facing southern Africa’s resources, energy and chemicals sectors.
Co-founded by Manne Dipico and Zahid Faqui-Dawood in 2006, Matasis invests, structures and raises funding for management and leveraged buy-outs, as well as strategic BEE transactions. The business’ investment targets are shaped by a careful selection process that identifies where Matasis can add significant value through direct involvement; and focuses on partnerships that are founded on a genuine commitment to South Africa’s transformation agenda.
Since its inception, Matasis has participated in a number of key transactions, primarily in the natural resources and allied industries, with a portfolio focused on achieving above-average returns from privately negotiated investments in companies with principal operations in southern Africa.
CEO of Matasis Investment Holdings, Yusuf Vorajee, says the business is committed to creating fully operational, active partnerships by acquiring significant and meaningful equity in a limited number of South African companies. Through active involvement in investee companies, the business facilitates the participation of historically marginalised citizens in the economic prospects and growth in South Africa.
Denver Dreyer, Worley Senior Vice President for Mining, Minerals & Metals, Europe, Middle East and Africa, says the equity transaction with Matasis will be mutually beneficial for both businesses. “Worley is a pre-eminent global provider of professional project and asset services in energy, chemicals and resources, and we recognise these sectors as the primary drivers for employment and transformation in our country. Understanding the value of the local market is a key element of Worley South Africa’s business strategy, and by partnering with a well-entrenched local transformative business such as Matasis, we can use our global expertise to add real value to transformation in South Africa.”
Chairman of Matasis Investment Holdings, Manne Dipico, says that the equity transaction with Worley RSA is an active partnership. “Worley has embraced our business and we will be full participants in the decision-making processes. We are excited about this opportunity and view it as the next phase of Matasis’s portfolio, adding value and a global perspective to our local and regional investment strategies.”
Dipico explains that Matasis is not typically focusing solely on the local market, but rather takes a broader, regional approach when selecting investment partners. “Worley recognised our commitment to the wider development of southern Africa and through this transaction we can now integrate regional development with Worley’s global reach and continue to develop strong competencies, contracts and resources in this regard.”
Matasis Investment Holdings has a 35% equity stake in Jacobs Matasis, which was previously the South African arm of Jacobs Energy Chemicals and Resources (ECR). Earlier this year, Jacobs’ ECR line of business was acquired by WorleyParsons, with the combined entity uniting under a new brand – Worley – in April 2019.
Dreyer says that this merger increased Worley’s global footprint in the minerals, metals and mining sectors, highlighting the South African operations as a Global Centre of Excellence in mining and minerals processing for the group.
Robert Hull, Worley’s Vice President for Mining, Minerals & Metals Africa, concurs that Matasis is an excellent fit for Worley. “Matasis has made it clear that they want to be full participants in this equity transaction. They have an active interest in Worley’s business and deep local knowledge that they bring to the table,” says Hull.
Matasis has a proven track record of entrepreneurial, managerial, organisational and financial skills, and the business has become a partner of choice for a number of leading multi-national companies in South Africa. Furthermore, Matasis has strong strategic networks within South Africa and in the southern African region, as well as its own active Corporate and Social Investment Foundation.
“We are living in a transformative economy and in a world of complex challenges. With a new focus, a new energy, and a new brand, Worley and its partners are ideally positioned to offer our customers transformative solutions,” says Dreyer.
Operating as Worley Matasis, Worley’s energy and chemicals (E&C) services business in South Africa includes key strengths from the heritage Jacobs ECR business of complex petrochemical and chemical projects, hydrocarbons projects, including onshore and offshore production facilities and integrated project delivery, construction and technical services.
Worley RSA comprises the mining, minerals and metals (MM&M) related businesses of Worley in South Africa. Worley combines world-leading, concept-to-completion expertise with design and major project delivery capabilities for the minerals and metals sector, from bulk commodities to rare earths, with complete mine-to-market solutions from inception to rehabilitation.