Servest in its current form was started in 1998 by South African Group Chief Executive Dennis Zietsman, and Group Executive Chairman Kenton Fine. With vast experience in the support services industry, their vision was to create a multi-service company that could service a client’s singular need or provide a basket offering. By the end of their first year Servest was providing marine services, security services, cleaning services, and thanks to their first acquisition at the end of 1998, hygiene services.
Armed with an expansive vision, Servest Group listed on the JSE in August of 1999, and equipped with the necessary capital set about a path of national and international growth. In the next 3 years, Servest Group acquired numerous aligned businesses in various industries, such as office automation, casino surveillance, waste management, mail logistics, and laundry services. By the end of 2000, Servest Group had established a presence in the UK, USA and Australia and rounded off its growth with the acquisition of an interior plants business and a landscaping business, two core divisions in its current portfolio.
After having listed in 1999 to facilitate growth, Servest’s next challenge was finding the flexibility to manage all its acquisitions. After rejecting an offer by a major competitor to take ownership of the company, Servest Group senior management, in partnership with African Merchant Bank, made a higher offer, and in 2002 delisted from the JSE. African Merchant Bank subsequently sold out, and the opportunity was taken to broker an empowerment deal with Safika, who now own 25% of the business. A period of rationalisation took place and under-performing divisions and countries were sold.
After having listed in 1999 to facilitate growth, Servest’s next challenge was finding the flexibility to manage all its acquisitions. After rejecting an offer by a major competitor to take ownership of the company, Servest Group senior management, in partnership with African Merchant Bank, made a higher offer, and in 2002 delisted from the JSE. African Merchant Bank subsequently sold out, and the opportunity was taken to broker an empowerment deal with Safika, who now own 25% of the business. A period of rationalisation took place and under-performing divisions and countries were sold.
Today, with over 30,000 employees and nearly 7,000 clients both in the UK and South Africa, the Servest Group is steadily going from strength to strength. It’s just recently acquired a 100% share in a marine services company and continues to seek opportunities to grow its service offerings in order to better deliver on their client’s needs. A huge drive has been made in recent years to consolidate its divisions under a strong and united Servest Group brand, and empower its staff to continue providing world leading, sustainable multi-service solutions.
0 comments:
Post a Comment