Privately-held investment company, Zungu Investments Company (Zico,)remains firmly on an acquisition drive with the procurement of a significant interest in Autovest, one of South Africa’s largest
single supplier-seller of original equipment manufacturer (OEM) approved automotive accessories and parts. Autovest has a turnover of about R600m.
Zico CEO, Tshego Sefolo, says, “Autovest is highly acquisitive and considers Zico to be an appropriate BEE partner due to our existing interests in the automotive sector. Zico concluded an acquisition of equity interest in Autozone, together with RMB Corvest in 2010. Autozone is one of South Africa’s largest privately-owned retailer and wholesaler of automotive parts, and this may present significant related business opportunities further down the line.”
Autovest was founded in 2007, as a vehicle to effect the consolidation of a number of automotive accessories companies. Since establishment, the Autovest group has grown to six operating divisions, thus positioning the company as the dominant OEM approved supplier of automotive accessories. The group distributes its products largely through a national network of over one hundred franchised fitment centres.
Based in KwaZulu-Natal, Autovest focuses on four key strategic investment areas including vehicle accessories, after-market replacement parts, niche OEM components, and commercial parts and accessories.
Autovest is bullish in its goal to become a market leader. To this end, the group has invested in the procurement of appropriate industry skills and the acquisition of a number of businesses, which will ensure the group’s market dominance in its chosen market segments. Additionally, Autovest has an established route to market through a wide and comprehensive distribution network, which provides significant opportunity for cross selling.
Ted Waldburger, CEO of Autovest, says, "We are pleased to have Zico on board as a shareholder and are encouraged by our shared vision for our aggressive growth initiatives."