Bearing Man, part of Invicta Holdings, has concluded heads of agreement for the acquisition of 85% of Goldquest International Hydraulics, specialists in hydraulic engineering in southern Africa.
"This strategic investment in a dynamic sector of the engineering business will enable Bearing Man to extend its service to the industrial consumables market, significantly expanding its customer base," says Charles Walters, CEO of Bearing Man. "The company's commitment to providing the best service in a highly competitive industry has seen the expansion of each division - bearings, seals, power transmission, geared and electric motors, as well as belting and fasteners - into a major player in its sector of operation.
Charles Walters, CEO of Bearing Man
"In keeping with company policy to source only quality branded products, these new hydraulic components, which have earned an excellent reputation in diverse industries, conform to stringent international quality and safety specifications."
Goldquest, formerly known as Vickers Hydraulics, has serviced distributors in South Africa's major industrial sectors for over 50 years. The company, which takes pride in offering a solution-based service, rather than simply a parts outlet, has sole distributor rights for leading hydraulic brands like Eaton/Vickers, Marzocchi, Larzep, Pister, Schroeder, EP Italiana, MEGI and Pilan.
Goldquest's Johannesburg head office is supported by branch and warehousing operations in the Cape and Namibia.
This transaction is subject to various conditions precedent, including the approval of the Competition Commission and should be completed early in 2008. The balance of Goldquest shares will be retained by management of Goldquest.
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