Johannesburg – Two former Springbok players have moved their teamwork from the rugby field to the boardroom after Fidelity Services Group announced it has acquired a majority stake in SSG Holdings.
Fidelity, Southern Africa’s largest integrated services and risk-solutions provider, said on Wednesday it had secured all regulatory approvals for the transaction, which will see SSG become a subsidiary of the group while retaining its own brand and leadership team.
SSG is led by chief executive John Smit, the 2007 Rugby World Cup-winning Springbok captain. Fidelity’s chief executive Wahl Bartmann also wore the green and gold in the 1980s. The deal creates an unusual pairing of two national rugby icons at the helm of one of the region’s biggest security and facilities-management businesses.
Bartmann said the acquisition “strengthens Fidelity’s leadership in commercial integrated security, cleaning and facilities management” and welcomed SSG’s “experienced leadership and committed team” into the group.
Major provider of security
Founded in 2014 by the late Jorge Ferreira, SSG has grown into a major provider of security, cleaning and hygiene, and facilities-management services to top corporates, employing nearly 9 000 staff across 14 locations. Fidelity’s purchase will increase its own footprint to more than 256 locations and about 69 200 employees across Southern Africa.
Smit said the partnership would allow SSG to “elevate our services even further” while staying true to its commitment to service excellence. Key shareholders Richmark and Northam Platinum will keep significant stakes and board representation to ensure continuity.
The deal also includes a management retention programme to align staff with Fidelity’s long-term growth goals.
Industry analysts said the transaction marks another step in Fidelity’s expansion strategy, following previous acquisitions of ADT South Africa, Bidvest Protea Coin Cash Management Solutions and assets from National Security.
With Bartmann and Smit now working together off the field, the company said it expects to blend operational expertise with the leadership qualities both men displayed during their rugby careers.
Advisers to the deal included Nodus Capital and MYCG for Fidelity, with Webber Wentzel and Cliffe Dekker Hofmeyr providing legal counsel. SSG was advised by Werksmans.
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Compiled by Betha Madhomu
