Gilbarco Veeder-Root signs a definitive agreement to purchase AFS in South Africa
BASILDON, UK – 10th April 2013 – Gilbarco Veeder-Root has signed a definitive purchase agreement with Automated Fuel Systems Group (Proprietary) Limited (AFS Group), based in Johannesburg, South Africa. The purchase agreement, which has been approved by the South African competition commission, is subject to customary closing conditions which are expected to be fulfilled by the middle of May 2013.
With more than 240 associates, AFS is a leading fuel management technology and services company providing wet stock management, automated refueling & maintenance services to retail & commercial customers, including mines & government agencies. AFS has been a long time distributor of Gilbarco Veeder-Root products. This acquisition provides an opportunity for both AFS and Gilbarco Veeder-Root to strengthen the product & services offered in the Southern Africa market.
“We are extremely excited about AFS joining Gilbarco Veeder-Root. We are very confident in the future growth outlook for the Southern African region and this acquisition provides us with an outstanding opportunity to meet the needs of our customers.” said Stephen Moule, Gilbarco Veeder-Root EMEA President. “AFS has a well-established position in the South African market and will strengthen our product & solution offering in the retail forecourt market as well as expanding into new segments like mining and commercial fueling.”
“Combining our expertise and resources is a logical fit for both companies” said Tony Warrener, Group CEO of AFS. “Gilbarco Veeder-Root is a global leader in the fuel related services and technologies segment. This agreement will allow AFS to enhance our offerings to customers and will facilitate our growth strategy across Southern Africa.”
AFS will retain its solid South African empowerment credentials through the continued shareholding of Calulo Petrochemicals. Mr. Mkhuseli Faku, Chairman of the Calulo Group and AFS, commented, ‘Gilbarco Veeder-Root’s investment not only empowers AFS to service the burgeoning regional market but more importantly demonstrates their commitment to working with strategic local partners whilst respecting the values of broad-based economic empowerment.’
AFS will continue to operate from its existing facilities in Johannesburg and throughout South Africa. The current management team led by CEO Tony Warrener will continue to lead the company post closure and will retain responsibility for developing the business to meet the needs of its customers and the broader market.
Customers in the region will benefit greatly from the combination of these two leading companies through local insight & expertise from AFS and globally proven technologies & solutions from Gilbarco Veeder-Root.
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About Gilbarco Veeder-Root
Gilbarco Veeder-Root is the leading global supplier of integrated fuel control, site management, and support services for petroleum marketers and commercial fueling enterprises. Products include dispensers, payment systems, tank gauges, submersible pumps, point of sale systems, and remote monitoring of site functionality. The Gilbarco Veeder-Root group of companies employs approximately 4,000 associates and is headquartered in Greensboro, NC, USA with manufacturing and research and development centers around the world.
http://www.gilbarco.eu
About AFS
AFS, a South African based company with strong BBBEE credentials (Level 3 contributor) specializes in fuel management technologies and services with a strong presence in both the retail & commercial sectors. As a leading supplier to the South African market, AFS provides value added offerings combining products & solutions with maintenance & reporting services. Products & services include fleet fuel payment and automation solutions, vehicle identification technology and wet stock management solutions.
http://www.afsgroup.co.za/
About Calulo
Calulo is a proudly African Investment house with meaningful and complementary interests in a range of sound business entities, primarily in the petroleum and chemicals and related services sectors. Calulo was established in 1999 and is actively involved in developing the regional petrochemical sector though its investment portfolio and new projects initiatives.
http://www.calulo.co.za
For additional information please contact:
John Tierney
Marketing Communications Manager EMEA
Gilbarco Veeder-Root
Phone: +44 7812 966 418
Email: john.tierney@gilbarco.com