EUROBRASS

SOLID BRASS ARCHITECTURAL HARDWARE (PTY) LTD (“EUROBRASS”)

Growth Capital Partners is pleased to announce that it has recently concluded a bolt-on acquisition for its latest investment, Ironmongery Warehouse Africa (“IWA”).

Effective 1 November 2017, IWA successfully acquired 100% of the business of Solid Brass Architectural Hardware (Pty) Ltd (“Eurobrass”).

IWA specialises in architectural specification as well as the manufacturer and supply of door handles, locks, hinges, controls, panic hardware and other ironmongery accessories predominantly into the retail segment. Their service offering is primarily Gauteng based with premises in Johannesburg and Pretoria.

Eurobrass is an established business in Cape Town that specializes in the supply of architectural ironmongery into the wholesale market.

As part of the executive team tasked with growing the business, we were suitably impressed by the way Growth Capital Partners were able to identify an industry player that met our acquisition objectives and spoke directly to our medium-term strategy. The fact that they were able to put the transaction together merely two months after their initial investment into IWA speaks volumes for the manner in which they work and the relationships they have fostered with the broker community as well as debt providers.

Jonathan Wener, CEO of IWA

During discussions with the management team of IWA, it was evident that the primary growth driver for the Group was expansion into new markets, both from a geographic reach as well as route to market. In line with this strategy, we were able to identify an industry player in Eurobrass that satisfied both objectives. The bolt-on acquisition provides an established presence in the Western Cape that includes a show room and warehouse in Cape Town. It also provides IWA with access to a highly regarded brand as well as exposure into major mass retailers. The fact that the management team is now bolstered with additional industry specialists is just the cherry on the top.

Tim Page, an Executive of Growth Capital Partners