Growth Capital Partners (“GCP”) is pleased to announce that, through its investment in Capdan and Allied Holdings (Pty) Ltd (“Capdan”), it has concluded an investment into Metnor Holdings (Pty) Ltd, a newly formed entity that acquired 100% of the business of Metnor Manufacturing (Pty) Ltd (“Metnor”), effective 1 July 2025.
Founded in 1993 by Greg Norton and subsequently led by his son Grant and brother Jeff, Metnor is a specialist in the design, manufacture, and supply of high-quality stainless-steel refrigeration, heating, and structural equipment for the catering, hospitality, food service, and bakery sectors. In recent years, the company has diversified into the aftermarket automotive industry, leveraging its advanced design and fabrication expertise to unlock new revenue streams.
GCP invested in Capdan in 2015, backing a leading manufacturer and supplier of catering and food processing equipment across Southern Africa. The Capdan investment has been a consistent performer in the GCP portfolio for over a decade. The acquisition of Metnor was pursued as a strategic bolt-on to Capdan, given the complementary product sets, customer bases, and strong cross-selling potential, all of which underpin a compelling investment case.
Through Capdan, GCP provided the equity capital that enabled the founding shareholders of Metnor to realise full value for the majority of their shareholding, allowing them to externalise and diversify a portion of their wealth. The transaction also saw the introduction of two key Metnor executives into the shareholding structure and enabled Willem Pieters, who continues as Managing Director, to increase his ownership stake in the business.
