Credit Provider Transaction Capital Increases Its Shares In WeBuyCars
Credit Provider Transaction Capital Increases Its Shares In WeBuyCars. Credit provider Transaction Capital says it has concluded agreements to increase the group’s shareholding in WeBuyCars from 49.9% to 74.9%. The remaining 25.1% of the shares in WeBuyCars will be held by the family trusts of the founding shareholders, Faan and Dirk van der Walt, the group said in a statement on Thursday (27 May).
Transaction Capital’s CEO, David Hurwitz told Business Tech that, “Should the proposed transaction to acquire control of WeBuyCars obtain regulatory approval, the exceptional growth prospects of this business will accelerate and support a sustainably higher growth trajectory for Transaction Capital.”
“In the medium term, WeBuyCars’ digital capabilities and credible e-commerce platform will support even higher growth,” said Hurwitz. “In addition, WeBuyCars continues to expand its geographic footprint and plans to develop additional vehicle supermarkets and buying pods in select high-demand locations across South Africa to support growth.”
WeBuyCars CEO, Faan van der Walt told Business Tech, “We have been impressed with the insights of the directors appointed by Transaction Capital to the WeBuyCars board, the manner in which Transaction Capital has engaged with leadership teams in its subsidiaries and the cultural fit between the two organisations.”
“Further, we have seen the operations of SA Taxi and believe that Transaction Capital has the necessary expertise to advance WeBuyCars’ vision of offering credit and insurance related products to its customer base.” van der Walt added.
“Should the proposed transaction to acquire control of WeBuyCars be successful, the group is well placed to drive these and other strategic growth and synergies,” Hurwitz added.
Transaction Capital Risk Services is a technology-led, data-driven provider of services & capital solutions relating to credit-orientated alternative assets originated & managed through scalable & bespoke platforms operating in South Africa, Australia & select international markets. Transaction Capital actively identifies and invests in alternative asset classes, in which our best-in-class technology, proprietary data and analytics capabilities enable us to generate outstanding returns.
