Ellies Announces The Acquisition Of Bundu Power
Ellies Announces The Acquisition Of Bundu Power. Ellies has announced that it has entered into a sale of shares agreement with Heidivon Broembsen; Nicholas von Broembsen; Suzanne von Broembsen and Colin Sykes, being the sole members of Magetz Electrical cc and Power On Wheels cc (collectively trading as Bundu Power) in terms of which Ellies will, with effect from the date of fulfilment or waiver of the conditions precedent, purchase 100% of the members’ interests in Magetz Electrical cc and Power On Wheels cc for a maximum consideration of R202.6 million.
As previously disclosed in the company’s results for the six months ended 31 October 2022, Ellies is repositioning itself as a smart infrastructure business which will include comprehensive solutions for alternative energy, water storage and harvesting, connectivity and smart home technology. The acquisition of Bundu Power is the first building block of the new strategy and will expand the Ellies portfolio of alternative energy solutions. Ellies, in turn, provides Bundu Power with an expanded Southern African distribution network and access to a group with a level 2 BBBEE status.
Bundu Power specializes in generators and solar products. The company offers a range of Gas and Diesel generator sets and accessories. It provides power solutions for a multitude of applications, whether they are for residential, commercial, industrial, hospitality, agricultural or recreational uses. Bundu Power delivers quality products at affordable prices backed by outstanding service and spares facilities. In addition the company provides a full distribution, spares and service network backup on all its products throughout Sub-Saharan Africa.
Ellies Holdings Ltd is a diversified manufacturer and distributor of electronic products related to television reception including satellite and terrestrial aerial range. It is listed on the Main Board of the JSE, in the Electronic and Electrical Equipment Sector.
