Price Forbes South Africa is pleased to announce an investment by Medu Capital to support its buy-and-build strategy. Medu Capital is a 100% black-owned investment management company with strong connections in South Africa and throughout Southern Africa. It now owns 35% of Price Forbes SA and will be an active shareholder as Price Forbes continues to grow in the region.
Price Forbes South Africa employs 37 people across offices in Johannesburg, Stellenbosch and Lichtenburg. Its specialisms include corporate insurance programmes, agribusiness, crop, marine and trade credit insurance.
Price Forbes SA has now received a Level 1 Broad-based Black Economic Empowerment (B-BBEE) rating, reflecting its long-term commitment to transformation in general, and skills development in particular, in the financial services industry.
Nhlanganiso Mkwanazi, Medu Capital Co-Founder commented: “We’re pleased to invest in Price Forbes and partner with its South Africa management team to support their growth and expansion strategy. The need for independent risk advice and multi-jurisdictional insurance placement is growing alongside the Southern African economy and infrastructure, and we’re proud to support Price Forbes’ team to deliver this for a growing number of businesses across the region.”
Peter Gordon, Chairman of Price Forbes South Africa commented: “Medu Capital is a strong local partner with extensive investment experience, including in complementary insurance broking entities, and we are really excited about what we can do with their support and the insight of its founders.”
Price Forbes International CEO Greg Ferguson said: “We are committed to the deployment of our regional growth strategies, supporting and empowering our leadership in key territories in which we operate and see fantastic opportunities. Working with Medu Capital will support the business’ ambition with a robust platform to recruit top producers and make strategic acquisitions in Southern Africa.”