Livingstone has successfully advised Etex, a Belgian international building materials specialist, in divesting its South African Residential Roofing subsidiary Marley (SA) (Pty) Ltd to Kutana Investment Group.
Marley (SA) (Pty) Ltd was founded in 1971 and acquired by Etex in 1999. A trusted and reputable roof business in South Africa, Marley Roofing is active in the manufacture and distribution of concrete roof tiles and accessories. The company has four plants and employs 300 people.
Kutana Investment is a South African investment group with local roots. Together with the support of the managing director, they will be a great parent company for the business.
Patrick Velge, Head of Corporate Development at Etex, commented: “This divestment is in line with our strategic shift initiated two years ago and is yet another milestone on the Etex roadmap to become a world-leading player in the sustainable, cost-effective, quality-focused building technologies of the future. We are thankful to the Livingstone team for their partner-led transaction advisory role on the divestment of this business from our Residential Roofing division. We appreciate, in particular, their professional work, always veiling for the interest of their client.”
Neil Collen, Partner at Livingstone, added: “Recently, we have worked on multiple transactions with Etex. In this case, the obstacles were even greater, given the challenging economy in South Africa and the appearance of COVID-19 in the final phase of the process. As a team, we navigated these turbulent currents and brought the operation to a successful close. We have enjoyed advising Etex across multiple geographies and industries.“