RMB Ventures Supports WACO in Pan-African Growth Ambitions

RMB Ventures as lead investor in a consortium that includes WACO management, RMB FOGS and its clients, Bopa Morou Private Equity, and Nedbank Private Equity, has successfully executed a strategic transaction to exit minority shareholders and rebalance the shareholder base thereby positioning WACO for accelerated growth over the coming decade.

Ewan Gray from RMB Ventures commented:

“This transaction was particularly complex given WACO’s position as a pan-African industrial services group operating across multiple business models. Successfully navigating these intricacies and aligning numerous stakeholders was critical to structuring a deal that not only supports WACO’s long-term strategic vision but also accelerates its growth trajectory across key African markets. Our focus remains on expanding service offerings, deepening regional presence, and unlocking new opportunities that reinforce WACO’s leadership in industrial solutions across the continent.”

Both RMB Ventures and WACO management see significant potential for WACO Africa to broaden its footprint across sub-Saharan Africa. Growth will be driven by promising oil and gas developments in Mozambique and Namibia, alongside anticipated infrastructure investment in South Africa. These trends align with WACO’s strategy to deliver innovative industrial services and solutions across diverse sectors throughout the continent.

The transaction also strengthens WACO’s empowerment credentials, achieving more than 51% Black Economic Empowerment (BEE) ownership through RMB Ventures’ strong empowerment partnerships.

Stephen Goodburn, CEO of WACO, noted:

“WACO has enjoyed a long-standing and trusted partnership with RMB Ventures, built on shared values and a commitment to growth. Over the years, this relationship has supported our strategic ambitions and enabled us to navigate key milestones together. We have confidence in RMB Ventures as a partner and are excited to take the next step in our journey as we optimise our capital structure and position WACO for future growth.”

At its core, WACO Africa is committed to driving sustainable economic development across sub-Saharan Africa. This transaction reinforces our belief that transformative opportunities exist within infrastructure, industrial services, and related sectors -opportunities that not only strengthen businesses but also uplift communities and accelerate growth across the continent.