BRIMSTONE consortium
Summary Introduction
Company Profile
Summary Introduction
The BRIMSTONE Consortium SPV is a combination of investment capacity and the representative bodies of black legal and medical professionals. It has been specifically created as a value-adding shareholder for the purposes of the Old Mutual Group BEE transactions.
The BRIMSTONE Consortium SPV is led by Brimstone Investment Corporation Limited ("BRIMSTONE "), a JSE listed black investment holding company. BRIMSTONE holds 67% of the equity of BRIMSTONE Consortium SPV. The remaining 33% of BRIMSTONE Consortium SPV is owned by Mtha-we-Mpumelelo (Pty) Ltd ("Mtha"), a company whose shareholders include Izingwe Financial Investments (Pty) Ltd ("Izingwe Financial Investments"), Chestnut Hill Investments 211 (Pty) Ltd ("Chestnut Hill"), South African Medical and Dental Practitioners ("SAM DP"), the Black Lawyers Association ("BLA") and the National Association of Democratic Lawyers ("Nadel").
The investment groupings within the BRIMSTONE Consortium SPV are:
- BRIMSTONE, a listed black investment holding company led by founders Mustaq Brey and Fred Robertson. Mustaq is the founder, and former CEO of KMMT Brey, the largest black auditing practice in the country. BRIMSTONE is chaired by Professor Jakes Gerwel, the former Director General in the Office of President Nelson Mandela and current chairperson of a number of non-profit organizations. Professor Gerwel is chairman of South African Airways and serves on the boards of a number of listed companies;
- Izingwe Financial Investments, an associate company of Izingwe Capital, is an empowerment investment vehicle led by Sipho M. Pityana, the former Director General of the Departments of Labour and Foreign Affairs and the former Managing Director of Nedbank Strategic Business Development; and
- Chestnut Hill, an empowerment grouping led by Bulelani Ngcuka, the former National Director of the National Prosecuting Authority.
The individuals represented in these investment groupings have held high-level positions in both the public and private sectors. They provide a unique blend of complimentary skills including extensive transformation related expertise, strategic visioning and positioning; an extensive understanding of both the public and private sector, as well as solid business development and marketing abilities.
The broad based groupings participating in the Old Mutual Group BEE transactions include bodies that represent black lawyers and medical practitioners in South Africa. These groupings include Nadel, the BLA and SAM DP and provide the Old Mutual Group with critical access to these key emerging markets.
The BRIMSTONE Consortium SPV's structure and stakeholder base ensure that it is able to provide meaningful contribution to the strategic, business and transformational issues faced by the Old Mutual Group. It furthermore provides a platform to assist the Group in tackling its most important markets.
Company Profile
COMPANY PROFILE
- Value Add
The entities and individuals represented through the BRIMSTONE Consortium SPV have various capacities and skills, which contribute to a profile that will provide ongoing benefit to the Old Mutual Group. In general, these abilities can be categorised as follows –
- Industry skills:
- A broad professional skills base:
- Diverse and strategic networks and alliances:
The BRIMSTONE Consortium SPV includes individuals with experience in a number of areas key to the Old Mutual Group's businesses. These individuals will enable the BRIMSTONE Consortium SPV to meaningfully engage with the Old Mutual Group and to provide relevant input at both a strategic and operational level.
The BRIMSTONE Consortium SPV, through Mtha, has the support and participation of the representative bodies of black lawyers and medical practitioners in South African through Nadel, the BLA and SAMDP. The participation of these groupings will assist in securing the commitment of a major target market for the Old Mutual Group. The groupings have a multitude of financial services needs and the Old Mutual Group's bancassurance model will go a long way in servicing these needs, both on a professional and a personal level.
The individuals represented in the BRIMSTONE Consortium SPV have held senior positions in both the public and private sectors. They provide a unique blend of complimentary skills including extensive transformation related expertise, strategic visioning and positioning; an extensive understanding of both the public and private sectors, as well as solid business development and marketing abilities.
They have an intimate understanding of black economic empowerment and transformation generally. This is the result of years of involvement in public sector transformation, playing a significant role in the evolution of government economic and delivery strategies, and successes in driving the restructuring and repositioning of large organisations.
As a result, their reach extends throughout the public sector, private sector (including the industrial, health and financial services sectors), the trade union environment and into the African continent. These individuals will play effective roles in driving the Old Mutual Group’s development strategies and will be strong advocates for the Old Mutual Group.
Profiles for each of the entities involved in the BRIMSTONE Consortium SPV are included below.
