Cashbuild buys Pepkor subsidiary for $63.7 million
Cashbuild is set to acquire Pepkor subsidiary, The Building Company (TBC), formerly known as Steinbuild, for about R1.1 billion ($63.7 million).
With 160 outlets and 21 franchises, TBC is a building materials retailer and wholesaler, providing products to the residential, commercial and industrial markets.
The group's brands include Timber City, Buco, and Tiletoria. It has a presence in Namibia, Botswana and Zambia.
Cashbuild Chief Executive Officer, Werner de Jager, in a statement said the transaction was part of the group’s strategy to expand its footprint and give it access to additional segments of the market.