NATURE OF BUSINESS
Roadspan was a road surfacing and asphalt production company that grew exponentially from it’s inception in February 2008 as a result of the shortage of South Africa surfacing companies and the pressure to get the infrastructure ready for the 2010 soccer world cup.
Amongst other contracts all around South Africa, Roadspan surfaced six of the highways around Johannesburg and owned 8 asphalt production facilities strategically located around the country. Within the two short years of its formation, the group employed nearly 1000 people.
BRIEF DESCRIPTION OF THE TRANSACTION
James Whitehouse, supported by Ellerine Brothers and Coronation Capital funded the startup and owned one third each of the Roadspan Group. The asphalt plants were acquired from the Blacktop liquidation in May 2008.
PROGRESS SINCE HIGHSTREET CAPITAL / AMRITE INVESTMENT
Roadspan was sold to South Africa’s leading engineering group, WBHO, in three tranches between January 2009 and May 2011.
2008
March
- Roadspan Surfacing (Pty) Ltd formed by Amrite with Ellerine Bros and CoroCapital Limited as equal shareholders
2008
May
- Roadspan Asphalt Plants (Pty) Ltd formed when assets from 10 plants previously owned by Blacktop Holdings (Pty) Ltd were acquired on auction
2009
Year End June
- Turnover of 183 million achieved in first year
2009
January
- 30% stake in Roadspan Holdings sold to WBHO Construction (Pty)
2010
February
- A further 40% in Roadspan Holdings sold to WBHO Construction
2010
June
- Turnover of R423m in year to end June 2010
2011
May
- Sale of final tranche of 30% to WBHO Construction (Pty) Ltd