Wingate in JV

Wingate Group has formed a joint venture with South African investment company Safika Holdings, appointing Safika chief executive Moss Ngoasheng to Wingate’s board of directors. Safika has also taken a stake in Wingate through an issue of new shares as part of the deal.

The joint venture will be called Winsaf and will undertake principal investments in Australia, Asia, and Africa, focusing on financial services, transport and logistics as well as the industry, mining and resources sectors.

Safika head of investment Marc Ber will take on the additional role of chief executive of Winsaf.

Wingate head of private equity Steve Lipchin and the managing director of Wingate’s Capital Solutions, Richard Blumberg, will be responsible for developing Winsaf.

Managing director Farrel Meltzer said the joint venture would provide assistance for Australian businesses looking to expand into Africa.

“Winsaf will open up opportunities in the African continent, which is experiencing high growth, for Australian investors, and through the very useful connections of Safika provide assistance to Australian businesses that are seeking to expand into Africa,” Meltzer said.

“It will also bring new opportunities for Wingate clients to co-invest in companies that Winsaf indentifies having substantial upside,” he added.

Wingate and Safika have complementary expertise and approaches in principal investment, Meltzer said.