2012. Torre was listed on the JSE on 26th November 2012, replacing the listing of SA French Ltd. The name “Torre” was chosen by the founding shareholders out of respect for the history of SA French as the leader in the tower crane market in South Africa, but also to signal the intent of the new group to develop a strong and defensive, sustainable and scalable business model.
On the date of its listing Torre acquired 100% of SA French in a 10-for-1 share swap. The company also raised ZAR30m of new equity via a private placement and acquired 100% of Forktech (Pty) Ltd, a Cape Town-based business engaged in sales and rental of branded forklift products.
2013. On 1 June 2013 Torre finalized the acquisition of 100% of Tractor and Grader Supplies (Pty) Ltd, a value-added distributor of ground engaging, wear parts, repair parts and components for mining and construction earthmoving equipment, following the completion of a ZAR80m private placement.
2014. On 28 February 2014 Torre acquired 85% of Kanu Equipment Group, the exclusive dealer for Bell and Liebherr equipment in the Republic of Congo. Subsequent to the completion of the acquisition, the Liebherr and Bell agencies for Ghana, Liberia and Sierra Leone were also awarded to Kanu as well as the Bell agencies for Cameroon and Ivory Coast.
On 31 March 2014 Torre finalised the acquisition of 100% of Manhand SA (Pty) Ltd and its combination with Forktech and DR Forklifts to form a materials handling operation with a comprehensive and price competitive forklift, warehousing and forklift attachment offering. The combined business has a distribution footprint across South Africa and trades as Manhand, a part of Torre Industries.
On 30 April 2014 Torre finalised the acquisition of JSE-listed Control Instruments Group Limited and its re-launch as Torre Parts and Components following the completion of a ZAR300m private placement earlier in the month. The acquisition provides Torre with a leading position in the automotive aftermarket with a portfolio of self-owned and exclusively distributed brands that include Gabriel ®, the African market leader in ride control systems.
2015. On 1 January 2015 Torre acquired 100% of Elephant Lifting Equipment, a specialist designer and supplier of a fully integrated range of lifting and pulling equipment with full service back up, testing and certification.
On 13 May 2015 the acquisition of 100% of Set Point Group was finalised, along with a R350m private share placement to Mineworkers Investment Company and Safika Holdings. As a result of the acquisition and the private placement Torre is now 25.1% owned by black South African investors.
On 26 October 2015, Stellar Capital Partners Limited became the largest shareholder in Torre, acquiring 34.6% of the issued share capital from existing shareholders. Stellar Capital has positioned itself as a long-term strategic investor in Torre and is committed to the vision of the group.
On 1 November 2015, Kanu Equipment completed the acquisition of 100% of Equipment Sales and Services (Pty) Ltd, which holds the Bell and Liebherr dealerships in Botswana.
2016. On 4 January 2016, Torre acquired the remaining minority interest in Kanu Equipment from the original shareholders. Five months later, in June 2016, Phatisa Fund Managers Limited, via its African Agricultural fund, subscribed for 40% of the shares in Kanu Equipment for US$14.8m. A management consortium simultaneous subscribed for a 5% interest thus reducing Torre’s shareholding to 55%. Phatisa is an African fund manager with some US$300m under management, a strong African network and established relationships and is considered an attractive strategic partner. The investment will be used to fund expansion opportunities across the Kanu Equipment Group.