Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
Fidelity Services Group has acquired a majority shareholding in John Smit-led SSG Holdings after obtaining all the requisite regulatory approvals.
Founded in 2014, SSG offers comprehensive security, cleaning, hygiene, and integrated facilities management services.
SSG currently services clients in the mining, commercial, retail, industrial, and government sectors.
The company operates across 14 locations nationwide with a dedicated workforce of nearly 9,000 employees.
The company is currently under the leadership of former Springbok captain John Smit, who led the team when it won the 2007 Rugby World Cup.
Notably, Wahl Bartmann, Group CEO of Fidelity, is also a former Springbok player.
Fidelity said that the boardroom collaboration between Smit and Bartmann will reflect the same leadership and commitment they once displayed on the field.
The acquisition will grow Fidelity’s footprint to over 255 locations and grow its workforce to about 69,200 employees across South Africa.
Fidelity added that the transaction marks a significant milestone in its continued mission to deliver world-class integrated facilities services across Southern Africa.
The acquisition also adds to Fidelity’s track record on strategic expansion, including previous high-profile acquisitions such as ADT South Africa, Bidvest Protea Coin Cash Management Solutions and key assets from National Security.
The group said the transactions significantly enhanced the company’s scale and service capabilities.
“This deal strengthens Fidelity’s leadership in commercial integrated security, cleaning, and facilities management,” said Bartmann.
“Welcoming SSG’s experienced leadership and committed team to the Fidelity family is completely aligned with our continued focus on operational excellence and innovation.”
Under the terms of the agreement, SSG will become a subsidiary of Fidelity and will continue to operate under its own brand and existing leadership team.
Fidelity said that a comprehensive management retention programme that forms part of the transaction aims to ensure continuity, performance and alignment with Fidelity’s long-term growth objectives.
Other key shareholders, including Richmark and Northam Platinum, will retain a significant equity stake and board representation, which Fidelity said will ensure continuity and strategic input.
“As a proudly South African company, SSG is extremely excited about the opportunities this partnership presents to our customers, stakeholders, and employees,” said Smit.
“Fidelity’s diverse expertise and deep resources will allow us to elevate our services even further—while remaining true to our commitment to service excellence.
“We are immensely proud of what the SSG team has built and confident that this partnership provides the right foundation for our future growth.”
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
WHAT IS MINOXIDIL?
South Africa could soon see a credit rating upgrade amid significant improvements in the state’s finances—even if escaping junk status will require patience.