Media & News

Ethos Private Equity confirms planned IPO of WACO International



Johannesburg, 21 September 2015

Ethos Private Equity confirms the intention to list Waco International on the JSE later this year.  The listing will facilitate a partial realisation of the interests of an Ethos-led private equity consortium, which included RMB Ventures and Standard Bank.   The consortium acquired Waco in 2012.

Waco will be listed in the General Industrials – Diversified Industrials sector.  A pre-listing statement including full details of the offer is to be published in due course.

The listing will be open to eligible investors only.  RMB, Morgan Stanley and Standard Bank have been appointed as joint advisors and book runners to the potential IPO

Stuart MacKenzie, Chief Executive Officer of Ethos said:

“Four years ago, Ethos and RMB Ventures committed to partner Stephen and his team in a growth strategy for Waco, underpinned by a robust balance sheet and supportive shareholders.  Waco’s executive team have done a remarkable job in setting the Group up for sustained growth.  Waco has proven itself to be a differentiated industrial services business with exciting growth prospects and an exceptional management team.  The time is right for it to benefit from public market ownership and access to capital.

Stephen Goodburn, Chief Executive Officer of Waco said:

“We are progressing our plans to list on the JSE. Waco is a unique, high-growth business focused on equipment hire and industrial services and the listing will enable us to access capital markets to fund future expansion both within the business and through bolt on or other future acquisitions”

Waco is a diversified equipment hire and industrial services business operating in South Africa, sub-Saharan Africa, Australasia (Australia and New Zealand), the United Kingdom and Chile. The Group has core product offerings in forming, shoring and scaffolding, which includes suspended platforms and services such as insulation, cladding, painting, asbestos abatement and blasting, as well as relocatable modular buildings, portable sanitation and integrated hygiene services.

The Group’s business operates through a network of more than 100 branches from which it services over 14,000 customers. Customers include a significant number of “blue chip” multinational and national companies and government agencies across a variety of industries, such as industrial maintenance, infrastructure, mining and resources, oil and gas, power generation, construction and engineering, education, healthcare and events.



About Ethos

Ethos Private Equity is a leading South African private equity investor.  We were instrumental in establishing the asset class in the region, concluding the: first buyout (1984); first public-to-private deal (1992); first BEE deal (1994); and, first international fund raising (1996).  We are currently investing Ethos Fund VI, with R7.9 billion of committed capital.

Our team consists of 25 dedicated investment professionals with over 150 years of private equity experience.  Ethos distinguishes itself in the South African market by combining financial discipline with value-enhancing strategies, in partnership with portfolio company management teams.  This approach has resulted in an enviable track record of superior returns over our 30-year history.

We specialise in control and joint-control acquisitions and expansion capital, in medium-to-large businesses in South Africa and selectively in sub-Saharan Africa.  To date, we have made 103 investments and successfully exited 89.

Our proven record of understanding businesses and effecting meaningful operational and strategic change has built Ethos’ reputation as a constructive, valued equity partner.  Ultimately, we build better businesses.  For more information, visit

35 Fricker Road, Illovo, Johannesburg 2196, SOUTH AFRICA

Phone +27 (11) 328-7400     Fax +27 (11) 328-7430

For further information contact:

Chelsea Wilkinson, Ethos Head of Corporate Relations, +44 1423 734649