R35m Continuity South Africa deal finalized
The R35m sale of 51% of disaster-recovery firm Continuity SA by JSE-listed outsourcing specialist the Dialogue Group, has been finalised. CoroCapital, the investment banking firm and subsidiary of Coronation, now owns a 49% stake, with the remaining 2% now in the hands of ContinuitySA staff and management.
“Together with a well-funded equity partner, our solid financial standing puts us in a good position to grow the company both organically and through acquisitions over the coming years,” says Allen Smith, CEO of ContinuitySA. Dialogue walks away with not only the R35m, but also a special dividend of R2m.
Dialogue faced a tough year in 2010. It principal subsidiary, Dialogue SA, was voluntarily liquidated. It also sold its 51% stake in call-centre recruitment business, Callforce.