Jomo Sono, boss of PSL team Jomo Cosmos, has secured a deal to acquire a 30 per cent stake in automotive replacement parts distributor and franchiser Midas.
Jomo Sono, boss of PSL team, Jomo Cosmos, has secured a deal to acquire a 30 per cent stake in automotive replacement parts distributor and franchiser Midas.
The transaction was made possible after Absa Corporate and Merchant Bank reduced its shareholding from 40 to 20 per cent and Midas’ management reduced its stake by 10 per cent to 25 per cent to accommodate the empowerment deal with Sono. The deal will be sealed for close to R40 million.
Midas MD Gordon Odgers said 180 Midas franchisees out of a total of 320 had also been included in the deal, and now hold 25 per cent of Midas’ business.
Sono’s deal is his second in as many months, according to , having concluded another one with bus manufacturer Busaf, in which he bought 40 per cent of the business to the value of R50m.
