NovaTech purchases shareholding in Swift Engineering
Grindrod’s technical division has been in talks of a potential partnership with Swift Engineering since 2020.
Grindrod subsidiary NovaTech has purchased a 51 percent shareholding in Swift Engineering.
Swift Engineering, which will in future trade as SwiftNova Engineering, is a fabrication company servicing the marine, energy and oil and gas sectors in the Mossel Bay area and nationally.
Grindrod said the acquisition is expected to strengthen the capabilities of Sturrock Grindrod Maritime’s (SGM) technical division, which comprises Hesper Engineering, Nova Marine and United Container Depots.
SGM Technical CEO Marcus Twine said in a statement that the relationship between Hesper Engineering and SwiftNova went back many years and talks about a potential partnership began at the start of 2020. “We were open to it because we are always on the lookout for complementary opportunities to grow our business with partners that uphold similar values. Director Danie Otto and his team are established and respected in the construction community.”
When SGM and Nova group joined forces in 2018, SGM CEO Andrew Sturrock said the strategy was to strengthen their position in the niche technical market.
“With the addition of SwiftNova, we can leverage off their respective sales and service agreements and ultimately offer one-stop technical solutions to our clients,” Andrew said.