LSM Distributors (Pty) Ltd and BEE venture company Hlong
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wane Consulting have joined forces to take over ownershipof Porsche SA.
LSM Distributors (Pty) Ltd, the authorised importer of Porsche Cars in South Africa, today formalised a business association with Hlongwane Consulting through the acquisition by Hlongwane of a 30% equity in LSM Distributors, with an option to increase this in due course.
Hlongwane Consulting is a black owned, managed and controlled company that owns several subsidiaries through which it makes investments in strategic business areas.
It has interests in the healthcare, property and mining sectors and will be entering the motor vehicle sector through this transaction.
LSM Distributors (Pty) Ltd, trading as Porsche Centre South Africa, with Toby Venter at the helm, has been the authorised importer for Porsche cars in South Africa for the past ten years.
In this time Venter and his team have grown the Porsche brand significantly, delivering over 2 000 new Porsches into the market.
Venter's hands-on experience within the automotive industry and racing circles over the past 20 years has gained him a unique and diverse knowledge and understanding of the Porsche brand.
This commitment by Hlongwane Consulting will be a significant boost to the Porsche brand in South Africa and is in keeping with the worldwide vision of Porsche AG to see the continued growth and expansion of the marque.