WINDHOEK – Eos Capital, a leading Namibian private equity firm, has confirmed that it will acquire the majority of the ordinary share capital of Avbob Namibia Holdings (Pty) Ltd from their South African parent, Avbob Mutual Insurance Society. The transaction is pending approval from the Namibian Competition Commission, upon which Avbob Namibia will become a wholly owned Namibian company.
Avbob was established in 1962 in Namibia and has since grown into the leading funeral service provider, with a well-established network of 25 branches across Namibia. Avbob’s comprehensive service offerings include the provision of funeral services, coffins, wreaths and funeral-ware. Most branches boast with fully fledged parlours and their own mortuaries. Through its network, Avbob also distributes third party funeral policies.
Through its N$460 million Allegrow Fund, Eos Capital will inject capital and provide business acumen to support the growth strategy of Avbob, “to improve the performance and offering of Avbob, Namibianise the business and provide comfort, dignity and excellence when loved ones are celebrating life” said Johannes !Gawaxab, Managing Partner of Eos Capital.
!Gawaxab said it’s business as usual and assured that commitment to all stakeholders – customers, employees and the society at large – is not affected. “We have every intention to be the leading provider of funeral services in Namibia,” he added.