(Ecofin Agency) - Vantage Capital, a South Africa based mezzanine fund, announced its disinvestment from Thebe Timrite, a South African mining services provider.
The mezzanine fund did not reveal the gain generated after six years in the mining service provider’s capital but, it indicates that it contributed to the elaboration of Thebe Timrite’s growth strategy.
In 2013, the mining service provider was granted an ZAR89 million ($6.3 million) credit line from Vantage Capital to fund its expansion projects.
Vantage Capital has now surrendered the equity it had in Thebe Timrite to Thebe Investment Corporation, which becomes the sole shareholder.
Since August 2013, Thebe Investment Corporation (photo) had 70% stake in Timrite. Vantage indicates that since that date, it has generated ZAR2.6 billion of net proceeds from its disvestment from nine companies.