Montfort enters South African energy market with New Age Energy acquisition
6 December 2022: Montfort Group has entered the South African energy market by acquiring 49 per cent of New Age Energy, a B-BBEE (Broad-based Black Economic Empowerment) company that focuses on the reliable import, export, and distribution of safe and high-quality energy products.
Montfort opened its first office in South Africa in early 2022. This new partnership is a key step towards Montfort’s goal of strengthening and expanding its supply capabilities into the South African market. The company will introduce its brand, products, and services to the market, in order to help meet the future energy needs of the growing South African economy.
Rashad Kussad, CEO of Montfort Group, said: “We are delighted to partner with New Age Energy, and expand our presence to the South African energy markets. Our B-BBEE partners possess a significant amount of market knowledge and expertise which, combined with our trading capabilities and financial support, will enable us to enhance product and service offerings to our valued customers. We firmly believe in the continuing growth of the South African economy and look forward to playing our part in supporting the growing energy demands of the market.”
Esrick Bull, Managing Director of New Age, said: “Today marks a significant milestone in the history of our company. We are excited to form this strategic alliance with a global energy company such as Montfort. Their expertise in supply and trading, together with their commitment to invest in the logistics and supply chain in South Africa, will enable us to have a strong presence in the market, and further strengthen our capabilities to supply the best fuels at the maximum value.”
Montfort is a global commodity trading and related-asset investment company with a diverse portfolio of assets and innovative services in trading, shipping, retail, upstream and downstream, with operations in 10 countries across Europe, Africa, the Middle East, and Asia.
New Age Energy is a B-BBEE energy company in South Africa, that focuses on the import, export, and distribution of safe and high-quality energy products.