Jet Demolition ends search for right B-BBEE partners after 11 years
ENGINEERING NEWS / 15 AUGUST 2019 - 13.00 / STAFF REPORTER
To become a company that is truly invested in the transformation and betterment of South Africa, demolition contractor Jet Demolition has entered into a broad-based black economic empowerment (B-BBEE) deal
Subsequently, Jet Demolition founders Joe and Liz Brinkmann have become executive directors of the company, while Lebogang Letsoalo is a non-executive director and Vincent Raseroka is the company’s new chairperson.
“We have been looking for the right partners for the past 11 years, and have survived without having to stoop to unethical business practices, such as fronting, to secure business,” says Liz Brinkmann.
She adds that Letsoalo and Raseroka bring many skills to the organisation, meaning their involvement in Jet Demolition’s growth strategy makes good business sense.
Raseroka’s current portfolio includes being chairperson of boutique BEE corporate finance firm Transcend Capital Investments; investment company Black Industrialists Group; engineering, procurement and construction management services provider Erudite Strategies and vehicle finance provider Bridge Taxi Finance.
Letsoalo has over 16 years of corporate experience with Blue Chip companies, including petrochemicals company Sasol; State-owned power utility Eskom; diamond company De Beers Group; engineering, procurement, fabrication and construction company Fluor Daniel; and software company IBM South Africa.
The deal with Raseroka and Letsoalo has resulted in Jet Demolition obtaining a Level 4 B-BBEE rating and 51% black ownership
“As a niche service provider, we have a continuous stream of work. But, our B-BBEE rating not only opens up doors for Jet Demolition, it assists our clients – which include multinationals – as they are under pressure to fulfil their own B-BBEE requirements,” explains Liz Brinkmann.
Besides business sense, she says a B-BBEE partnership should also be based on corresponding values, such as ethics, integrity and people, with Raseroka and Letsoalo upholding a similar value system to that of Jet Demolition, and expressing a shared quest for excellence
“People are our biggest asset, but larger companies are unaware of how valuable they are. Vince and Lebo are both involved in growing the youth and this is something Jet Demolition is also passionate about, and is looking forward to collaborating with them in that regard,” emphasises Liz Brinkmann.
Besides the company’s values, Raseroka was attracted to Jet Demolition because of the story of Joe and Liz Brinkmann – Americans who came to Africa and never left. “They love our country and see its potential. It’s no longer about making money, but creating a legacy.”
He hopes to help deliver lasting change through his business acumen and involvement in Jet Demolition.
“I’ve been among the first to run big multinationals in a CEO function, and I know what the rules are for operating at the top end of the game. I’ve built businesses in Africa, living and working in Nigeria for two years, and think Africa is getting another opportunity, as foreign direct investment is increasing on the continent,” he says.
There is great opportunity in Africa but also great risk. However, Raseroka is well-placed to help Jet Demolition navigate the continent.
Meanwhile, having built her career in supply chain and project development, Letsoalo intends to focus on assisting Jet Demolition with its enterprise and supplier development to help build sustainable businesses in the country that are competitive and can grow to become larger players.
“Transformation is not only about growing young black entrepreneurs in our own company; it is about passing skills on to micro and small enterprises. Lebo and Vince not only have the skills and experience to help us meet our contractual requirements, but also to change peoples’ lives and make South Africa a better place,” concludes Liz Brinkmann.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER