Coca-Cola Beverages South Africa backs laboratory supplies company through its SME Fund

Image source: BICS

SOUTH AFRICA – The Coca-Cola Beverages South Africa (CCBSA) Fund manged by Edge Growth has invested an undisclosed amount in Bashumi Instruments & Control Services (BICS), a South African supplier of laboratory equipment, consumables, instruments and chemicals to both public and private sector institutions.

CCBSA SME Fund is focused on supporting the growth, development and sustainability of its majority black-owned suppliers.

The fund which commenced in 2019 makes available R20 million (US$1.3m) a year over five years, to help existing suppliers access the funding they need to deliver on new and existing contracts, increase market access and successfully implement their respective growth strategies.

“We are delighted and indescribably grateful to receive the funding from the CCBSA SME Fund. This has been an amazing, demanding and deeply insightful journey.”

Founder BICS – Lomo Senoamadi

The funding acquired by BICS is in the form of long-term debt, which is aimed to provide increased capacity and improved agility for the company where job creation and long-term sustainability are front and foremost in planning, indicates Edge growth.

“We are delighted and indescribably grateful to receive the funding from the CCBSA SME Fund. This has been an amazing, demanding and deeply insightful journey.

“The funding came at the opportune time… just after we celebrated 17 years in business. We find ourselves ready to take BICS to the next level,” said Lomo Senoamadi the company’s founder.

ADVERT

Since its formation, BICS has faced constantly changing industrial dynamics, radical IT advances and service orientation challenges.

With its target market also evolving to the globalized standards of business, BICS is an organisation that has learnt to re-invent itself and is recognised today for their quality products and efficient customer service.

“BICS has had a long history of quality service and have an established client network. Due to the ever-evolving nature of supplier repayment terms both internationally and locally, there is a pressing need to remain liquid to be able to grow as an SME.

“We believe that the relationship we have built with the company will lead to continued revenue growth and market share,” says Vuyiswa Nzimande, Edge Growth lead deal maker.

Edge Growth is a leading SME and Venture Fund Manager, specialising in developing small businesses and creating jobs and real transformation by connecting corporates and entrepreneurs, growing SMEs by addressing their key constraints: access to finance, markets and skills.

Remaining committed to the B-BBEE code, CCBSA recently made its 8,000 employees shareholders in the business through the Ikageng Employee Share Trust created to offer workers shares and direct economic participation in the business.

The dividends to be paid by the Ikageng Employee Share Trust would come from Coca-Cola Fortune, CCBSA’s parent company, based on performance and dividends declared by CCBSA.

Ikageng, which means “let us build ourselves” in Tswana, owns a 5 percent stake in Coca-Cola Fortune.

Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.