O&L acquires majority stake in CRONIMET
By Business Reporter
THE Ohlthaver & List (O&L) Group – Namibia’s largest private group – has acquired the majority stake in CRONIMET Mining Power Solutions GmbH – a German-based renewable energy project development, Engineering-Procurement-Construction (EPC), investment and asset management company.
The stake was acquired from the exiting shareholder CRONIMET Mining AG in Switzerland and is effective, August 1 2020.
The acquisition comes after half a decade of O&L’s successful partnership with CRONIMET in Namibia through a joint venture.
In cementing the corporate merger, the O&L energy business and CRONIMET will henceforth adopt its new trade name and brand, O&L Nexentury. As of August 2020, CRONIMET Mining Power Solutions and O&L Energy will no longer be marketed.
O&L Group Executive Chairman, Sven Thieme and Chief Executive Officer, Wessie van der Westhuizen welcomed the new member to the O&L family and portfolio and said that in line with their Vision 2025 breakthrough strategy of ‘being a catalyst for positive change, creating new realities and fulfilling dreams’, they are excited to welcome on board O&L Nexentury as they continue unlocking and maximising synergies and value for renewable energy and long-term sustainable business for both the Group and external customers.
“This exciting, new partnership is a big leap in the O&L Group’s quest of venturing beyond borders. The projects successfully completed by O&L Energy and its partners have proven that we can compete with the best in the world and therefore it is time to take this Namibian business to the world”.
Rollie Armstrong and Steffen Kammerer, co-Founders and directors of O&L Nexentury GmbH also added their voice saying: “We are thrilled to officially be part of the O&L family after many successful years as partners as we inaugurate our next century by building a future together that enhances life and grows a profitable and long-term sustainable business. With this merger, the two companies have aligned their renewable energy and sustainable infrastructure business models to expand development and asset aggregation throughout Africa and into Europe. Capitalised with the O&L Group’s rich Namibian history, its corporate culture and financial muscle and combined with what was CRONIMET’s project development expertise, team diversity and track record, the new O&L Nexentury is set to be a major international force.”
Gunni Hanke, O&L Group Chief Operations Officer and Bernd Walbaum, director of O&L Nexentury GmbH further added: “With this merger, the O&L energy business enters into a new and very exciting era. By building an international business in Namibia, Africa and Europe we follow the O&L purpose, Creating a future, enhancing life.”
O&L is Namibia’s largest privately held group of companies, with revenues contributing roughly four percent to GDP. It has business interests in food production, fishing, beverages, farming, retail trade, information technology, property leasing and development, renewable power generation, marine engineering, steel retailing, advertising and the leisure and hospitality industry.
With annual revenues of over N$5 billion, O&L is a major contributor to state coffers and is in the position of being a significant contributor to GDP in Namibia.