On of the country's leading distributors, Axiz, has squashed rumours that it is about to be sold, revealing that management has, in fact, strengthened its shareholding in the company.
Anthony Fizhenry, CEO of Axiz, says that the company's management team, along with himself, have bought the 30% shareholding that was held by former director Simon Hodgson. He declined to reveal how much Hodgson was paid for his shareholding.
Rumours surfaced in the industry a few months ago that OneLogix – the holding company of PostNet – was interested in acquiring a stake in Axiz. Further rumours speculated that the disti was about to be bought by a fellow competitor, Pinnacle Africa.
"The situation is that we have just bought one of our major shareholders – Simon Hodgson – out through a management buyout," says Fitzhenry. "The only people involved in this buyout are myself and management who have always expressed an interest in owning more of the company."
Fitzhenry confirms that he is now the larges shareholder of Axiz with around 50% of the company. "The second largest shareholders are the employees at large through our employee ownership trust, and the third would be the 10 management shareholders," he says.
Fitzhenry says Axiz has managed to navigate the recession successfully and that it is now poised for solid, strong growth.
"We've managed to overcome the problems that faced the company over the past year or so and for the current quarter have met all our objectives," he says. "For the first time in a long time, all staff are in bonus territory and that's a nice situation to be in."