Ethos Private Equity has acquired a 65% stake in The Eazi Group, Africa's market leader in the rental, sale and servicing of work-at-height and material handling solutions, in a deal valued at R1.6bn.

Other investors in the business include Buffet Investments, an investment vehicle controlled by Jonathan Beare, and founding shareholders.

Shaun Zagnoev, Ethos partner, said: “The Eazi Group is a prime example of South African pioneering spirit where visionary entrepreneurs identified a void in the market and through grit and determination established a new industry.”

“In a little over a decade, management built a differentiated business, offering service excellence, enhanced safety and innovative cost-effective solutions to their customers. We are delighted to invest in the next phase of Eazi’s journey to reach full potential,” he said.

Founded in 2003, The Eazi Group comprised Eazi Access Rentals, Eazi Sales & Services, Eazi Africa and other subsidiaries

The Group boasts the largest and most diverse fleet of boom lifts, scissor lifts, telehandlers and vertical personnel lifts on the African continent.

The Group services customers across various sectors of economy in the construction, shipping, manufacturing, FMCG, transport, entertainment and mining industries, by offering work-at-height and material handling solutions, including application solutions, machine training, on site project management and support.

The Eazi Group has exclusive distribution rights for leading brands in South Africa, notably: JLG, owned by NYSE-listed Oshkosh Corporation; Magni telescopic handler; and Maeda mini cranes.

Brett Fleming, CEO of The Eazi Group said: “Ethos expressed interest in our business over many years, during which time we developed a trusted relationship. When the opportunity presented itself, Ethos—with its value-add capability and experience in partnering owner-managed businesses—was the ideal partner to cultivate our growth strategy. ”

This latest transaction is Ethos Fund VI’s fifth investment in 12 months, following recent investments into Eaton Towers, Neopak, Twinsaver and Autozone.

Ethos also announced the realisation of Plumblink to JSE-listed Bidvest in mid-2015, plus the sale of its shareholding in JSE-listed Transaction Capital last December.