Nedbank Private Equity (NPE) has finalized the acquisition of a significant minority equity interest in Waco International Holdings, a premier global player in the equipment rental and industrial services landscape. The deal represents a high-conviction play by Nedbank into a diversified platform that is foundational to infrastructure and industrial maintenance across three continents.
By joining the shareholding structure, NPE enters a powerful consortium of investors that includes the incumbent private equity firms RMB Ventures and Bopa Moruo, alongside Waco’s seasoned executive management team.
Since its inception in 1945, Waco International has evolved from a local South African business into a massive multinational operation. Today, the group’s scale is a testament to its operational excellence:
- Human Capital: Employs a workforce of over 7,500 people.
- Global Footprint: Operates a network of 120+ branches spanning 13 countries.
- Regional Presence: Maintains a dominant market position across South Africa, sub-Saharan Africa, and Australasia.
Waco is perhaps best known for its specialized divisions, such as Form-Scaff, which provides essential scaffolding and formwork for the construction industry, and its various modular building and industrial maintenance units.
For Nedbank Private Equity, the investment is particularly attractive due to Waco’s diversified business model. Because the group serves a wide array of sectors, including mining, oil and gas, infrastructure, and commercial construction, it is well-insulated against volatility in any single market.
Key value drivers for the investment include:
- Infrastructure Tailwind: As governments across Africa and Australasia ramp up infrastructure spending to meet 2026 targets, Waco’s core services (access scaffolding and formwork) are in high demand.
- Strategic Alignment: The partnership brings Nedbank’s financial muscle to a table already occupied by RMB Ventures and Bopa Moruo (a leading mid-market B-BBEE investor), creating a robust capital base for further expansion.
- Regional Growth: The inclusion of management in the shareholding ensures that the company’s leadership is fully aligned with the long-term goal of scaling Waco’s “industrial services” offerings in the high-growth sub-Saharan region.
With this new injection of capital and strategic backing from Nedbank, Waco International is poised to modernize its fleet and expand its service capabilities. The focus is expected to remain on delivering high-safety, high-efficiency solutions to the world’s most complex industrial sites.
By anchoring the company with locally-based South African private equity (NPE and RMB Ventures) and an empowered partner (Bopa Moruo), Waco has secured a “future-proof” ownership structure that supports its dual role as a South African champion and a global service leader.
