News
SFI GROUP ANNOUNCES
TAKEOVER OF ALMAG REFRIGERATION
By Benjamin Brits
In its 15th year of business , focused primarily on the HVAC sector , the takeover will now expand the group ’ s umbrella into the refrigeration sector .
The announcement has come after engagements on the transaction started last year and only a mere three months of evaluation revealed the synergy for incorporating another business on the horizontal , albeit that air conditioning and refrigeration essentially serve totally different markets .
The SFI Group , has until now , offered maintenance solutions in building technology that includes mechanical , electrical and electronics services in HVAC that support commercial property owners in their efforts to increase the performance of their assets through a team of dedicated staff , enhanced technology , and superior processes .
The takeover of Almag Refrigeration took effect on 1 March 2021 and is described by Megan Meyer , Business Development at SFI Group , as a better opportunity at joining of forces .
“ After lengthy discussions around various aspects of the business , it was decided that as a best solution , SFI Group are not going to disturb anything in the Almag Refrigeration business model . We have taken over all of the staff and assets and will further continue to trade as Almag Refrigeration . The only thing that has changed here are the shareholders ,” she says .
It is important to note that the company remains a Level1 BBBEE company after the takeover , and that all offerings remain the same . The service level , that Almag is known for , will remain because the same staff continue on , as well as the comfort in the knowledge that the same technicians that have been with Almag for between 15 and 20 years , are staying involved .
Almag Refrigeration has a remarkable history and has been in existence for 49 years , which speaks directly to its success . The company has been through its fair share of many trials over the years and also managed to navigate the Covid pandemic without loss of a single employee either .
“ Over the years I have been asked a number of times if we do refrigeration and declined those opportunities in the belief that refrigeration is specialised and needs a team and management who understand the requirements . We cannot be all things to all people . Finding a niche company with a dedicated team and a great legacy was a natural attraction for me to bring into SFI ”, says Edward Hector , managing director of SFI Group . “ We look forward to growing this business over time .”
Albert & Brenda Loffler , who have been the proud owners of Almag Refrigeration for the businesses since its founding in 1972 , did not take the decision to sell lightly .
“ First and foremost , we needed to make sure that whomever we sold to would have the same ethos and business acumen as we do , and , who always put their clients first . When we were put into contact with Edward Hector and the SFI Group , we knew that our legacy would be carried on by a company that would look after our staff and clients as they do their own ,” says Brenda Loffler , who has been managing Almag Refrigeration for the past five years .
The ‘ joining of forces ’ will no doubt allow the SFI Group an exciting opportunity to continue in the Almag Refrigeration success and possibly adopt some of their principles , and on the reverse the proven successful methodologies of the SFI Group to be implemented in the new refrigeration arm .
More information about the takeover will be made available in the near future . RACA
QUOTE OF THE MONTH
“ When you want to know how things really work , study them when they ’ re coming apart .”
– William Gibson .
www . hvacronline . co . za RACA Journal I April 2021 5