Torre Analytical Services acquired by Ethos
18/11/2019
Following the successful delisting of Torre Industries from the Johannesburg Stock Exchange in April 2019, the business was successfully separated into Torre Analytical Services (TAS), acquired by Ethos Mid Market Fund I (EMMF), and Torre Industrial (TI), acquired by Apex Partners.In partnership with EMMF, TAS has now been rebranded as the Synerlytic Group, comprising three offerings: WearCheck, a condition monitoring business that provides proactive asset maintenance management services across a wide variety of industries, including mining, earth moving, construction, manufacturing, automotive, power generation, aviation and marine, via a number of specialised analytical methodologies, such as fuel and lubricant analysis, vibration and balancing non-destructive testing and rope condition assessment; AMIS, an international manufacturer and supplier of a wide range of matrix-matched certified reference materials (CRMs); and Setpoint Laboratories, an analytical chemistry laboratory offering a wide range of analytical tests on platinum group metals (PGMs) and gold, light elements, uranium and rare earth elements and water.
Edward Pitsi, Managing Partner of Ethos Mid Market Fund I, said: “We identified an exciting opportunity to separate TAS and TI through the Torre delisting, as the two businesses had little to no synergies as a group. Once liberated from the group structure, we have been able to optimise Synerlytic’s capital structure to support our long-term growth strategy.”
Jon Hillary, Synerlytic CEO, added: “Synerlytic is the testing, inspection and certification (TIC) market leader in Africa. We offer our clients mission-critical oil condition monitoring for predictive maintenance, CRMs needed for quality assurance and control and analytical chemistry services across various industries. With eight laboratories across South Africa and a further 13 laboratories in 11 additional countries in Africa and the Middle East, we have an unrivalled regional footprint, even for clients in remote locations, resulting in impressive turnaround times.”
