The transaction enables the company’s management team to acquire 100% ownership of the business, strengthening operational control and positioning Isambane for its next phase of growth
JOHANNESBURG, South Africa, April 7, 2026/ — Kholo Capital Mezzanine Debt Fund I (“Kholo Capital”) and Tensai Private Equity (“Tensai”) today announced the provision of R275 million in mezzanine debt funding to support the management buy-out (“MBO”) of Isambane Mining (“Isambane”), a leading mid-tier mining contractor in South Africa.
Isambane delivers comprehensive opencast mining services, including
drilling, blasting, loading, hauling, rehabilitation and day-work
services to blue-chip mining clients.
Founded in 2005, Isambane has developed into an established and
reputable South African contract mining operator. The transaction
enables the company’s management team to acquire 100% ownership of the
business, strengthening operational control and positioning Isambane for
its next phase of growth.
The R275 million mezzanine funding package comprises R200 million
provided by Kholo Capital and R75 million provided by Tensai Private
Equity.
The management consortium is led by Chairman Banzi Giyose, Chief
Executive Officer Johan Venter and Chief Financial Officer Jorrie
Jordaan and were advised by Bravura Capital.
Zaheer Cassim, Managing Partner and Founder of Kholo Capital, commented:
“We are delighted to support Isambane’s accomplished and highly
motivated management team in acquiring full ownership of this
exceptional business. This transaction is a strong example of how
structured mezzanine debt capital can enable management-led ownership
transitions without unnecessary equity dilution, while providing the
flexibility required to sustain growth and operational momentum.
Isambane has built a high-quality, resilient platform underpinned by
long-standing relationships with Tier-1 mining clients, strong cash flow
generation, and a scalable operating model. The leadership team’s
depth of experience—spanning more than 170 years across operations,
engineering, safety and financial management—provides a solid
foundation for continued execution and growth. This transaction also
aligns ownership with those closest to the business, enhances black
ownership and control, and positions Isambane to capitalise on
opportunities in the mining services sector. We look forward to
partnering with management as a long-term capital provider, supporting
their strategic objectives and helping unlock further value in the
business.”
Mokgome Mogoba, Managing Partner and Founder of Kholo Capital, added:
“Isambane’s portfolio includes multi-year contracts with Tier-1
mining clients, providing strong revenue visibility. Its flexible
operating model enables rapid redeployment of fleet and personnel,
significantly mitigating contract and asset utilisation risk.
Importantly, this transaction enhances black ownership and control in a
sector that has historically lacked transformation. Isambane is now a
majority black-owned and black-controlled mining services company. This
transaction reflects continued investor confidence in South Africa’s
mining services sector and highlights the role of structured mezzanine
debt in enabling management-led ownership transitions.”
Tensai added, “Tensai is pleased to partner with Kholo Capital on this
transaction. Isambane’s established position and resilient operating
model make it an attractive investment, and we are proud to support an
experienced leadership team while contributing to meaningful
transformation within South Africa’s mining sector.”
Soria Hay of Bravura Capital observed: “Bravura is delighted to have
assisted the exceptional Isambane management to achieve the 100%
Management Buy-Out from the existing shareholders within less than 9
months from our initial engagement. With Isambane being a
capital-intensive business, we had to navigate the legal relationships
with the various senior lenders carefully to achieve this outcome. All
our thanks to the Kholo Capital and Tensai teams for the spirit of
cooperation and partnership that was shown along the process. They were
meticulous, but helpful to address the invariable niggles that always
arise during these types of transactions. We wish Isambane only the best
for this new chapter in its life.”
Banzi Giyose, Chairman of Isambane, said: ““This has been a complex
and rigorous process, led by highly experienced investment and legal
teams, and it has been a pleasure working with parties who consistently
demonstrated integrity, transparency and good faith. This collaborative
approach was key to achieving a successful outcome. We are sincerely
grateful to Kholo Capital and Tensai, for their diligence, as well as to
all advisors for their continued support and expertise.
For Isambane, this milestone marks the beginning of an exciting new
chapter—one grounded in purpose, operational excellence and
sustainable value creation. We remain committed to delivering strong
performance while fostering safer work environments and creating
meaningful opportunities for local communities.”
Johan Venter, CEO of Isambane, concluded: “This transaction represents
a transformational step for Isambane, aligning ownership with a
management team deeply committed to the business and its long-term
success. It strengthens our foundation for disciplined growth, anchored
in our core values of faith, integrity, accountability, resilience,
partnership and operational excellence. Kholo Capital brought strong
credibility, commercial rigour and execution capability to the process.
Their principled, solutions-driven approach and ability to navigate
complexity while maintaining momentum were instrumental in achieving
this outcome. We enter this next phase with confidence, guided by our
values and a shared commitment to building a sustainable,
high-performing business.”
Norton Rose Fullbright acted as legal counsel to Kholo Capital and ENS
acted as legal counsel for Tensai.
