LSM Distributors (Pty) Ltd and Hlongwane Consulting join forces in new business ventureNew local investment boost for Porsche in South Africa
Johannesburg. LSM Distributors (Pty) Ltd, the Authorised Importer of Porsche Cars in South Africa has today formalized a long term business association with Hlongwane Consulting through the acquisition by Hlongwane of a 30 per cent equity in LSM Distributors, with an option to increase this in due course.
Hlongwane Consulting is a black owned, managed and controlled company that owns several subsidiaries through which it makes investments in strategic business areas. They have interests in the healthcare, property and mining sectors and will be entering the motor vehicle sector through this transaction.
LSM Distributors (Pty) Ltd, trading as Porsche Centre South Africa, with Toby Venter at the helm, has been the Authorised Importer for Porsche cars in South Africa for the past ten years. In this time, Venter and his team have grown the Porsche brand significantly, delivering over 2000 new Porsches into the market. Venter’s hands-on experience within the automotive industry and racing circles over the past 20 years has gained him a unique and diverse knowledge and understanding of the Porsche brand.
This commitment by Hlongwane Consulting will be a significant boost to the Porsche brand in South Africa and is in keeping with the worldwide vision of Porsche AG to see the continued growth and expansion of the marque. Hlongwane Consulting brings to the new partnership, considerable business experience and expertise to realize this vision.