Specialist demolition contractor Jet Demolition has officially concluded a Broad-Based Black Economic Empowerment (B-BBEE) deal that has resulted in it achieving a Level 4 B-BBEE rating, and 54% black ownership. In terms of the deal, Jet Demolition founders Joe and Liz Brinkmann will be Executive Directors, while Lebogang Letsoalo is a Non-Executive Director, and Vincent Raseroka is the new Chairman.
Raseroka’s current portfolio includes being Chairman of Transcend Capital Investments, the Black Industrialist Group, Erudite and Bridge Taxi Finance. Letsoalo has over 16 years’ corporate experience with Blue Chip companies, including Sasol, Eskom, De Beers, Fluor Daniel, and IBM South Africa.
Joe explains that Jet Demolition has further enhanced its B-BBEE scorecard by establishing a private equity fund to assist in nurturing new black-owned industrial companies. “By focusing on these new start-ups, we will not only support young black entrepreneurs, but will contribute actively to the future development of South Africa.
“Our objective going forward is also to help train up young black engineers to aid us in our ongoing transformation, and to ensure sustainable growth going forward. Our Level 4 B-BBEE rating will give us a foot in the door with the major industrial and mining conglomerates in South Africa. Hence this is an exciting new chapter for Jet Demolition,” Joe highlights.
Established in 1994, Joe and Liz have worked tirelessly to ensure that Jet Demolition has become one of the premier demolition specialists on the continent. “We have built everything from scratch, including our world-class health and safety system, which has resulted in us winning the NOSCAR International Award for five years in a row.” Other accolades include back-to-back wins at the World Demolition Awards in 2017 and 2018.
“We are entrepreneurial, so there is an incredibly strong team spirit. When something needs to be done, people jump in to make sure it all comes together. We see that in our bridge demolition, where we have done overnight work. We see it with emergencies whereupon people call on us, and we can be on-site within four to five hours, along with equipment. It is just a really special place due to that passion, which is shared by our new partners. We are very excited at the opportunities our new partnership brings,” Liz elaborates.
Raseroka added that it was especially auspicious that Jet Demolition officially announced its B-BBEE deal on Mandela Day on 18 July. Hailing from the Class of 1976 at Morris Isaacson High School, Raseroka stresses he is “very passionate about building a sustainable South Africa. I cannot imagine a better time to have become acquainted with Jet Demolition.”
With City of Johannesburg Mayor Herman Mashaba committing to turn Gauteng into a giant construction site to stimulate infrastructure development, Raseroka points out that companies like Jet Demolition stand to play important roles here. “Foreign Direct Investment (FDI) is flowing into Africa once again, which means there is a lot of demolition work to be undertaken to pave the way. Hence I am very excited about the partnership.”
Letsoalo stresses Jet Demolition’s transformation transcends merely ticking all of the boxes on its B-BBEE scorecard. “I am interested in working with companies with world-class performance, and that are able to make a meaningful impact on South Africa. My particular area of expertise is supply chain management, while I have also garnered experience in the project development arena.”
Her ultimate goal is to unite academia, government, business and professional bodies to kickstart the commercial development of South Africa. “Here is where B-BBEE, combined with supplier and enterprise development, is vital. The businesses we build must be sustainable, and the new black entrepreneurs we assist must be competitive and competent.” Letsoalo is also involved at a tertiary education level, where she teaches students about workplace readiness and entrepreneurship.