Oshakati, Namibia, October 25, 2019 --(PR.com
)-- Groot Systems, the Namibia-based premier diversified company involved in manufacturing, trading, and investments in Namibia, has today announced the closing of USD $2 billion (NAD $29.34 billion) in funding by the New York City based boutique investment banking firm, PineSuisse, for its planned manufacturing projects throughout Namibia.
Groot Systems, which was founded in Columbus, Ohio USA in 2009 by Simon Kapenda, while in his final year at The Ohio State University in Columbus, Ohio, has developed different industrial projects, in different industries such as steel, glass, chemicals, food, real estate, chemicals, minerals, technology, construction, entertainment and sports, fashion, agribusiness, and hospitality in different remote rural areas throughout Namibia.
The company has received written blessing of the Namibian Government through different line ministries such as; The National Planning Commission under the Office of The President, the Ministry of Trade and Industry, the Ministry of Public Enterprises, and the governing SWAPO Party of Namibia.
Most of the Groot Systems' capital projects have also received and been approved for their Environmental Clearance Certification by the Environmental Commissioner of the Ministry of Environment and Tourism.
With this funding, the company will kick-off the engineering and construction work for the Groot Glass Manufacturing Factories in Tses Village of the //Karas Region, Groot Silica Mining in Eeshoke Village, Oshikango in Ohangwena Region, Groot Ceramics Manufacturing Factory in Omunkete Village of Omusati Region, Groot Steel Mill in Eeshoke Village, Oshikango in Ohangwena Region, Groot Chemicals in Omunkete Village of Omusati Region, 242 MW Groot Combined Cycle Gas Turbine Power Plant in Eeshoke Village of Oshikango in Ohangwena Region, the Groot Integrated Waste Management Plant in Ondangwa, and the Groot Supercenter in Oshakati of Oshana Region.
Boston, Massachusetts based RNS Ventures LLC., the venture capital arm of PineSuisse Inc., has led the funding. RNS Ventures focuses on seed, early and growth-stage investments in infrastructure, real estate, renewable energy, technology and new media companies.
The Groot Systems' projects estimate to create more than 125,000 direct and indirect new job opportunities throughout Namibia.
"Working on these massive projects since 2011, has required us to offer great sacrifices, passion, determination and dedication. And no matter how hard it has been, planning and developing these projects while hungry, and the long journeys to different countries around the world in search of the best experts, engineering and technology, it is finally a great feeling, knowing that, soon, we will see many Namibians, especially the youths, engaged in gainful sustainable employments, earning decent salaries, caring for themselves and taking care of their families," states Simon Kapenda, Founder and Executive Chairman of Groot Systems.
This funding of USD $2 billion (NAD $29.34 billion) sets the company's valuation at USD $30 billion (NAD $484.8 billion), and PineSuisse is taking 70% of equity in Groot Systems, for its funding.
"There is nothing more beautiful, yet very challenging, for us as entrepreneurs, working hand-in-hand with our government, to help elevate and grow our local manufacturing industries, that eventually will proper fast economic growth with shared prosperity for our country, Namibia,” exclaims Elikana Nangolo, Chief Executive Officer of Groot Systems.
"It is a dream come true, after so many years of nonstop working, and finally, it is happening. Obviously, these projects will serve as the pillars of our beloved country's economy, for many generations to come," states Andreas Mathias, President and Chief Operating Officer of Groot Systems.
"For many years, filled with anxieties, ridicules, and mockery, but that only fueled our passion to stay focused and be resilient, these capital projects are going to touch nearly every life of every Namibian, in a great positive way, the benefits effected by the implementation of these ecosystem projects are endless," says Julius T. Gbayange, Director of Groot Systems.
"Our investment focuses on life changing industries, with emphasis on improving lives and making people happy. And we are excited to team up with Groot Systems, an incredible and passionate team of young Namibians, to help bring to life these fantastic capital projects in Namibia, one of the most beautiful, politically stable and peaceful countries in the world," explains Tim McGraw, Vice President of Investments of PineSuisse.
PineSuisse Inc. is a premier investment bank and financial services holding company offering a full spectrum of financial solutions that enable economic growth and prosperity for our clients and customers worldwide.
Groot Systems has partnered with several different companies, some of the world best and largest companies who are providing the know-how, engineering and expert advice from Germany, Italy, China, South Africa, USA and Namibia for the development and implementation of its capital projects in Namibia.
About Groot Systems
Based in Oshakati, Namibia, Groot Management Systems (Pty) Ltd is a premier diversified company involved in manufacturing, trading, and investments with emphasis interests in glass, steel, food, real estate, chemicals, minerals, technology, construction, entertainment and sports, fashion, hospitality and finance in Namibia and beyond.