Engeli is a verified black private equity fund manager (in terms of the Amended BBBEE Codes) and aims to enrich the businesses it partners using its skills, knowledge, and network of alliances.
Part of the shareholding is with Unity in Africa Foundation, an organisation that assists black youth, focusing on education and development, including the Incubating Great Engineering Minds (IGEMS) programme to produce young black engineers.
Glenn van Eck, Magnetic Storm CEO, says, "This transaction will undoubtedly have a positive impact on our business. For many years, we have been dedicated to implementing BEE strategies through the various pillars and have now taken the step of equity to embrace it holistically."
"Finding the right partner was imperative, and we are pleased to support a local enterprise, and in particular black youth, through the Unity in Africa Foundation," adds van Eck.
In addition to the change in shareholding, Magnetic Storm has increased its senior leadership team, with the aim of fueling further business growth and development.
Tamara Bekker has been appointed as head of client service, and Gary Billson has made a move to head of technical services. "Gary has vast project management and technical expertise, and Tamara is an experienced businesswoman with a solid sales background," says Jane Stevenson, Magnetic Storm’s strategic director. "We operate in a new economy and our growth plans are aggressive. We are thrilled to have the talent in place to achieve our goals."
"Gary's sales experience and technical knowledge will see him in good stead to assist Tamara in delivering excellence for the expanding Magnetic Storm client-base and fulfilling their desired outcomes. Together, with teams creativity, the leadership is set to create high-performance teams delivering high-impact events and technical services," concludes Stevenson.
For more information, visit www.magnetic.co.za. Alternatively, connect with them on Facebook or on Twitter.