Sunstone aims to acquire a fleet of vehicles to be rented out to commercial fleet operators. The market for renting to fleet operators has been largely ignored presenting Sunstone with a unique opportunity. The primary goal is to provide large commercial fleet operators with commercial vehicles catering for their specific needs allowing them to move away from hire purchase finance agreements commonly used in the industry, which has proven to result in high administrative costs as well as causing operational inefficacies.
|Targeted Capital Raise||: R60 000 000|
|Opening Date||: 26 February 2018|
|Closing Date||: 28 February 2018|
|Minimum Investment||: R200 000|
|Fund Manager||: Sun Stone Management Company|
|Performance Fees||: None|
|Management Fees||: None|
|Capital Raising Fees||: 3%|
|Targeted IRR||: 16%|
Please note that this fund is currently closed for investment.
He matriculated at KES in Johannesburg at the top of his class and went on to receive an Electrical Engineering degree from Wits University and an MBA from Columbia in New York. After working for Sandoz Pharmaceuticals in the US he returned to SA and has been involved as a founder and shareholder in several listed companies. These include H. Lewis, a food manufacturer (sold to Tongaat); Pleasure Foods, a fast foods company with the Juicy Lucy, Pizza Hut and Milky Lane brands (sold to AVI); Bidvest; Chariots, a motor group including Rand Stadium Toyota and Autozone (sold to Super Group); Armato Foods (sold to Afribrand); African Media Entertainment, a media and leisure company including Big Concerts, Golden Gloves, Radio Oranje and Algoa Radio (sold to Caxtons); and Andulela. His current business interests are substantially in the property market where he has done several residential conversions in the Johannesburg CBD as well as Industrial projects on the East and West Rand and a few commercial developments in the CBD. In addition he has been the owner of an independent vehicle rental business since 1989 and now has the AVIS franchise for bakkies, trucks and 4x4 Safari Vehicles in South Africa.
Bruce King was born in the Eastern Transvaal (now Mpumalanga) in South Africa in 1953. He studied part-time on a CIS diploma whilst working for and auditing company before moving to the corporate world. His business career started in 1973 at Grosvenor Car Hire and tours, in the accounts department and later moved to the fleeting division of same company. In 1975 Grosvenor Car Hire was taken over by Budget Rent a Car where King spent a further 14 years and during this time was promoted to National Operations Manager. In 1989 King started his own business, Kings Car Hire and within a short time he merged this business with Protea Car Hire, owned by his current business partner Stan Medalie. In 1997 the opportunity to buy in to Avis Van Rental Franchise system became available and in June 1998, Bruce and Stan together started the second franchise in the Avis Van Rental stable, Avis Van Rental Gauteng. During this period Van rental was not available in South Africa, due to the high theft risk and uncertainty in the country. Although this period was a challenging time, it also proved to be lucrative, and exciting time to enter the market. Today King spends his time running the Gauteng Area for Avis Van Rental.
Jeffrey is a Chartered Accountant having completed his articles at Grant Thornton and has over 30 years’ experience investing in unquoted companies across numerous industries. Jeffrey co-founded Brandcorp, which was listed on the Johannesburg Stock Exchange in 1997. He brings many years of operational and investment skills to the Company. He was a co-founder of KNR Flatrock, Balboa Finance, Born Free Properties, Eurosuit, Bride & Co., Seed Engine, Seed Academy and VCMS. Jeffrey is a pioneer of Section 12J Venture Capital Companies in South Africa and is an active member of various sub-committees of SAVCA and Simodisa, both of which focus their efforts on the South African Venture Capital industry.
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