Ricochet News

Magnetic Storm now 51% black-owned after appointing new shareholders

Oct 19, 2017
Magnetic Storm now 51% black-owned after appointing new shareholders

Port Elizabeth based multi-faceted Audio-Visual and Events company, Magnetic Storm, on Thursday announced that it is now a 51% black-owned company following a transaction with local black private equity company, Engeli Enterprise Development (Pty) Ltd and the Unity in Africa Foundation

Engeli is a verified Black Private Equity Fund Manager (in terms of the Amended BBBEE Codes) and looks to enrich the businesses it partners using its diverse skills, knowledge and network of strategic 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.

Established in 1981, Magnetic Storm, which now has an office in Cape Town, specialises in the hire, sale and installation of sound, lighting and audio-visual equipment; as well as event management services for any event: conferences, corporate and private functions and concerts and festivals.

On the shareholding, Magnetic Storm CEO, Glenn van Eck 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."

In addition to the change in shareholding, Magnetic Storm has increased its senior leadership team in order to fuel further business growth and development.

Tamara Bekker has been  appointed as Head of Client Service, and Gary Billson has made an internal 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,” remarks 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," enthuses Stevenson.