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Benchmark International Successfully Facilitated the Sale of CG and Zinyana Africa Holdings (Pty) Ltd to the Government Employees Pension Fund Represented by the Public Investment Corporation SOC Ltd
July 14, 2026
Benchmark International is pleased to announce that it has successfully advised on the 49% sale of CG and Zinyana Africa Holdings (Pty) Ltd (“CGZAH”) to the Government Employees Pension Fund (“GEPF”) represented by the Public Investment Corporation SOC Ltd (“PIC”). The transaction represents a significant milestone for both businesses and positions them for their next phase of growth under an investor with strong long-term strategic intent. The transaction supports continued operational development, enhanced service capability, and a clear strategy for long-term expansion across key industrial markets.
CGZAH provides mechanical, electrical, instrumentation and welding services including mechanical, electrical, instrumentation, welding, project management services, and drone-based inspection and data-processing services, mainly for industrial and mining environments. Subsidiaries of CGZAH include:
Prommac (Pty) Ltd: A specialist turnkey project management and mechanical services company providing a range of services in the brownfield environment.
New Age (Pty) Ltd is a specialist welding and inspection services business providingwelding installations, welding fabrications, metallurgy analysis and other mechanical services.
Kumunyack (Pty) Ltd is a specialist instrumentation and electrical services contractor.
Niall Caroll, CG Tech Group Chairman commented: “This partnership represents an important step in enhancing our contribution to South Africa’s economic growth. The investment is a vote of confidence by Africa’s largest fund manager in the CGZAH team and positions us to scale responsibly by investing further in capability and skills that will deliver long-term value creation within the markets we serve”.
PIC Investment Group is a South Africa–based private investment group with a focus on acquiring and growing established businesses across industrial, engineering, and services sectors. The group partners closely with management teams to support long-term value creation through strategic investment, operational improvement, and sustainable growth initiatives. PIC Investment Group brings a disciplined, hands-on investment approach, providing both capital and strategic support to help portfolio businesses scale, strengthen capabilities, and build resilience for the future.
August Van Heerden, Acting Chief Investment Officer of the PIC commented: “This investment is aligned with our mandate to deliver sustainable, long-term returns for our clients while supporting South Africa’s broader economic development objectives. CG & Zinyana Africa Holdings has demonstrated strong operational capability, a solid track record, and a clear commitment to growth and transformation.
We believe this partnership will contribute meaningfully to industrial development, job creation, and value creation across key sectors of the economy, while supporting the company’s continued expansion and resilience”.
John Loubser, Transaction Director at Benchmark International, commented: “We are proud to have advised CG and Zinyana Africa Holdings on this milestone transaction with the Government Employees Pension Fund, represented by the PIC. This partnership reflects the strength of CGZAH’s integrated service offering and its track record of delivery across key industrial sectors. The involvement of a long-term institutional investor such as the PIC not only validates the business’s growth strategy but also provides a strong platform for continued expansion, capability development, and value creation. We look forward to seeing the business realise its full potential in this next phase.”
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