About Invicta
We are Invicta Holdings, a South African based company with a focus on the industrial consumables sector. With a steadfast commitment to innovation, efficiency, and sustainable growth, we drive forward as a catalyst for industrial advancement in South Africa and beyond.
Invicta at a glance
Invicta aims to provide innovative solutions that empower industries for a sustainable future
Invicta’s primary business is the management and optimisation of the performance of its investments. Some of the key industries in which we invest include general industry, auto-agricultural and earthmoving equipment. Our business segments are primarily involved in the supply and distribution of replacement parts, services and solutions to the industrial and auto-agri industries, as well as capital and earthmoving equipment sectors.
Our Purpose
We manage and optimise the performance of our investments.
Our Vision
To be a leading global distributor of industrial consumables and engineered aftermarket solutions.
Our Mission
To create superior value for all our stakeholders, which include our shareholders, suppliers, customers and employees.
Our Strategy
To deliver sustainable, value accretive growth to our stakeholders by continuing to build the Group in a stable and sustainable manner.
Our Investment Philosophy
We invest in businesses that generate consistent, predictable, and sustainable above-market returns from a diversified portfolio of industrial holdings, with strong aftermarket positioning.
Our Culture and Values
We are driven by integrity, customer-centricity, continuous improvement, and accountability. Our ethos is “progressing with purpose”.
Why Invest In Us?
» Our operations are embedded in essential industries such as manufacture, mining, agriculture, transportation, and construction.
» We have a geographic footprint in 16 countries across five continents, with manufacturing facilities in China and distribution platforms in Europe, North America, Southeast Asia and Southern Africa.
» Kian Ann Group serves as a strategic international growth platform, recently expanding in the US and UK.
» Our aftermarket focus ensures resilience, recurring revenue, and lifecycle value for customers.
» We remain disciplined on working capital, gross margin optimisation, cost control, and capital allocation to deliver attractive shareholder returns.
Group Operational Structure
Invicta comprises five operational divisions
» Comprises BMG, Industri, OST, Beltbrokers.
» Distributor of engineering consumable products, technical services and 360-degree solutions across Africa.
» RPI’s competitive edge stems from a multinational network that includes 117 BMG branches and an additional 92 vendor-managed inventory (“VMI”) consignment sites strategically located to service customer needs.
» Activities include international and local sourcing of leading global brands, distribution of premium engineering components and consumable products, technical support, value-added assembly, and bespoke manufacturing of components into customised systems and solutions.
» Supplier of imported and locally sourced automotive and agricultural aftermarket replacement parts and kits.
» Euro Driveshafts forms part of RPA and consolidates the operations in the United Kingdom, Poland and Ukraine.
» UPG UK & Ireland operates within the RPA segment, distributing automotive aftermarket parts to motor factors. Following a strategic repositioning, UPG UK & Ireland now distributes automotive aftermarket parts directly to motor factors (dealers) rather than to the end market.\
» Driveshaft Parts, based in Spain, extends the Group’s European footprint within the RPA segment.
» Comprises ESP, NWB and Spaldings.
» ESP is a supplier of aftermarket replacement spare parts, groundengaging tools and undercarriage parts for earthmoving equipment in Southern Africa.
» NWB, based in the United Kingdom, supports the Group’s strategy of growing in developed markets. NWB supplies consumable parts to the earthmoving and agricultural machinery aftermarkets.
» Spaldings, acquired in September 2025, is a UK-based supplier of aftermarket parts for earthmoving and agricultural machinery, extending the RPE segment’s footprint in developed markets alongside NWB.
» Comprises ESP, NWB and Spaldings.
» ESP is a supplier of aftermarket replacement spare parts, groundengaging tools and undercarriage parts for earthmoving equipment in Southern Africa.
» NWB, based in the United Kingdom, supports the Group’s strategy of growing in developed markets. NWB supplies consumable parts to the earthmoving and agricultural machinery aftermarkets.
» Spaldings, acquired in September 2025, is a UK-based supplier of aftermarket parts for earthmoving and agricultural machinery, extending the RPE segment’s footprint in developed markets alongside NWB.
» KAG is a strategic growth platform and during FY2026, completed the Safe Harbor acquisition which contributed to revenue growth.
» One of Asia’s largest independent distributors of heavy machinery and diesel engine components.
» Global distribution of parts used in excavators, bulldozers, wheel loaders, motor graders, trucks, trailers, power generation sets, and marine engines.
» Operates across Singapore, China, Malaysia, Thailand, India, the United Kingdom, the United States and Canada.
» Kian Chue Hwa Industries (“KCHI”) is an automotive business based in Singapore operating under KAG.
» Kunshan Kensetsu Buhin Co. Ltd (“KKB”), based in China, manufactures rollers, track chains, idlers and sprockets for undercarriage systems, servicing both internal requirements and global OEM clients.
» USA distribution is conducted through KTSU and KSP, accelerating growth in undercarriage distribution for heavier machinery across the North American market.
» KMP, now operating under KAG, has a presence in the UK, USA, Singapore and Malaysia and extends the Group’s reach in aftermarket core engine parts for earthmoving equipment.
The Figures
Total employees across the Group
Total assets
Turnover
per annum
Market
capitalization
Presence in 17 Countries
Across 5 Continents
History of the Invicta Group through the ages
2020
- Disposes of certain of its CEG businesses to CNH Industrial SA Proprietary Limited
- KAG introduces a strategic partner and acquires an interest in a leading roller manufacturer in China while expanding in North America (“KTSUA”).
- Acquires Driveshaft Parts in South Africa and Poland, now integrated into UPG under RPA.
- Group restructures into segments: RPE, RPI, RPA, CE and KAG.
- RPE acquires KMP, a UK and US-based aftermarket parts supplier.
- RPA restructures to align UPG offshore operations and acquires UPG UK & Ireland and sets up operations in Spain.
- Establishes KSP through KAG in the USA to grow undercarriage machinery distribution alongside KTSUA. Acquires Safe Harbor in the USA through KAG.
- Strategic focus on generating 50% of earnings from outside South Africa by FY2027.
2010
- Acquires MacNeil Distributors
- Creates Building Supply Group (which is subsequently sold in 2017)
- Acquires Kian Ann (KAG) and delists it from the Singapore Stock Exchange
- KAG establishes subsidiaries in Thailand and acquires stakes in Steve Woods Ltd in the UK as well as North American Tractor and Excavator Parts in Canada as well as Kunshan Kensetsu Buhin Co Ltd in China, and enters into a joint venture with SKL Equipment in India
- CSE establishes Landbou Agriculture After-Market Spare Parts
- CEG division takes shape with acquisitions of ESP, High Power Equipment Africa (“HPE”) – Hyundai Earthmoving Equipment and related services, and Shamrock Handling Concepts.
- ESG division takes shape with acquisitions of Man-Dirk, Hansen and Hyflo, Rustenburg Engineering Forge Industrial Group, Driveshaft Parts and Europe Driveshaft.
2000
- Bearing Man Ltd (“BMG”) becomes part of Invicta and de-lists from the JSE
- BMG acquires OST and establishes its hydraulic business and fasteners division
- CSE acquires New Holland SA, Doosan Construction Equipment and TCM Forklifts
- Creates a 25% BEE shareholding for its South African operations
- Acquires a 60% stake in Tiletoria
1990
- Divests of its textile interests
- Acquires the retail bearing and transmission businesses called Invicta Bearings. At that time, the company’s divisions included industrial consumables, engineering, sports goods and telecommunications, but bearings soon became the core business
- Changes name to “Invicta Holdings Limited”
- Acquires Autobax, CSE Equipment Company and Engine parts
1960 to 1980
- Incorporated as West Rand Organ Company (Pty) Ltd
- Lists on the JSE in 1987 as “Skirtskip Clothing Limited”
- Disposes of its interest in clothing manufacturing in 1989 and acquires companies involved in the engineering, textile and leisure industries
- Changes its name to “Nova Constantia Limited”
Board of Directors
Dr Christo Wiese
Chairman
Qualifications: BA, LLB, DCom (h.c.)
Years of service as a director: 29
Dr Wiese was appointed as a Non-executive Director of Invicta in October 1997 and served as Chairman from October 1997 to April 2000. Dr Wiese was re-appointed as Non-executive Chairman in January 2006 and is currently also the Chairman of Tradehold Limited and a Non-executive Director of Shoprite Holdings Limited and Brait SE.
Steven Joffe
Chief Executive Officer
Qualifications: BCom (Hons Taxation) and HDip (Company Law), CA(SA)
Years of service as a director: 6
Mr. Joffe joined Invicta as CEO on 1 January 2020. Mr. Joffe previously served as CEO of enX Group Limited, Wild Rose Management (Pty) Ltd, and Gold Reef Casino Resorts Limited.
Nazlee Rajmohamed
Chief Financial Officer
Qualifications: BCom, PGDA, CA(SA)
Years of service as a director: 8
Ms Rajmohamed joined Invicta on 1 July 2018 as Group CFO. Ms Rajmohamed has over 24 years of executive experience, having held senior positions within the TOTAL Société Anonyme Group in South Africa, Nigeria, and France, and at MTN Group Limited, where she served as Executive Group Finance.
Craig Barnard
Executive Director
Qualifications: CA(SA), MBA, ACIS
Years of service as a director: 19
Mr Barnard joined Invicta Holdings in 1998 as Financial Manager after holding positions at Sappi and Group Five. He was appointed as a Director of CSE Equipment Company in 1999 and became Invicta’s Company Secretary in 2002. In June 2007, he was appointed as an Executive Director of Invicta Holdings. Mr Barnard resigned as Company Secretary in January 2014, continuing as Financial Director and Commercial Director. In 2018, he stepped down as Financial Director, continuing in his role as Commercial Director.
Frank Davidson
Independent Non-executive Director
Qualifications: BCom, BAcc, CA(SA)
Years of service as a director: 6
Mr Davidson is a chartered accountant with over 30 years of experience as a business owner and executive. Mr Davidson has worked in wealth management for more than 20 years and is currently engaged in private equity.
Rashid Wally
Independent Non-executive Director
Years of service as a director: 13
Mr Wally has over 38 years of experience in the information technology sector, having held senior executive positions with IBM in Africa, Europe, the Middle East, and South East Asia, including Lenovo in Africa. Mr Wally was Chairman of the Board and member of the Audit and Risk Committee of Mango Airlines and is currently Chairman of Fastjet PLC and serves on its Audit and Risk Committee.
Mpho Makwana
Independent Non-executive Director
Qualifications: BAdmin (University of Zululand), BAdmin. Hons (University
of Pretoria), EDP Certificate (Kellogg School of Management), Postgraduate
Diploma, Retail Management (Stirling University, UK)
Years of service as a director: 6
Mr. Makwana is a seasoned business leader with over 35 years of executive experience across state-owned and JSE-listed environments. He is Trustee of Delta Property Fund Limited, a JSE-listed REIT and an Independent Non-Executive Director of AVBOB and Platinum Group Metals Limited, which is dual listed on the TSX and NYSE. His board committee experience spans Audit and Risk, Nominations and Governance, IT, ESG, Climate Risk Mitigation and Remuneration Committees. Committed to public benefit, he chairs the Boards of Trustees of the Nelson Mandela Children’s Fund and the WWF Nedbank Green Trust, and serves as an Adjunct Professor at UNISA CEMS. In May 2026 he received an honorary Doctor of Business Administration degree.
Iaan Van Heerden
Non-executive Director
Qualifications: BLC, LLB, LLM (cum laude), Higher Diploma in International Tax
Years of service as a director: 6
Mr van Heerden served as an Investment Banking Director at Rand Merchant Bank and has over 21 years of experience in investment banking, mergers and acquisitions, tax, and corporate law. Mr van Heerden is a co-founder of Oryx Partners, which manages Dr Christo Wiese’s family office and is a strategic business partner of the Wiese family.
Lance Sherrell
Non-executive Director
Qualifications: BCom
Years of service as a director: 16
Mr Sherrell is a Director and shareholder of the SMG Group (BMW). Mr Sherrell studied commerce at the University of Cape Town and has been involved in the hospitality and motor trade industries for over 15 years. Mr Sherrell represented South Africa as a rugby player in the national team in 1994
Jacob Wiese
Non-executive Director
Qualifications: BA (Value and Policy Studies), LLB, MIEM (Bocconi, Italy)
Years of service as a director: 16
Mr Wiese obtained his BA degree and worked at Lourensford Wine Estate, managing leisure and tourism activities. He completed his Master’s degree in International Economics and Management and his LLB degree. He completed his pupillage at the Cape Bar and was admitted as an advocate of the High Court. Mr Wiese was appointed as a Nonexecutive Director of Invicta Holdings in July 2010. He also serves as a Nonexecutive Director on the boards of Shoprite Holdings, Collins Property Group, and Fairvest Limited.
Sade Lekena
Group Legal Counsel and Company Secretary
Qualifications: LLB, Certificate in Governance, Risk and Compliance, Admitted Attorney
Ms Lekena joined Invicta on 15 April 2024,she is an admitted attorney with over 11 years of experience in corporate and legal affairs across diverse sectors including mining, food and beverage, telecommunications, energy, resources, and media. She has extensive experience in mergers and acquisitions, competition law, litigation, dispute resolution and proven track record as Company Secretary for the board of companies including Mc Donald’s SA, the Cyril Ramaphosa Foundation, and the Adopt a-School Foundation. She holds an LLB degree and a certificate in Governance, Risk and Compliance.