Allegrow Fund Acquires Stakes in Eco Group in Bid to Build Large Scale Water and Engineering Services Firm

Allegrow is set to acquire various stakes in the Eco Group of companies that are majority-owned by successful local entrepreneur Bernd Izko pending Namibian Competition Commission approval. 

Eco Group, known for service excellence in the mining, food and beverage, and power generation industries,  is comprised of three related companies, namely EcoTech, EcoValves and EcoGroup Admin. EcoTech offers high tech process control and instrumentation solutions, EcoValves is mainly focused on selling industrial valve solutions and EcoGroup Admin is a shared services center aimed at relieving engineers of administrative duties to channel their focus on what they are good at – finding the right technology solutions for their customers. 

Eos Capital’s Ekkehard Friedrich explains: “We are pursuing a buy and build strategy that started with Heat Exchange Products for water treatment, then Valco Pipes for bulk water solutions and now we are pleased to add more valuable pieces to this puzzle with this investment. Our aim is to build a scaled water and engineering services firm and EcoGroup will fit in squarely with strong offerings in process instrumentation, valves and an established shared services platform that can be leveraged across the group and beyond. With this addition we are one step closer to being an all-Namibian firm that is able to offer a world class engineering solution to Namibians and compete with international players who have dominated this landscape for some time.” 

Izko will still remain on board as Group CEO for another two years to implement some exciting new growth initiatives such as the local assembly of valves and providing technology support services for clients in a quest to drive local value addition. “We are passionate about strengthening Namibian industry and believe in providing a solid future for all our employees and particularly the Namibian youth” says Izko. “Upskilling and incentivizing employees has always been at the center point of our strategy, and we will be doing more of this going forward within the bigger envelope – this is the legacy we would like to leave our country and its people.”  

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