Namibian private equity firm, Eos Capital on Thursday launched its NAMBOB brand onto the Namibian funeral space, as part of a rebranding exercise of AVBOB Namibia Holdings (Pty) Ltd after receiving the requisite regulatory approval to complete the acquisition of the business, which was funded through its N$460 million Allegrow Fund.
The rebranding which will span over a six-month period will cover all 25 AVBOB branches spread across the country, including signage and stationery, which will now don the NAMBOB brand.
The new brand, which has deliberately retained the green colour synonymous with the previous brand, with a touch of orange, is expected to reposition the business in terms of what it stands for in the Namibian market.
Eos Capital Partner: Investments, Ekkehard Friedrich said the settlement by the company on the NAMBOB brand, was influenced by the need to carry some brand identity while communicating the Namibianization of the business.
“As part of the localization of the business, NAMBOB aims to provide tailor-made funeral solutions which will cater for the diverse cultures found in Namibia, while placing a strong emphasis on celebrating the life of the departed.,” he said.
He said to improve the customer experience through the investment made by EOS Capital, NAMBOB will rollout various operational improvement initiatives as it moves to position the business as the leading brand in the Namibian funeral space.
“Among the initiatives to be introduced, will be the use of technology in the business, bringing convenience and efficiency in its operations, with a dedicated website and social media platforms expected to be rolled out soon. We want to get closer to the customers and to change the field of the business, from being associated with death, to a celebration of life. We've brought in industry experts with many years of experience to really pinpoint areas of improvement.”
According to Friedrich, the business plans to pursue the writing of funeral insurance as a growth area for the business.
“We can grow the business and in areas like that, from the substantial base that we already have. The brand is very well known and we will try and retain as much as we possibly and build on it, to grow the business and thereby create employment opportunities and contribute to the country’s economic growth.”
Eos Capital’s Allegrow Fund mandate is investing in companies, which have the potential for rapid growth through the right capital and strategic support while providing equity, debt and mezzanine finance to fast-growing unlisted Namibian businesses.
Last year the fund manager partnered with an international firm, Phoenix Infrastructure, to set up the Investment Development and Investment Company (IDICON), which will finance infrastructure projects in Namibia, with a targeted funding capacity of up to N$1.5 billion.
The fund’s focus is on supporting infrastructure projects in public services, energy, water, education, and healthcare.