The Peu Group may look like the other empowerment entities that have entered the files of the Registrar of Companies since 1994. But a closer look at the history of the group suggests that founder Peter Malungani performed a remarkable feat, when he launched Peu into the centre of the black economic empowerment (BEE) arena.

Malungani (48) ventured into business in the early 1980s. Though he is a product of the pre-1994 generation, he has managed to make the transition to post-1994 businessman. Many other pre-1994 black entrepreneurs have been crowded out of the BEE arena, partly by the so-called Nelson Mandela generation. Though some cry foul, blaming their misfortunes on crony-type capitalism, some of them may have found the new environment disorientating, and were unable to adjust.

When he was 26 Malungani started a business advisory operation with R246 in start-up capital. Six months later he expanded the business by acquiring a plumbing entity that later expanded into the general construction market. It was mainly focused on Soweto, but was active within the then- PWV region, now Gauteng.

"In the late 1980s I realised I needed a different business model," says Malungani. His foresight came partly because of his involvement in organised black business politics. He remembers the groundbreaking Mopane conference of 1993, during which the role of black business in postapartheid SA was discussed.

"I was convinced business would not be the same again," says Malungani. "And I was as convinced there would be new and big opportunities for black people, and that was the seed for Peu."

By 1995 Malungani had decided to focus on more mainstream businesses. Eleven years later, Peu has become one of the most prominent BEE groups in the country, with stakes in major corporations such as Investec and Super Group.

Malungani's smooth transformation has not been easy, but his foresight and flair have ensured he has stayed in the game.