Idwala Industrial Holdings was formed in 1998 as a result of a MBO of the lime and mineral assets of Alpha (Pty) Ltd (now Afrisam (Pty Ltd).
The MBO was effected in association with Ethos Private Equity Limited.
During 2004 Idwala was purchased by a consortium consisting of the Tiso Group and a Rand Merchant Bank Private Equity Company. The controlling interest was held by the Tiso Group.
Shareholding changed during 2008 when the Rand Merchant Bank Private Equity Company exited Ethos and Old Mutual joined. The controlling interest was still held by the Tiso Group.
During 2016 Synthesis Chemical Holdings (Pty) Ltd (an IEP Group Company) acquired the majority shareholding.