South Africa: Rhodes Food to acquire 100% of Pacmar
Rhodes Food, Africa’s leading producer of canned fruit and vegetables, has agreed to acquire 100% of the issued share capital of Pacmar, according to a report from CNBC Africa.
The purchase will be completed through its wholly-owned subsidiary Rhodes Food Group Proprietary Limited for a price of 165 million rand ($5.6 million), according to information.
Pacmar is a contract packaging company supplying wine, fruit juice and other liquid beverages.
Commenting on the deal, Rhodes Food said: “The board of Rhodes Food Group is of the opinion that the acquisition presents an attractive investment opportunity which is aligned with RFG’s strategy of expanding its business through lateral extensions into product categories adjacent to its current product ranges".
“Rhodes Food produces an extensive range of fruit purees and juice concentrates which it sells to the international beverage industry. The acquisition offers a significant opportunity to add further value to these products”, it added.
The operation is subject to several conditions including approval from the Financial Surveillance Department of the South African Reserve Bank.
Source: CNBC News / Pacmar