Sea Harvest Group CEO, Felix Ratheb, said, “The recent completion of the Viking Fishing and Aquaculture transaction and now the acquisition of Ladismith Cheese is in line with our strategic objectives, with both these transactions meeting our investment criteria.”
He said Ladismith Cheese exhibits “strong fundamentals.”
“It is a profitable, branded fast moving consumer goods food manufacturer of significant scale in the food and agricultural sector,” Ratheb added.
“It has a long track record, strong national brand and a proven management team. In our opinion, the dairy sector is expected to experience continued growing demand for cheese and butter in response to consumer dietary changes towards natural fat products.”
The Ladismith acquisition will be funded from available cash and/or facilities and/or a potential vendor consideration placing and is subject to such other terms and conditions as are considered typical for a transaction of this nature.
Fred Robertson, chairperson of the Group’s majority shareholder, Brimstone, said, “The acquisition of Ladismith Cheese will provide Sea Harvest, through its wholly-owned subsidiary company, Cape Harvest, with an ideal platform from which to build on in the dairy sector through the development and acquisition of additional dairy and allied beverage products.”