Imperial has announced through its wholly-owned subsidiary, Imperial Capital Limited, the group entered into a sale of shares agreement for the acquisition of 100% of the issued share capital of Deep Catch Namibia Holdings (Deep Catch) for an estimated purchase consideration of ZAR*633m, from an investment consortium led by Salt Capital. The consortium includes the German development finance institution (DEG) and management shareholders. 50% of the payment to Management Shareholders will be deferred and paid in 3 equal tranches in FY22, FY23 and FY24, based on the performance of Deep Catch. The transaction is still subject to the fulfilment of regulatory and other outstanding conditions.
Deep Catch is a diversified and vertically integrated business engaged in the wholesale, distribution and cold storage of perishable foods (mainly poultry, fish and dairy products) in Namibia and the Southern African Development Community (SADC) region. Headquartered in Namibia with subsidiaries in Namibia, South Africa, Zimbabwe and Zambia, Deep Catch employs over 480 people and serves customers in the wholesale, hospitality and retail sectors including exporting Namibian and South African food products to other SADC markets.
“Through the new and expansive cold chain capability and extensive network acquired through Deep Catch, Imperial’s Market Access will be positioned to enter and build its cold chain capability and product category expansion in its existing markets of operation in Sub-Saharan Africa (mainly South Africa, Mozambique, Ghana and Nigeria), where there is substantial demand for affordable protein products. This acquisition will provide access to defensive, value-added capabilities in FMCG, such as re-packaging,” explained Imperial’s Group CEO, Mohammed Akoojee.
“Imperial is excited about this acquisition which is in line with our ‘Gateway to Africa’ strategy. It provides our Market Access business with the opportunity to increase our reach into the consumer market and expand our footprint with new capabilities on the African continent,” concluded Akoojee.
Source: Imperial Logistics
*1ZAR=€0.06/$0.07
