Fishing and food business, Sea Harvest Group, has entered into agreement to acquire dairy firm Ladismith Cheese for ZAR 527m ($35.8m).
With the Ladismith Cheese acquisition, Sea Harvest will diversify its product offering as part of the growing demand for dairy products in South Africa, due to the dietary changes of the consumers to natural fat products such as butter or cheese.
Sea Harvest group CEO, Felix Ratheb 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”.
“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,” commented Fred Robertson, chairperson of Sea Harvest Group’s majority shareholder Brimstone.
Source: Dairy Reporter