Clover Industries, the South African food and dairy firm, has agreed to acquire 51% of the shares of olive oil producer Olive Pride, according to a report in Bizcommunity.
Clover Industries is acquiring the stake from AECI Holding subsidiary Southern Canned Products (SCP), which will retain 49% of the business. According to reports, the transaction means Clover Industries will now be in charge merchandising, sales, marketing & distribution services for the Olive Pride brand.
Olive Pride is a manufacturer and importer of olive oils, balsamic vinegars and other similar products. It is said to have 37.5% market share in the olive oil category in South Africa.
Commenting on the acquisition, Clover Industries chief executive Johann Vorster said: “We are excited by this acquisition, which provides further momentum to our objective of expanding Clover’s value-added product offering. The Olive Pride brand shares many touchpoints with Clover, such as consistent high quality, great taste and continued innovation and development. We believe these synergies, coupled with our extensive distribution network and merchandising capability will have a positive impact on both companies”.
AECI chief executive Mark Dytor added: “The brand division of SCP, through the Olive Pride trademark, has grown exponentially in the recent past. The partnership with one of South Africa’s iconic brands in the newly formed Clover Pride will provide a very useful springboard for growth of the brand and its products, to the advantage of both shareholders”.
The newly-established Clover Pride will continue to sell & distribute products under the Olive Pride brand.