Old Mutual, the UK-based private equity firm, has bought a minority stake in South African food maker In2Food for a price between 200 million and 600 million ZAR ($12 and $36 million), according to a report in Bloomberg.
In2Food is a manufacturer of private-label products for grocery chains, founded in Johannesburg in 2007. The firm employs 4,000 people at production plants around South Africa, including one on the outskirts of Cape Town, and also has operations in Brazil. The company offers “convenient food solutions” and is active in categories including prepared vegetables, pizzas and quiches, fresh soups, salads, sandwiches and savoury snacks.
According to Bloomberg, Old Mutual’s previous investment dealings in the South African food industry include buying and selling stakes in Foodcorp and Libstar.
Source: Bloomberg / In2Food