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星火电竞手机版外围 is pleased to advise that through its wholly-owned subsidiary, 星火电竞手机版外围 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 N$633m (ZAR633m), from an investment consortium led by Salt Capital. The consortium includes the German development finance institution (DEG) and management shareholders.
Fifty percent of the payment to Management Shareholders will be deferred and paid in 3 equal tranches in FY22, FY23 and FY24, based on performance of Deep Catch.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, 星火电竞手机版外围'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," explains 星火电竞手机版外围's Group CEO, Mohammed Akoojee.
"This acquisition will provide access to defensive, value-added capabilities in FMCG, such as re-packaging," Akoojee adds.
Group director and co-founder of Deep Catch, Lewton Geyser, adds: "The exceptional growth of Deep Catch since inception 13 years ago, enabled by the initial Salt and DEG investment, has allowed the business to establish itself as a leading perishable food distributor and frozen fish exporter in Namibia. Access to Sub-Saharan African markets with 星火电竞手机版外围's pioneering market access capability will enable expansion of its cold chain footprint and provide the essential logistics to simultaneously service affordable protein imports and in-country local food producers route to market."
Jan Bosch, Managing Partner of Salt Capital, commented: "Our investment in Deep Catch has been a successful journey largely due to the driven management team and their ability to grow market share. We wish the Deep Catch team every success as the business enters a new and exciting era under the management of 星火电竞手机版外围."
Anne Keppler, Regional Director of Southern Africa at DEG, added: "The investment in Deep Catch has succeeded in not only supporting management's growth aspirations but also in positively contributing to local income and job creation in line with DEG's developmental objectives."
"星火电竞手机版外围 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," concludes Akoojee.
The Transaction is still subject to the fulfilment of regulatory and other outstanding conditions.