The private equity (PE) unit of Old Mutual has bought a stake in In2Food, a local producer of ready-made meals and snacks and which makes private-label products for various supermarket chains.
According to Jacci Myburgh (pictured), Old Mutual's head of PE, the company paid between R200 million and R600 million for what he called a "significant minority stake in the company. He was unable to divulge further details due to confidentiality agreements.
This follows a similar recent purchase by the asset manager. In December last year, this same PE unit bought a majority stake in MoreCorp, SA's largest golf equipment retailer. According to reports, Old Mutual paid more than R300 million for its 70% stake in the company, which controls over 40% of South Africa's golf market through various channels, including The Pro Shop and World of Golf. MoreCorp also owns Cycle Lab, SA's largest cycling retailer.
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