RCL FOODS – ACQUISITION ANNOUNCEMENT
RCL, through one of its operating subsidiaries Vector Logistics (Pty) Ltd., has entered into an agreement to acquire a 49% shareholding in Senn Foods Logistics (Pty) Ltd. of Botswana, for BWP65.5 million (R79.9 million) (“the acquisition”). Senn Foods Logistics is the largest cold chain distribution business in Botswana and is involved in the distribution of dry, frozen and chilled foodstuffs. The business currently represents almost all of Vector”s principals in Botswana including Rainbow, McCain, I&J and Fry”s as well as QSR customers Chicken Licken, Nando”s, Spur and Wimpy.
The acquisition is in line with RCL”s growth aspirations into Africa and Vector”s long term strategy to extend its reach into other African countries and offer world class logistics and sales solutions to existing and future partners in these countries. The acquisition is subject to regulatory approvals in Botswana and South Africa.