| Wed 22 Dec 2010, 17:16 | | BVT - The Bidvest Group Limited - Acquisition of Seafood Holdings Limited |
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BVT
BVT
BVT - The Bidvest Group Limited - Acquisition of Seafood Holdings Limited
THE BIDVEST GROUP LIMITED
("Bidvest")
(Registration number 1946/021180/06)
Share code: BVT ISIN ZAE000117321
ACQUISITION OF SEAFOOD HOLDINGS LIMITED
Bidvest, the diversified industrial company, is pleased to announce that it
has acquired 100% of the share capital of Seafood Holdings Limited
("Seafood") for an enterprise value of GBP 45 million (approximately R473
million).
Seafood was started by entrepreneur and CEO, Toby Baxendale, who has grown
the business into a leading national fresh fish producer and distributor to
the catering and hospitality industry in the United Kingdom. Seafood
includes famous regional brands such as Daily Fish and Southbank Fresh Fish
in London, Direct Seafoods in London, Colchester and Scotland, Kingfisher
Brixham, Openshaws in Birmingham and Manchester, Neve Fleetwood, and Taylor
Foods based in Newcastle. Toby Baxendale, is to retire as CEO on acquisition
to pursue his many other interests.
Seafood provides Bidvest with a unique opportunity to acquire a market-
leading fresh fish foodservice business with sufficient geographic reach to
provide a solid platform for growth. Seafood will be operated and managed
independently of 3663, although customer benefits and synergies will be
achieved. Bidvest is confident the business with its strong and
entrepreneurial management team and dedicated employees has the potential to
contribute meaningfully to Group performance over time.
Bidvest is a diversified industrial company, listed on the Johannesburg
Stock Exchange South Africa, and is one of the largest global foodservice
distribution companies. Bidvest foodservice interests include 3663 First for
Foodservice, one of the largest foodservice distributors in the UK and
Bidvest Logistics, the leading logistics supplier to national UK foodservice
operators and fast food chains. Additionally Bidvest owns national
foodservice distributors in Australia, Belgium, greater China, Czech
Republic, Dubai, the Netherlands, New Zealand, Poland, Saudi Arabia,
Singapore, Slovakia and South Africa.
Date: December 22 2010
Johannesburg
Sponsor: Investec
Date: 22/12/2010 17:16:01 Produced by the JSE SENS Department.
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