Sanlam Private Equity has acquired a 60% interest in JAB Dried Fruit Products, a processor and distributor of dried fruits and nuts to markets in South Africa and overseas.
SPE CEO, Alton Solomons said: “We pride ourselves on forging strong partnerships and bolstering management teams in their journey to growing the business and expanding into new markets.
“Our partnership with this 38-year-old family-owned business is apt testimony to this, and we look forward to assisting the company in reaching its strategic growth objectives.”
Werksmans acted as the attorneys for JAB in the transaction. Pierre le Roux dealt with the commercial aspects such as negotiations, transaction advice and the drafting of the transaction agreements. Irma Gouws dealt with the application to the Competition Authorities.
The team at Werksmans commented: “The transaction was interesting in the sense that it amounted to acquisition by a large corporate private equity fund of an interest in a successful entrepreneurial family held business.”
Sanlam Private Equity is a division of Sanlam Investment Management and typically acquires controlling or significant minority interests in high quality cash generative businesses. Terms of this deal were not disclosed.