S AFRICA: Tiger Brands to buy Davita Trading
By just-drinks.com editorial team | 16 February 2011
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Tiger Brands is to purchase unlisted beverage manufacturer Davita Trading |
South African energy drinks maker Tiger Brands is to purchase unlisted beverage manufacturer Davita Trading for US$185m in a bid to boost its presence in Africa.
Tiger said it expects Davita's presence in 28 countries in Africa and the Middle East to boost its export division and allow expansion into other markets on the continent, the firm said yesterday (16 February).
Tiger said it would pay SAR1.35bn (US$185m) in cash for Davita.
Davita is a South African manufacturer and exporter of powdered seasonings and beverage products. The company sells its products under three brands, namely Davita (premium powdered beverages), Jolly Jus (mass market powdered beverage offerings) and Benny (powdered seasonings).
The company achieved an annual turnover of SAR56m for the financial year ended 28 February 2010, of which around 99% was from exports.
Tiger said: "Davita has an established distribution footprint on the African continent which will provide Tiger Brands' export division with new growth vectors by leveraging off Davita's solid distributor relationships and penetrating new geographies as well as deepening market penetration in existing markets."
Davita's managing director, David Desilets, has agreed to continue his employment with the company until 31 December 2011.
Sectors: Mergers & acquisitions, Soft drinks, Water
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There is currently 1 comment on this article
very good and congratulations to both parties ,it is high time for tiger brand to go the the extra mile namely increasing its footprint in Africa and by doing so through Davita Trading they won't miss an inch of their target ,coupled with their experience a new generation of South-African products will be born within the african borders , well done and good luck further ,in fact the only promising market of the moment is AFRICA ,as such Tiger has made a bold and sound decision
MURID said at 6:49 am, March 16, 2011
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