BidvestCompany signs on to buy Brandcorp

Bidvest entered into an agreement to acquire the entire share capital of Brandcorp for an undisclosed amount, the company said yesterday. Brandcorp, a distributor of travel bags, tools and hardware products, is controlled by Ethos Private Equity. Bidvest said the transaction was subject to the fulfilment of certain conditions by June next year. The Brandcorp acquisition was not expected to have a material effect on Bidvest financial results for the year to June 2012, the group said. Last week Bidvest made an offer to buy the remaining 72.4 percent stake in Amalgamated Appliances it does not already own, in a R538 million cash transaction, offering R3.50 a share. Bidvest shares rose 0.66 percent to close at R211.20. – Nompumelelo Magwaza