Rhodes Foods buys Pacmar for R165m

FOOD producer Rhodes Foods had acquired fruit juice manufacturer and distributor Pacmar for R165 million in cash, it said yesterday. Pacmar is based in the Western Cape and manufactures fruit juice and distributes it to local, regional and international markets under various brands including Amanzing, Zing, Wilde as well as Chrystal Falls. Rhodes Foods will buy 100 percent of Pacmar and the sellers of the company will be paid the cash consideration of R165m on the effective date in April. Rhodes said Pacmar presented an attractive investment opportunity which was aligned to its strategy of expanding its business through lateral extensions into products categories adjacent to its current product ranges. Rhodes mainly produces canned fruit and vegetables. “The board of Rhodes Foods is of the view that good synergies will arise from the acquisition and that the group is well placed to add value to the Pacmar business,” it said. Rhodes shares closed 1 percent down at R14.85. – Nompumelelo Magwaza