South Africa’s Rhodes Food Group is to buy pastry and pie maker Saint Pie in a ZAR27m (US$2.2m) deal.
Saint Pie, set up in 1994, is a producer of pastry products, mainly savoury pies, and distributes to fuel station forecourts, food retailers and independent outlets throughout South Africa. It has distribution centres in Lydenburg, Pretoria and Welkom.
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RFG said the acquisition would allow it to add to its existing pie business. It already has a pie and pastry facility in Gauteng that makes products under its Magpie brand. It also makes private-label products for South African retailer Woolworths Holdings.
The deal will see RFG pay ZAR20m for Saint Pie, plus the company’s ZAR7m in liabilities.
“The acquisition will also result in a customer and geographic diversification,” Rhodes said. “The board of RFG is of the view that good synergies will arise from the acquisition”.
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