South African group RCL Foods has acquired local business TSB Sugar as its bid to diversify its business continues.

RCL Foods is the former South African poultry firm Rainbow Chicken, which changed its name when it acquired local group Foodcorp, a company behind products from pies to peanut butter, this summer.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company has continued the broadening of its business with the purchase of TSB Sugar, which owns the Selati sugar brand.

TSB Sugar is indirectly owned by South African investment fund Remgro, which is the controlling shareholder of RCL Foods.

A share issue of RCL Foods’ stock will pay for the ZAR4bn (US$391.1m) deal. After the share offer, Remgro will still hold just under 78% of RCL Foods.

See Also:

RCL Foods said the deal would help it “create a more broadly diversified revenue stream” and help it reach “critical mass” in the industry.

It added the transaction would also help it “establish an attractive, well capitalised agri-foods platform for future sub-Saharan Africa expansion opportunities”.