VENTURES AFRICA JSE-listed diversified industrials firm, Bidvest, on Wednesday said it had acquired controlling stakes in DAC, Italy s foodservices distributor and PCL, UK s chilled products distributor, for about 95 million ($165.5 million). Bidvest said it had acquired 60 percent of DAC, adding the purchase formed part of the firm s strategic expansion plans in the food service industry. The South African company also said this acquisition would build a centre to deliver its Made in Italy products through its global food service system.
Having shown strong growth in the domestic market, DAC will be able to strengthen its expansion strategy abroad through its association with Bidvest, Bidvest said. Established in the 1970 s by Giuseppe Scuola, DAC has grown its operations through originality to sustain the needs of the banqueting, restaurant, hotel and institutional catering segments. Last year, DAC posted revenues of more than ‘ 220 million ($376.3 million) and is set to continue to increase its sales.
It hires more than 700 workers, including a 300-strong sales force covering most of Italy. The Scuola family, consisting of Guiseppe Scuola as Chairman and Daniele Scuola as CEO will continue to run the business after the acquisition by Bidvest. On Wednesday, Bidvest said it had also acquired an undisclosed but significant controlling interest in PCL.
PCL, which gets its service based logistics income of about 80 million ($136.8 million) a year, will be run as a unit of Bidvest Logistics in the UK.
This acquisition, in addition to giving access to this specialised area of distribution, also enables Bidvest Logistics to diversify its customer base, achieve greater facility and fleet utilisation as well as realising other synergistic benefits, Bidvest said.
PCL runs a convoy of more than 300 cars and hires about 900 employees.
Ventures Africa | Bidvest Acquires Italian, UK Distribution …