“Bidvest is proud to announce that with effect from July 1 2014, it has acquired a 60 per cent interest in Gruppo Dac S.p.A as well as a significant controlling stake in PCL 24/7 Limited. The aggregate purchase consideration is approximately 95 million pounds,” Bidvest said in a statement.
[DATA BVT:Bidvest] is a trading, distribution and foodservice company headquartered in South Africa and present on five continents in the world.
Gruppo Dac S.p.A is a foodservice company that specialises in food and beverage distribution and in the institutional catering market in Italy. In 2013, DAC achieved revenues in excess of 220 million euros, and currently employs over 700 people, including a sales force covering the majority of Italy.
“This acquisition forms part of Bidvest’s strategic expansion plans in the foodservice industry and will create a hub to deliver its Made in Italy products through its worldwide foodservice network,” Bidvest explained.
“Having shown strong growth in the domestic market, DAC will be able to strengthen its expansion strategy abroad through its association with Bidvest.”
PLC 24/7 Limited is a chilled distribution and storage specialist operating in the United Kingdom. The company derives a service-based annual logistics income of approximately 80 million pounds.
“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. PCL operates a fleet of over 300 vehicles and employs approximately 900 people,” said Bidvest.