The deal will see Long4Life paying a minimum of R452m, rising to up to R734m if Chill beats agreed earnings targets. Long4Life will pay 75% cash with the remaining 25% in Long4Life shares priced at R5.21 each.
In August, Long4Life acquired Heidelberg-based Inhle Beverages for up to R360m.
Long4Life was founded by Brian Joffe following his retirement from Bidvest. Its listing in April was promptly followed by the R116m purchase of beauty parlour chain Sorbet for R116m and the acquisition of JSE-listed sportswear chain Holdsport in an exchange of 12.1 Long4Life shares per Holdsport share.
"Chill has an experienced and innovative management team, who will remain with the company after the acquisition. Chill owns a portfolio of recognised brands, including Score Energy, Fitch & Leedes, Bashews and Country Club, amongst others," Joffe said in Tuesday's statement.
"Over the last year, we invested some R100m of capital expenditure to expand production facilities and improve efficiencies, which has boosted our class-leading capability," Chill MD and founding investor Grant Hobbs said in the statement.
"With the strategic and balance sheet strength that Long4Life provides, we can further enhance our integrated business model and take advantage of the tremendous growth prospects in the industry."
Source: BDpro
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