The acquisition was approved by the Competition Commission at the end of July.
Diamonds Discount Liquors was purchased by RMB Corvest in 2007. Its network spans 40 stores‚ based largely in the Western Cape and Mpumalanga.
"This is in line with Diamonds Discount Liquors's vision of becoming a national chain‚ and its desire to align itself with a national supermarket retailer - in this instance‚ Food Lover's Market stores‚" RMB Corvest and Fruit and Veg City said in a statement.
According to Paul O'Linn‚ CEO of Diamonds Discount Liquors‚ the new brand‚ Market Liquors‚ will be suitably positioned at the entrances or exits of Food Lover's Market stores to facilitate convenience for consumers.
"Market Liquors will compliment the unique Food Lover's Market design. Product innovation and value for money will underpin the offering to consumers‚" O'Linn added.
SA has one of the most competitive liquor markets in the world and is continually growing in the supermarket retail space.
The South African alcoholic drinks market generated a total revenue of R12.9bn in 2011‚ representing a compound annual rate of growth (CARG) of 2.1% between 2007 and 2011‚ according to an industry report.
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