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Lonrho acquires SA seafood wholesaler
Lonrho plc, the industrial group with extensive interests in Africa, has completed a share purchase agreement to acquire a 51% equity interest in Cape Town based seafood wholesaler Fish On Line for R3.5 million.
The existing management of Fish On Line would remain in place to develop and grow the company and to add depth to the management expertise available to Lonrho's seafood division, the company said on Wednesday.
Fish On Line operates bulk cold storage and fish processing facilities and operates as a wholesaler of quality seafood and imports and exports a wide range of seafood to and from global markets. Products handled by Fish On Line include prawns, salmon, pangasius, hake and kingklip.
In the 12 months ended February 2011 Fish On Line reported turnover of R66.4 million and profit before tax of R1.7 million, with gross assets of R24.4 million.
In terms of the agreement, the sellers have been granted a put option to sell their remaining 49% to Lonrho three years after the signature date at a purchase price of a 6x multiple of Fish On Line's profit before tax for the 2014 financial year end, which is capped at a maximum of 35 million rand.
David Lenigas, Lonrho's Executive Chairman commented: "The acquisition by Lonrho of Fish On Line strengthens Lonrho's fish division and provides Lonrho further access to and knowledge of the global wholesale fish market. Fish On Line brings strong synergies with Lonrho's current retail focused activities in the sector both in the African and global markets."
Source: I-Net Bridge
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