Privately-held investment group Zungu Investments Company (Zico) said it had purchased a 30% stake in Seemann's‚ a Gauteng-based meat processing business.
A selection of cold meats. Image: Wiki Images
Zico executive director Charl Ferreira said the purchase‚ for an undisclosed sum‚ provided Seemann's with the required working capital and a solid partner to assist with its expansion plans in the food manufacturing sector.
"We expect great potential and increased activity in the sector‚" he said.
Last year‚ Zico invested in Vital Products‚ the Nigerian manufacturer and distributor of fruit drinks and non-alcoholic beverages.
Ferreira said the partnership would give the management of Seeman's‚ who are significant shareholders in the business‚ a strong base from which to grow vertically and horizontally within the sector.
Zico's target sectors include mining and resources‚ outsourced and operational services‚ media‚ automotive‚ infrastructure and manufacturing.
Martin Gericke‚ chief executive of Seemann's‚ said the deal provided a powerful opportunity for the company to significantly improve its empowerment credentials as well as management capabilities.
Seemann's operations comprise manufacturing and supplying quality meat products and imported delicacies‚ particularly from Germany. The company produces a variety of processed meat products which are sold under the Seemann's brand and under the own-label brands of various national retailers.
The business also supplies premium fresh meat products to the retail and catering industry.
Seemann's operates from two manufacturing facilities in Gauteng‚ including a deli and factory outlet which sells its processed and fresh meat products‚ as well as breads‚ cheeses and other condiments.
The company also recently started a franchising model under the Seemann's brand through the conversion of company-owned "Deck & Deli" restaurants.
