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Pioneer Foods and Futurelife confirm joint venture
A joint venture between Futurelife Health Products and Pioneer Foods provides an opportunity for both companies to combine their expertise in both the food and beverage, and functional foods sectors, in order to explore profitable categories outside of their respective traditional markets, and to unlock new product opportunities that may otherwise not be accessible to either company.
Pioneer Foods has acquired 50% of Futurelife Health Products for an undisclosed purchase consideration.
"As a leading FMCG company, innovation is at the core of our business. This joint venture, an industry leader in the functional foods category, provides the company with an opportunity to shape a winning brand portfolio by fast tracking product innovations and developing new product categories," said Phil Roux, CEO of Pioneer Foods.
Founder and CEO of Futurelife Paul Saad said the joint venture is set to be a win for the South African consumer. Saad will lead and manage the joint venture.
"Combining Pioneer Foods' scale and experience in the food and beverage market together with our functional food expertise in creating the first smart food formulated range of products will result in exciting new health choices for the consumer."
The transaction is subject to a number of conditions precedent, which are standard for a transaction of this nature, including Competition Commission approval.
