Tiger Buys Davita
February 16/Johannesburg, South Africa/Africa Today -- South African firm Tiger Brands has acquired local powdered seasonings and beverage manufacturer Davita Trading for $185 million to expand its business in Africa. The acquisition will further increase Tiger Brands' presence on the continent, the buyer said in a statement.
Davita had an annual turnover of $78 million for the financial year ended February 28, 2010, of which approximately 99% was from exports. Davita has a presence in 28 countries across Africa and the Middle East and sells its products under three brands: Davita, Jolly Jus and Benny. Last year, Tiger Brands agreed to buy 49% of the food business of Nigeria's UAC, acquired biscuit maker Deli Foods Nigeria and unveiled a joint venture with Ethiopia's East African Group to manufacture and sell personal goods and food.
From the February 21, 2011, Prepared Foods E-dition