Imperial Capital acquires Deep Catch Namibia Holdings
Imperial has announced that through its wholly-owned subsidiary, Imperial Capital, the group entered into a sale of shares agreement for the acquisition of 100 percent of the issued share capital of Deep Catch Namibia Holdings.
June 22, 2021: Imperial has announced that through its wholly-owned subsidiary, Imperial Capital, the group entered into a sale of shares agreement for the acquisition of 100 percent of the issued share capital of Deep Catch Namibia Holdings (Deep Catch) for an estimated purchase consideration of N$633 million (ZAR633 million), from an investment consortium led by Salt Capital. The consortium includes the German development finance institution (DEG) and management shareholders.
Deep Catch is a diversified and vertically integrated business engaged in the wholesale, distribution and cold storage of perishable foods (mainly poultry, fish and dairy products) in Namibia and the Southern African Development Community (SADC) region.
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"Through the new and expansive cold chain capability and extensive network acquired through Deep Catch, Imperial's Market Access will be positioned to enter and build its cold chain capability and product category expansion in its existing markets of operation in Sub-Saharan Africa (mainly South Africa, Mozambique, Ghana and Nigeria), where there is substantial demand for affordable protein products," explained Imperial's Group CEO, Mohammed Akoojee.
"This acquisition will provide access to defensive, value-added capabilities in FMCG, such as re-packaging," Akoojee added.
The group director and co-founder of Deep Catch, Lewton Geyser, added, "The exceptional growth of Deep Catch since inception 13 years ago, enabled by the initial Salt and DEG investment, has allowed the business to establish itself as a leading perishable food distributor and frozen fish exporter in Namibia. Access to Sub-Saharan African markets with Imperial's pioneering market access capability will enable expansion of its cold chain footprint and provide the essential logistics to simultaneously service affordable protein imports and in-country local food producers route to market."