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Lonrho Acquires Controlling Share in Rollex.
South Africa
Monday 07 April 2008
The pan-African company Lonrho will acquire a 51% stake in Rollex for R40m in cash and thus will enter into the agriprocessing market.
Rollex is the market leader in Sub-Sahara Africa, in terms of sourcing, packing and delivering fresh fruit and vegetables to its clients including notably Woolworths (South Africa), Tesco, Mark & Spencer and Univeg in Europe.
According to David Lenigas, Lonrho’s Executive Chairman, “food processing and export from Africa to the blue chip retail markets in Europe is a key African industry with huge growth potential and the opportunity to create jobs in Africa. The Rollex management team are of an extremely high quality and bring with them vast experience of operating in this
sector”.
This acquisition enables Lonrho to gain a strong position within the food distribution sector and therefore to expand across Africa.
Rollex is the market leader in Sub-Sahara Africa, in terms of sourcing, packing and delivering fresh fruit and vegetables to its clients including notably Woolworths (South Africa), Tesco, Mark & Spencer and Univeg in Europe.
According to David Lenigas, Lonrho’s Executive Chairman, “food processing and export from Africa to the blue chip retail markets in Europe is a key African industry with huge growth potential and the opportunity to create jobs in Africa. The Rollex management team are of an extremely high quality and bring with them vast experience of operating in this
sector”.
This acquisition enables Lonrho to gain a strong position within the food distribution sector and therefore to expand across Africa.
