Afrimat buys Cape Lime in R276m deal
JSE-listed Afrimat will buy lime and associated products producer Cape Lime from private sellers and empowerment group Dormell for R276-million in cash and shares.
The acquisition included both of Cape Lime’s operations, in Vredendal and Robertson, in the Western Cape, which each had a remaining resource life in excess of 30 years.
“Although we are no stranger to acquisitions, this is the largest acquisition we have made to date. We are confident that the quality of these assets, coupled with the marketing strength of Afrimat, will ensure the investment is quickly recuperated,” said Afrimat CEO Andries van Heerden.
Afrimat has been working to diversify the group away from its traditional aggregates business, with acquisitions in recent years having ensured a diversified revenue stream and good margins across the business.
“This acquisition is an extension of our diversification strategy aimed at leveraging off our core business, not only in new markets but also by offering new products in existing markets,” Van Heerden noted.
The transaction was subject to a due diligence process, which would start soon, as well as approval by the competition authorities and the Department of Mineral Resources.
“We are pleased to have Cape Lime in the Afrimat stable to enhance our portfolio of specialised products,” stated Van Heerden.
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