Rhodes Food to acquire Ma Baker for R212m
JSE-listed Rhodes Food Group will acquire KwaZulu-Natal-based pie and pastry producer Ma Baker for R212.24-million to strengthen its position in South Africa’s pastry market and diversify its customer base and geographic presence.
Rhodes says the acquisition will create meaningful synergies, not only in the pie business but also with the businesses Rhodes had acquired in the past year.
Rhodes has a well-established pies and pastries business, producing a range of pastry products under its Magpie and Saint Pie brands from its facility in Aeroton, Gauteng.
It also produces pies and pastries under private label for Corner Bakery and Woolworths.
Earnings before interest, taxes, depreciation, and amortization attributable to the Ma Baker Companies for the financial year ended February 28, 2016 amounted to R23.7-million on revenue of R248.3-million.
This is the company’s largest acquisition since listing in 2014.
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