In a strategic move to extend its investment in functional, convenience foods, Pan-African alternative investment firm, Exeo Capital, has beefed up its foods platform, Nurture Brands, with the acquisition of Vital Health food group.
The group also has two wholly owned subsidiaries, Wassen which supplies the UK and European markets with a scientifically formulated range of specialized VMS products, and ProMeal, a leading companion animal nutrition company supplying a range of pet food products to South African retailers.
Riël Malan, Exeo partner and executive chairman of Nurture Brands said, “Collectively, the acquisition of the Vital Group will put Nurture Brands on the fast track to becoming one of South Africa’s most ubiquitous branded consumer goods groups in the functional and convenience food sectors.
“As a household name in South Africa, the Vital brand has garnered national recognition and consumer confidence over the past 75 years, during which it has made a significant contribution to the development of the FMCG and consumer-health landscape. We believe that this acquisition will propel it along this positive trajectory.
“We are also excited by the prospect of working with a team of such a high caliber to fulfill the broader growth strategy for Nurture Brands.”
Nurture Foods was established by EXEO Capital through its Food and Agribusiness fund, Agri-Vie Fund II, as a vehicle to drive longer-term investing in the growing convenience & functional food sector.
Using EXEO’s 15 years of investment experience in the food sector in Sub-Sahara Africa, Nurture Foods partners with seasoned food entrepreneurs to build a platform of synergistic businesses that will grow and develop this highly differentiated sub-sector.
Greg Heron, chief executive officer of the seller, Infinitus Holdings, and outgoing chief executive officer of the Vital group commented, “Nurture Brands is a natural fit for Vital and its team. We believe both the business and the team have found a great home in Nurture Brands.”
He explained that “Vital is backed by decades of experience and an acute understanding of the needs and lifestyle demands of South African consumers. Our team, therefore, brings a high level of insight to Nurture Brands.
“We look forward to working together to achieve our collective business objectives and realize the tremendous potential that this transaction creates across all sectors in which the enlarged group operates.”
Nurture Brand’s acquisition of Vital Health follows its investment in Fairview Cheese, South Africa’s leading artisanal cheese producer, a year ago.
Later on in May, EXEO Capital acquired a majority stake in cutting-edge, chemical synthesis company, Chemical Process Technologies (CPT).
CPT based in South Africa is currently the only manufacturer of animal active pharmaceutical ingredients (APIs) on the African continent.
