BIDVEST HAS entered into a conditional agreement to invest GBP 30 million (R420 million) into UK-based Jacobs Holdings. On successful completion Bidvest will own 56,7% of Jacobs.
While Jacobs - a port terminal and inland transport operation - will require "restructuring and refocusing", according to Jack Hochfeld of Bidvest, it also fits the local company's strategic plans for Bidvest's freight division.
"What we are trying to do is to create a mirror image of what we've done in our food services division." (Bidvest is split into three divisions - Services, Foodservice Products and Commercial Product).
Bidvest's strategy is to create international businesses able to compete locally and internationally. This strategy has seen the company acquire an international arm for the Foodservice Products Division, a company listed on both the Australian and Luxembourg stock exchanges.
The 100-year old Jacobs will now give Bidvest's freight arm an international vehicle with a listing on the London stock exchange.
"Hopefully we'll be able to use Jacobs in acquiring other applicable freight services businesses."
Bidvest invests in UK transport group
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