Food giant RCL Foods has announced that it has concluded an agreement for the acquisition of Sunshine Bakery Holdings, KwaZulu-Natal-based Sunshine Bakery – one of SA’s largest independent baking businesses.
The move is in line with the group’s strategy to scale the value-added brands component of its portfolio and to expand the capability of its established baking business unit into new geographies.
The Sunshine acquisition is expected to increase bread volumes in the RCL Foods Baking network by 28 percent.
Sunshine Bakery which is indirectly majority-owned by Afgri Group, was established in 2005 by Daniel Anastasis. Based in KwaZulu-Natal, it is one of South Africa’s largest independent baking businesses.
RCL said Sunshine “serves a diversified customer base in the formal retail and general trade channels, through two regional bakeries in Durban and Pietermaritzburg, as well as various depots across the province.”
Details on the price of the acquisition were not provided. RCL said the deal with AFGRI Group Holdings fell below the threshold for categorisation in terms of JSE listings requirements.