Old Mutual Private Equity Investments has acquired a “significant minority” stake in South African convenience food maker In2Food.
In2Food’s product portfolio includes fresh and prepared produce, convenience meals, snack items and baked foods.
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Richard Cooper, In2Food’s CEO, said that the investment would support the group’s continued “rapid development”.
“There is still much opportunity in our chosen sector of the food market and together we will continue to use this opportunity to grow an even more successful business and make a positive impact throughout South Africa.”
For its part, Old Mutual said it was attracted to the business because of the “defensive” characteristics of the consumer foods market. Farhad Khan, the firm’s investment principal, added the group’s management and expertise were also important factors in securing the investment. “We believe that culture often trumps strategy and at In2food we found a management team that shares our values, culture and partnership mentality,” he said.
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