Bidvest snaps up Seafood Holdings
International foodservice distribution company Bidvest has acquired 100 percent of the share capital of UK-based foodservice supplier Seafood Holdings Ltd.
While the cost of the purchase has not been disclosed, the figure is believed to be between GBP 45 million (EUR 52.9 million, USD 69.3 million) and GBP 50 million (EUR 58.8 million, USD 77 million).
Bidvest, listed on the Johannesburg Stock Exchange in South Africa, has annual global sales in the region of GBP 10 billion (EUR 11.8 billion, USD 15.4 billion) and employs 110,000 people around the world.
Its interests include 3663 First for Foodservice, which is one of the largest foodservice distributors in the UK market, and Bidvest Logistics, a leading logistics supplier to UK foodservice operators and fast-food chains such as KFC and Burger King.
The company also owns foodservice distributors in Australia, Belgium, China, the Czech Republic, Dubai, the Netherlands, New Zealand, Poland, Saudi Arabia, Singapore, Slovakia and South Africa.
Seafood Holdings was started by entrepreneur and CEO Toby Baxendale, who grew the business into a leading UK fresh fish producer to the catering and hospitality industry.
Its company portfolio includes Daily Fish and Southbank Fresh Fish in London, Direct Seafoods in London, Colchester and Scotland, Kingfisher in Brixham, Openshaws in Birmingham and Manchester, Neve in Fleetwood and Taylor Foods based in Newcastle.
Baxendale is set to leave the company after 20 years to pursue other interests.
Sources say Seafood Holdings will retain its identity and be run separately from 3663 and Bidvest Logistics, although working synergies between the operations will be explored.