South Africa’s leading branded food and healthcare company, Tiger Brands Limited, has announced plans to purchase 74.7% of shares of chocolate manufacturer Chococam, located in Cameroon, Nigeria, from Barry Callebaut. The remaining shares will continue to be held by private shareholders. The acquisition will give Tiger Brands full control over the $43.6 million business, including all 300 employees.
“Chococam is a quality acquisition with high market shares in categories that are familiar to Tiger Brands,” said Peter Matlare, ceo of Tiger Brands. “This acquisition gives impetus to our strategy to expand our African footprint. We are delighted that we will have a presence in Cameroon as there is enormous growth potential in this market.”
“We are very pleased that we have found an optimal new owner for Chococam in Tiger Brands Limited that, based on its strategy and experience, will be able to further develop the Chococam business and to secure a great future for our Chococam colleagues,” said Patrick De Maeseneire, CEO of Barry Callebaut.