Johannesburg – Fast-moving consumer goods company Pioneer Food Group announced on Thursday that it has entered into an agreement to acquire a 50% stake in Futurelife Health Products.
Futurelife is a scientifically formulated, nutrient-dense food products company. The purchase price of the deal was not disclosed.
According to Pioneer Foods – which houses brands such as Weet-Bix, Bokomo, Liqui-Fruit, Sasko and White Star – the transaction will complement its existing product portfolio, as Pioneer is not currently represented in the functional foods category.
“The joint venture provides an opportunity for both companies to combine their expertise in both the food and beverage, and functional foods sectors in order to explore profitable categories outside of their respective traditional markets, and to unlock new product opportunities that may otherwise not be accessible to either company,” said Phil Roux, CEO of Pioneer Foods.
“Innovation is at the core of our business. This joint venture with Futurelife, provides Pioneer Foods with an opportunity to shape a winning brand portfolio by fast tracking product innovations and developing new product categories.”
Founder and CEO of Futurelife Paul Saad said the joint venture, which he will lead and manage, is set to be a win for the South African consumer.
“Combining Pioneer Foods’ scale and experience in the food and beverage market together with our functional food expertise, will result in exciting new health choices for the consumer,” said Saad.
The transaction is subject to a number of conditions, including Competition Commission approval.
Fin24
