Unilever South Africa and Tiger Brands have concluded an agreement in which Unilever will dispose of the Mrs Ball’s Chutney brand to Tiger Brands.
The transaction is subject to Competition Commission approval and is limited to intellectual property plus inventories on hand.
Dickon Hall, the current manufacturing partner for the Mrs Ball’s retail products and a wholly-owned subsidiary of Libstar (Pty) Ltd, will continue to serve as Tiger’s manufacturing partner for the business.
The turnover for the brand for 2011 was R189 million. The purchase price, in the event of approval by the Competition Commission, is R475m excluding inventories.
Unilever South Africa Chairman, Marijn van Tiggelen stated that Unilever reviews its portfolio of brands on an ongoing basis and the decision to sell has been the result of a strategic review of the brand and the subsequent finding that Unilever cannot give the focus to Mrs Ball’s that this iconic South African brand deserves.
Tiger Chief Executive Officer, Peter Matlare added: “Subject to the approval of the regulatory authorities, the acquisition of the Mrs Ball’s brand will give Tiger ownership of one of South Africa’s most treasured food brands and will complement our current shopper offering within the culinary business. We are truly excited about the deal and look forward to having this iconic brand in our stable of products.”