BVT - The Bidvest Group Limited - Acquisition of Seafood Holdings Limited

BVT - The Bidvest Group Limited - Acquisition of Seafood Holdings Limited       
THE BIDVEST GROUP LIMITED                                                       
("Bidvest")                                                                     
(Registration number 1946/021180/06)                                            
Share code: BVT ISIN ZAE000117321                                               
ACQUISITION OF SEAFOOD HOLDINGS LIMITED                                         
Bidvest, the diversified industrial company, is pleased to announce that it     
has acquired 100% of the share capital of Seafood Holdings Limited              
("Seafood") for an enterprise value of GBP 45 million (approximately R473       
million).                                                                       
Seafood was started by entrepreneur and CEO, Toby Baxendale, who has grown      
the business into a leading national fresh fish producer and distributor to     
the catering and hospitality industry in the United Kingdom.  Seafood           
includes famous regional brands such as Daily Fish and Southbank Fresh Fish     
in London, Direct Seafoods in London, Colchester and Scotland, Kingfisher       
Brixham, Openshaws in Birmingham and Manchester, Neve Fleetwood, and Taylor     
Foods based in Newcastle. Toby Baxendale, is to retire as CEO on acquisition    
to pursue his many other interests.                                             
Seafood provides Bidvest with a unique opportunity to acquire a market-         
leading fresh fish foodservice business with sufficient geographic reach to     
provide a solid platform for growth. Seafood will be operated and managed       
independently of 3663, although customer benefits and synergies will be         
achieved. Bidvest is confident the business with its strong and                 
entrepreneurial management team and dedicated employees has the potential to    
contribute meaningfully to Group performance over time.                         
Bidvest is a diversified industrial company, listed on the Johannesburg         
Stock Exchange South Africa, and is one of the largest global foodservice       
distribution companies. Bidvest foodservice interests include 3663 First for    
Foodservice, one of the largest foodservice distributors in the UK and          
Bidvest Logistics, the leading logistics supplier to national UK foodservice    
operators and fast food chains. Additionally Bidvest owns national              
foodservice distributors in Australia, Belgium, greater China, Czech            
Republic, Dubai, the Netherlands, New Zealand, Poland, Saudi Arabia,            
Singapore, Slovakia and South Africa.                                           
Date: December 22 2010                                                          
Johannesburg                                                                    
Sponsor: Investec                                                               
Date: 22/12/2010 17:16:01 Supplied by www.sharenet.co.za                     
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