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THE BIDVEST GROUP LIMITED - Acquisition of PHS confirmed

Release Date: 30/04/2020 15:21
Code(s): BVT     PDF:  
 
Wrap Text
Acquisition of PHS confirmed

THE BIDVEST GROUP LIMITED
(“Bidvest” or “The Group”)
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
JSE Share code: BVT
ISIN: ZAE000117321

ACQUISITION OF PHS CONFIRMED

Further to the SENS announcement published on 24 December 2019, shareholders are advised that the
remaining conditions precedent relating to the acquisition of 100% of the PHS Group (“the transaction”;
“PHS”), the leading hygiene services provider in the United Kingdom, The Republic of Ireland and Spain, have
been fulfilled.

The transaction has accordingly become unconditional. Settlement of the GBP495 million acquisition
consideration will take place within nine business days. Bidvest will fully fund the transaction through
committed third-party external GBP-denominated debt.
The acquisition of PHS is in line with Bidvest’s stated strategic intent to expand its presence beyond South
Africa in niche, asset light businesses that will benefit from the Group’s capabilities and expertise. The PHS
service offering and geographic presence are complementary to Bidvest’s Services division. The hygiene
market is resilient and is supported by structural growth drivers such as urbanisation, hygiene and safety
standards as well as a growing and aging population, to name a few. The global outbreak of the COVID-19
pandemic has undoubtedly heightened the awareness of and need for out-of-home hygiene. This is expected
to accelerate the development and maturity of the industry globally.

“Bidvest’s foray into hygiene services dates back to 1991 when it acquired Steiner. Since then, Bidvest Steiner
quadrupled its reach organically to become the no 1 hygiene service provider in South Africa, competing
against global players. The acquisition of PHS marks another important step in Bidvest’s internationalisation,
even more so during this time of heightened hygiene awareness,” commented Lindsay Ralphs, Bidvest chief
executive.


Date: 30 April 2020

Johannesburg

Financial advisor to The Bidvest Group Limited:
Barclays Bank PLC, acting through its Investment Bank (“Barclays”)
Barclays is acting exclusively for Bidvest and no one else in connection with the transaction and will not be
responsible to anyone other than Bidvest for providing the protections afforded to clients of Barclays nor for
providing advice in relation to the transaction or any other matter referred to in this announcement.

Financial advisor and transactional sponsor to The Bidvest Group Limited:
Absa Bank Limited (acting through its Corporate and Investment Banking Division)

Legal advisor to The Bidvest Group Limited:
Baker McKenzie

Sponsor to the Bidvest Group Limited:
Investec Bank Limited

Financial adviser to PHS and its selling shareholders:
Deutsche Bank AG, London Branch
Deutsche Bank AG, acting through its London branch ("Deutsche Bank"), is acting as financial adviser to PHS
and its selling shareholders and no one else in connection with the matters described in this announcement and
will not be responsible to anyone other than PHS and its selling shareholders for providing the protections
afforded to clients of Deutsche Bank, nor for providing advice in relation to the matters described in this
announcement. Neither Deutsche Bank nor any of its affiliates, directors or employees owes or accepts any
duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort,
under statute or otherwise) to any person who is not a client of Deutsche Bank in connection with this
announcement, any statement contained herein or otherwise.

Legal adviser to PHS and its selling shareholders:
White & Case LLP

Date: 30-04-2020 03:21:00
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