The Competition Commission of South Africa has approved the proposed transaction whereby Atlantis acquired Snoek Wholesalers from the Bernzive Trust, and the acquisition of the property, with certain conditions.
Atlantis Group in South Africa is based in Cape Town and is active in the importation, packaging and trading of seafood. Atlantis Group does not have any shareholding by historically disadvantaged persons (HDPs - the South African regulator takes into consideration the interests of this social group).
Snoek Wholesalers is engaged in the importation, processing, trading and distribution of seafood products throughout South Africa. Snoek Wholesalers supplies a wide range of frozen fish, shellfish and molluscs.
In addition, Snoek Wholesalers is a supplier of its own brands (namely Ocean Catch) and Atlantic Brand products. Snoek Wholesalers also operates its own cold storage facility where it stores, blast freezes, packs pallets and crates, palletizes, packs and straps, labels and sorts products.
The Target Property is a processing facility (comprising a factory and factory shop) and is currently being leased to Snoek Wholesalers.
"The Commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets,"
the regulator said in a statement.
The Commission approved the proposed merger subject to public interest conditions. This includes:
- Atlantis Group observes a three-year moratorium on merger specific retrenchments;
- Atlantis Group continues to make contributions towards skills development; supplier development; enterprise development; and socio-economic development.
Source: Compcom.co.za
