Sanlam, the financial services group, is poised to acquire Bacher, a distributor and wholesaler of renowned household brands such as Tommy Hilfiger and Hugo Boss, in an undisclosed deal.
- The Competition Commission has approved the acquisition without imposing any conditions, stating that it is unlikely to hinder competition or raise public interest concerns.
- Sanlam is executing the deal through its private equity firm, SPE Fund General Partner. With over two decades of experience in private equity investing, SPE focuses on high-quality unlisted businesses with strong management and growth potential.
- Bacher, founded in the 1930s, supplies leading retail brands in South Africa, including Foschini, Truworths, Woolworths, American Swiss, Dis-Chem, Clicks, and Edgars. It also distributes well-known fragrances and luxury watches from brands such as Lacoste, Ferrari, Jimmy Choo, Montblanc, and more.
- Bacher’s distribution network spans across Southern African countries such as Namibia, Botswana, Swaziland, Mozambique, Zimbabwe, and Mauritius.
- This acquisition is part of Sanlam’s ongoing acquisition spree, aimed at strengthening its insurance business and building a robust position in South Africa’s market.
- Sanlam’s strategic objectives include consolidating its dominance in the domestic market, expanding across the African continent, and establishing a scalable nonbanking financial institution in India. Recent initiatives include partnerships with Allianz, the acquisition of AfroCentric and BrightRock, and a joint venture with Absa for asset management.