Lonrho buys 51% in South African seafood wholesaler Fish On Line.

By bne IntelliNews June 17, 2011
UK-based conglomerate Lonrho Plc said it has acquired a 51% stake in South African seafood wholesaler Fish On Line for GBP 320,000. Fish On Line is based in Cape Town and operates bulk cold storage and fish processing facilities. The company operates as a wholesaler of seafood and imports and exports a wide range of seafood to and from global markets. The existing management of Fish On Line will remain in place to develop and grow the company and to add depth to the management expertise available to Lonrho's seafood division, the buyer said in a statement. Pursuant to the share purchase agreement, the sellers have been granted a put option to sell their remaining 49% to Lonrho three years after the signature date at a purchase price of a 6x multiple of Fish On Line's profit before tax for the 2014 financial year end, which is capped at a maximum of ZAR 35mn. In the 12 months ended February 28 2011, Fish On Line reported turnover of ZAR 66.4mn and profit before tax of ZAR 1.7mn.

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