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Wine and spirits group KWV has announced that Mike Teke-chaired Masimong Group and Rand Merchant Bank (RMB) have become new shareholders.
KWV said Masimong Group and RMB recognise the potential for growth in the industry and value KWV's consistent history of value creation, it said. Along with the potential capital investment and access to additional funding, the partners would also be able to provide valuable insights and connections in terms of their astute advisors.
Their expertise will be pivotal in advising on potential acquisitions and exploring new market opportunities, KWV said.
KWV, which celebrated its centenary in 2018, will continue to be majority owned by Vasari Beverages, with the group also declining to give details on the new stakes. Along with its wine brands, such as Laborie, its other brands include Ponchos Tequila, Paddy Irish Whiskey and Wild Africa Cream.
"Entering into this agreement opens exciting opportunities for KWV," said KWV CEO John Loomes in a statement. "We eagerly look forward to leveraging the new investors' synergies to propel KWV's future success."
Masimong Group was established in 2013 as an investment holding company focused on empowerment, growth and value creation. It holds stakes in, among other companies, Seriti Resources and Masimong Energy, as well as Mouton Holdings, which has interests in citrus and rooibos.
RMB is a top African corporate and investment bank and has a long-standing partnership with the Masimong Group.
"These investors' substantial commitment to KWV emphasises the bright future of the wine, spirits and [ready-to-drink] sectors and highlights KWV's significant role within them," said Loomes.
"It is testament to the proud heritage of our brands, our exceptional capabilities and team. This partnership represents a pivotal advancement for KWV, enhancing our market position and competitiveness. It facilitates greater engagement with key customers and is likely to strengthen our capabilities in co-manufacturing and strategic acquisitions."
