Acorn Private Equity lands deal of the year award
Acorn Private Equity was awarded the coveted Catalyst Private Equity Deal of the Year 2021 at the annual DealMakers Gala Event for the acquisition of Ascendis Health Limited’s animal health business by Acorn Agri & Food Limited for R767 million.
This is the second time in the past three years that this honour was bestowed on Acorn. Two years ago it was for the disposal of Bearnibbles SA from Acorn’s Health Food Group.
The animal health business, or Kyron Group as it is known now, is a provider of animal health and veterinary products. It is the largest South African-owned operations of its kind, and is a leader in the animal health market. The business itself poses a compelling investment proposition owing to its attractive cash-generation and asset-light nature, its exceptional management team and its growth prospects.
Carl Neethling commented: ”The transaction is a testament to our investment philosophy of supporting management teams where we invest. Without the support of the Kyron management team and without my team member, Johan van Zyl’s grit and determination, this deal would never have been possible. We lost this deal twice but relationships and dedication prevailed. Ultimately a great success against all the odds.”
We are honoured to receive the award and would like to thank the various transactional teams and advisors namely Absa Corporate and Investment Banking, Questco, ENSafrica, Webber Wentzel, Werksmans Attorneys, PwC, Grayston Elliot, the management team and our finance partner, Rand Merchant Bank, for their valuable contribution to the deal.
About the Award
At the end of each year, DealMakers calls on the corporate finance industry to submit their nominations for the Private Equity Deal of the Year. These deals are evaluated by an independent panel which selects a winner based on a variety of criteria such as the transformational aspects, the execution complexity, the size of the transaction and the potential value creation.
About Acorn Private Equity and Acorn Agri & Food
Acorn Private Equity established Acorn Agri (Pty) Ltd, an investment holding company focussed on investing in unlisted businesses in the agricultural and food sectors in Southern Africa, in 2014. By 2018, Acorn Agri held a 25% stake in Overberg Agri Limited, at which point Acorn Agri and Overberg Agri Limited merged to form Acorn Agri & Food Limited.
Today, Acorn Agri & Food is a leading South African, vertically integrated agriculture and food group with a hundred-year legacy and assets totalling R 6,469 billion under management (as at 31 August 2021). Our divisions consist of agricultural inputs and services, fresh fruit, food processing, health foods and strategic investments. Our team possesses a unique combination of investment and operational expertise in the agricultural and food value chain and are passionate to lead the industry.