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New York - The Bidvest Group [JSE:BVT] will buy 14.59% of Icelandic Water Holdings for $13.5m (R91m), the Icelandic spring water producer said on Tuesday.
Bidvest, which said earlier this year that it was looking at food-service expansion opportunities in Brazil, has the right to raise its interest to 20% in the future, according to Icelandic Water Holdings, which sells a spring water brand called Icelandic Glacial.
The investment "will enable us to broaden the range of products which we offer," said Jon Olafsson, chairperson and co-founder of Icelandic Glacial. "The international reach of Bidvest's distribution operations will greatly assist our entry into new territories."
Bidvest chief executive Brian Joffe will also take a seat on Icelandic's board.
Icelandic Glacial is distributed in the US by Anheuser-Busch. Anheuser took a 20% stake in the company in July 2007 and subsequently increased its stake to over 23%.
Bidvest, which said earlier this year that it was looking at food-service expansion opportunities in Brazil, has the right to raise its interest to 20% in the future, according to Icelandic Water Holdings, which sells a spring water brand called Icelandic Glacial.
The investment "will enable us to broaden the range of products which we offer," said Jon Olafsson, chairperson and co-founder of Icelandic Glacial. "The international reach of Bidvest's distribution operations will greatly assist our entry into new territories."
Bidvest chief executive Brian Joffe will also take a seat on Icelandic's board.
Icelandic Glacial is distributed in the US by Anheuser-Busch. Anheuser took a 20% stake in the company in July 2007 and subsequently increased its stake to over 23%.
