South Africa’s Bidcorp buys Spanish foodservice group: Reuters

South Africa’s Bid Corporation (Bidcorp) has bought a 90 percent stake in Spanish foodservice group Guzman Gastronomia and Cuttings, it said on Wednesday without disclosing the value.

Bidcorp, spun out of Bidvest last year in a $5 billion listing on the Johannesburg Securities Exchange, said in February it could tap $1.2 billion for acquisitions to extend its push outside its home market.

Guzman is a foodservice company supplying hotels, restaurants, industrial caterers and other institutions throughout Spain, Bidcorp said in a statement.

The Spanish firm’s revenue is expected to be about 100 million euros ($106.67 million) this year, Bidcorp said, adding that the Spanish foodservice market had potential to grow as the economy picked up and the tourism industry expanded.

The South African firm acquired its stake from Miura Private Equity and Guzman’s management, who retain a 10 percent interest.