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PepsiCo South Africa's subsidiary Pioneer Foods has acquired the remaining half of Futurelife Health it does not own, eight years after buying its initial stake in the maker of nutrient-dense breakfast cereals and snacks.
The South African unit of snack and drinks giant PepsiCo said on Tuesday the Competition Commission recommended the conditional approval of the acquisition earlier this month, with the Competition Tribunal issuing an order to approve the merger on Monday.
It said the transaction is subject to a few administrative conditions’ precedent, which are "standard for a transaction of this nature", adding it was expected to be close and be effective in the first week of July.
The value of the transaction has not been disclosed. It is taking place via Pioneer Foods, which produces brands such as Weet-Bix, Bokomo and Sasko, and which was acquired by PepsiCo in 2020.
Futurelife was founded by Paul Saad in 2007 with the group's original Futurelife Smart Food developed as a "scientifically formulated, balanced, nutritious convenient food, which contains Moducare".
Moducare is a daily immune supplement made from a patented blend of plant sterols and sterolins. Over time, the group developed a broader product range.
"Futurelife is an innovative brand within the cereals market, and we believe its product basket will complement our current portfolio," said PepsiCo South Africa CEO Riaan Heyl in a statement.
