JOHANNESBURG, April 5 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
($1 = 0.9375 euros)
(Reporting by TJ Strydom; Editing by Edmund Blair)