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Bidvest acquisition of PHS Group

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On 24 December 2019, Bidvest Group Limited (“Bidvest”) announced that it has entered into an agreement to acquire PHS Group (“PHS”) from funds managed by Anchorage Capital Group, L.L.C. and M&G Investments for an enterprise value of £495 million (“the Acquisition”).

Bidvest is a business-to-business services, trading, and distribution company with operations in South Africa, the Republic of Ireland and the United Kingdom. The group was founded in 1988, is listed on the Johannesburg Stock Exchange and owns or has significant holdings in over 300 companies, and employs over 123,000 people. PHS’ service offering and geographic presence will be a highly complementary addition to Bidvest’s Services division.

David Taylor-Smith, PHS Chief Executive, said:

“Bidvest is an excellent owner for PHS. It is large and financially stable and it owns and operates a range of businesses like PHS, including the largest washroom services business in South Africa. This will enable us to benefit from Bidvest’s expertise in these areas, and also bring new skills and products to their businesses.

Bidvest is committed to support our growth plans and the business will continue to be run by the same management team in much the same way which is excellent news for our customers, suppliers and everyone at PHS.”

The Acquisition is subject to regulatory approval and is expected to close during the first half of 2020.

Deutsche Bank AG, London Branch acted as financial adviser to Anchorage and M&G in connection with the transaction. White & Case LLP acted as legal adviser to Anchorage and M&G and Macfarlanes LLP acted as legal adviser to PHS’ management team.

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