ALTX-listed fast-food franchiser Taste Holdings said yesterday it was moving beyond just having interests in the food services sector and was set to acquire jewellery chain NWJ Holdings for R120m.
CEO Carlo Gonzaga said the acquisition formed part of the company’s strategy to be a consumer brand holding company. Taste (TAS) , which owns the Scooters Pizza and Maxi brands, was never meant to be confined to foods.
The final price depended on NWJ’s results for the year to April, the group said. The jewellery chain would be purchased through a combination of shares, cash, debt and equity funding.
Taste said it would issue shares for between R12m and R13,5m to fund the deal, and NWJ had accepted 10% of the purchase price in shares.
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