The Competition Commission has recommended that the Competition Tribunal unconditionally approve the proposed purchase by Sanlam Private Equity (SPE) of S. Bacher & Company, a major importer and distributor of luxury perfumes and watch brands.
“The Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. In addition, the proposed transaction does not raise public interest concerns,” the Competition Commission said in a statement on 9 February.
The amount of the transaction has not been disclosed.
SPE, which is managed by Sanlam Investment Management (Pty) Ltd, has been active in private equity investing since 1998. It manages a portfolio of more than R3 billion on behalf of the Sanlam Group and third-party investors.
Bacher & Co. was started by Solly Bacher, who came to South African from Lithuania in the 1930s. The company initially imported clothing and consumer products, but its core product became wristwatches in the 1970s. Over the past 10 years, it moved into fragrances, jewellery, and baby products.
The company’s clients include Foschini, Truworths, Woolworths, American Swiss, Dis-Chem, Clicks, and Edgars.
Its watch brands include Hugo Boss and Tommy Hilfiger, and it distributes Lacoste and Ferrari wrist bands. It distributes fragrance and cosmetics brands such as Mont Blanc, Dunhill, Jimmy Choo, Ted Lapidus, Guess, and Gosh.
Bacher & Co.’s distribution network stretches across southern Africa.
