Old Mutual Private Equity buys into South African food maker In2Food

Old Mutual Plc’s private equity unit bought a stake in In2Food, a maker of ready-made meals and snacks in South Africa, as the investor bets on an increasing appetite for convenience products among the country’s growing middle class.

The asset manager paid between 200 million rand ($12 million) and 600 million rand for a “significant minority stake” in the company that makes private-label products for grocery chains, Jacci Myburgh, Old Mutual’s head of private equity, said Wednesday by phone from Cape Town. Myburgh said he couldn’t be more specific because of confidentiality agreements.  

Read more: Old Mutual Private Equity Buys Into South African Food Maker – Bloomberg Business