Pelvin Investments has acquired a 60% stake in Plastique Industries, one of Zimbabwe’s key producers and exporters of horticulture packaging as well as biscuit skillet materials, in a deal that would also help recapitalise the company.
Through the transaction, whose value could not immediately be confirmed, Pelvin Investments has taken over Plastique Industries’ entire Zimbabwean portfolio, including a Harare factory, other strategic and distribution assets as well as a staff complement of 70 people.
The net asset value of Plastique Industries is estimated at roughly $3 million and its principal owners now include Flitwich Trading, MacDonald Holdings and Lanmar Investments.
Pelvin chairman Chalton Hwende said the acquisition seeks to take advantage of the revival of such industries as agriculture, manufacturing and retail to leapfrog.
“This (transaction) is a huge opportunity for us and we look forward to growing the business in line with our ambitions, and also meeting all our stakeholders’ needs,” said Hwende, a former Zimbabwean student leader, adding the company was eyeing further acquisitions in Zimbabwe to broaden its portfolio.
Pelvin Investments believes Zambia presents “quite a huge market or prospect” for biscuit skillet materials.
The addition of Plastique Industries to the group has diversified its business portfolio, which was anchored around Namibian–registered Twinsday Logistics and another Angola-based trading entity.
Recently, Plastique Industries pioneered plastic moulding technologies and processes such as injection blow, BOPP bag-making, sheet extrusion and perforation, and thermoforming.