Fiera Milano acquires stake in Food Festival (RSA)

Milan, 31 August 2012. Following the press release of 1 August 2012, Fiera Milano SpA announces that today it has completed the acquisition of 75% of the share capital of Cape Gourmet Food Festival PTY Ltd.

Cape Gourmet Food Festival is a South African exhibition entity that is the organiser of the agrifood exhibition, Good Food & Wine Show, which is held each year in Johannesburg, CapeTown and Durban. The exhibitions attract a total of 150,000 visitors that include operators in the agrifood sector and major South African retail distributors of food products.

This acquisition involves an investment of 54.0 million South African rand (Euro 5.3 million). 80% of this figure, or 43.2 million South African rand (Euro 4.3 million), is payable on finalisation of the contract to purchase the shares whilst the remaining amount will be paid in two tranches that are dependent on the Good Food & Wine Show achieving certain gross profit targets for the 2012 and 2013 financial years. Should these targets fail to be reached, the purchase price will be proportionally reduced.

South Africa has now been added to the list of those countries outside Europe in which FieraMilano has established a presence and takes to sixty the total number of exhibitions organised abroad by the Fiera Milano Group. For the full story click Fiera Milano

For the original announcement click Fiera Milano