Woolworths buying R5 billion a year giant in South Africa
Woolworths’ acquisition of In2food is progressing at South Africa’s competition authorities, with the Competition Commission opening the deal for input.
Woolworths Holdings Limited announced plans earlier this year to acquire 100% of the shares in In2food, a privately owned prepared-foods manufacturer.
It announced that it will purchase In2food from its founders, Old Mutual Private Equity (OMPE), and other existing shareholders.
In2food is a South African-based, market-leading supplier of high-quality convenience foods and is one of the most important suppliers to Woolworths Foods.
The company generates over R5 billion in revenue annually through its diverse range of premium private-label products in the categories of convenience food, fresh produce, long-life products, and bakery items.
The CompCom’s latest weekly merger and acquisition update has the transaction listed top among those where interested parties can review and make inputs, where necessary.
The CompCom update indicates that the deal is progressing. The transaction is formally registered as Case Number 2026MAR0036.
Woolworths Proprietary Limited is identified as the Primary Acquiring Firm, and In2food Holdings Proprietary Limited is the Primary Target Firm.
The merger was initially filed on March 18, 2026, immediately after Woolworths’ public announcement of the deal on March 17, 2026.
The deal has been officially classified as a Large Merger (“L”), which aligns with In2food’s status as a significant market player that generates over R5 billion in annual revenue.
The case list shows that the initial due date was set for May 19, 2026. However, to allow for a thorough review of this large-scale transaction, the decision deadline has been extended to September 3, 2026.
This extension indicates that the transaction is currently under active scrutiny by South African competition authorities.
They are ensuring that all suspensive commercial and legal conditions are carefully evaluated before the deal can be finalised.
The transaction was announced as subject to regulatory and commercial suspensive conditions, including approval from South African competition authorities.
Following these reviews, the commission will publish its recommendations on whether the Competition Tribunal should approve, reject, or apply conditions to the proposed transaction.
In2food and Woolworths
Woolworths has partnered with In2food since the early 1990s. In2food itself was established in 2010 through the merger of Interfruit and Lombardi Foods.
Woolworths Food is In2food’s largest customer, while the remaining clients include various local and international companies across foodservice and wholesale channels.
“Woolworths and In2food share a more than three-decade history of partnership in creating products of outstanding quality and innovation to meet the evolving needs of our customers,” said Woolworths Group CEO Roy Bagattini.
“This acquisition represents a compelling opportunity to bring a key strategic capability closer to the Woolworths Foods business, strengthening one of the core points of differentiation in our premium food offering.”
Woolworths announced that In2food has a highly experienced senior leadership team with extensive expertise across various areas of the food sector.
This management team will continue to operate In2food as an independent business within Woolworths to ensure seamless continuity of operations.
Bagattini stated that the acquisition does not indicate any change in Woolworths’ overall food sourcing model.
“Our unique relationship with our suppliers is what differentiates us and is fundamental to delivering our premium food offering,” he said.
“This transaction further enhances the relationship we have with one of our most innovative suppliers, and will extend mutual benefits to our entire value chain and end-customers.”
Woolworths stated that the deal will enhance the earnings of the Woolworths Group, even before accounting for anticipated operational efficiencies to be realised over time.
The purchase will be financed entirely in cash, using Woolworths’ existing financial resources.
The completion of the deal is contingent upon meeting both regulatory and commercial conditions, which include obtaining approval from South Africa’s competition authorities.
“Woolworths and In2food have an extended track record of close collaboration, focused on delivering high-quality, innovative food products aligned with Woolworths Foods’ premium positioning,” said Richard Cooper, CEO of In2food.
“The Transaction further enhances Woolworths Foods’ ability to protect product quality, innovation and availability, which are core to its differentiated customer proposition.”
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