Retailer Mr Price says that its proposed purchase of Yuppiechef, a privately-owned South African business focused on home and kitchenware, has been approved.
Yuppiechef has two primary operations, namely Yuppiechef Online, the retail division comprising the online platform and seven stores, as well as a wholesale division, which develops, and imports branded goods for wholesale distribution.
“All conditions precedent, including approval by the South African competition authority, have been fulfilled and the acquisition is effective on 1 August 2021, Mr Price said in a statement on Tuesday (20 July).
Mr Price Group chief executive officer, Mark Blair, said: “Welcoming Yuppiechef into the group is a very exciting moment for us. This gives us the opportunity to serve a new customer base and grow the skills within our group. We share a similar culture and outlook for growth and look forward to taking hold of opportunities together.”
The Yuppiechef management team will continue to run the business with the full support of the group’s executive team.
Mr Price originally announced its plans to purchase 100% of Yuppiechef in March. The group said that the purchase would give it the opportunity to gain access to a higher LSM customer base, enabling the growth of its share-of-wallet through ‘aspirational value spending’.
The retail group said it would pay approximately 1% of its market capitalisation in the deal, which at the time of the announcement was between R450 million and R500 million.