Old Mutual Private Equity (OMPE), a division within Old Mutual Alternative Investments, has acquired a significant minority stake in In2food, a South African convenience food manufacturing business.

The business was acquired in December 2015 for a value of between ZAR200m to ZAR600m.

“In2food’s management expertise and its world-class manufacturing capabilities were key ingredients in assessing the investment,” said OMPE investment principal Farhad Khan.

“However, we believe that culture often trumps strategy and at In2food we found a management team that shares our values, culture and partnership mentality,” he added.

In2food provides convenient and fresh quality food products to its local and international customers.

It produces a diversified food portfolio including fresh and prepared produce, prepared convenience meals, beverages, snack products and baked goods.

“We are excited to partner with In2food’s founders, fellow shareholders and management who have built a wonderfully successful business,” said OMPE investment principal Mohsin Cajee.

“We are pleased to invest in a sector directly linked to the consumer food market with relatively defensive characteristics," he said.

Richard Cooper, In2food CEO, said that the business has developed rapidly in recent years and it was important that they find the best possible partners to enable them to continue their successful journey.

“In OMPE, along with our existing partners, I am very confident that we have found people that share our vision and values and I am very excited by the prospect of what we can create. There is still much opportunity in our chosen sector of the food market and together we will continue to use this opportunity to grow an even more successful business and make a positive impact throughout South Africa, ” he said.

Old Mutual Alternative Investments is a boutique of Old Mutual Investment Group.