LONDON (ShareCast) - Southern Africa focused investment company Cambria Africa has acquired 100 per cent of the outstanding share capital of chemicals distributor Chemicals & Marketing (C&M).

The acquisition of C&M is expected to deliver significant diversification for its subsidiary, Millchem, in terms of geography as well as products and services.

Millichem will through C&M have a customer base and product portfolio providing it an ideal base for it to expand. The group will be supplying Millchem with new supplier relationships and a large library of formulations.

The Malawi-based group had sales of $2.5m during 2013 with earnings before interest and tax (EBIT) of $0.177m and had sales of $2.5m during calendar year 2013 with EBIT of $0.177m.

Cambria’s Chief Executive Officer, Edzo Wisman, said: "We are thrilled to announce the acquisition of C&M, a transformational complement to Millchem and its regional growth strategy.

“Following closing of this transaction, Millchem will have immediately grown its top line over 50%, have a third of its sales in Malawi, and have more than 15% of its sales from new, attractive product lines."

As of 10:42 the share price was unchanged at 5.25p.

WS

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