The Competition Commission has given Mr. Price permission for their planned purchase of Yuppiechef, which is a privately-owned South African business with a focus on home and kitchenware.
The regulator released a statement on Thursday, recommending that the Competition Tribunal approve the proposed transaction unconditionally.
The regulator found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any related markets. It added that the transaction does not raise any public interest concerns.
Mr. Price announced their plans to purchase 100% of Yuppiechef in March 2021. Mr. Price said that the purchase would give Yuppiechef the chance to gain access to a higher LSM customer base, which will grow its share-of-wallet.
“We are very excited about welcoming the Yuppiechef team into our family,” said Mr. Price chief executive, Mark Blair.
“We are partnering with a market-leading business which has won numerous awards relating to both e-commerce and stores, and Yuppiechef has a proven ability to launch private-label categories which have also attracted industry recognition.”
“The targeted effective date is subject to the fulfilment of both regulatory and commercial suspensive conditions which includes competition authority approval,” the group added.
Sources: Moneyweb, Business Tech
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