Portfolio Companies

Percentage Holding: 25.5%

Overberg Agri is a regional agri services company based in Caledon in the Western Cape. It is a large provider of grain-, financial-, mechanisation- and irrigation services to farmers. It also has a number of retail stores, an abattoir and a lime mining business.

Overberg Agri has strong, experienced management with the proven ability to unlock value. It has a regional monopoly in grain, good infrastructure and steady recurring income. It is also cash generative.

The shares in Overberg Agri were acquired at an attractive discount to NAV.

Percentage Holding: 25.1%

Lesotho Milling’s core activities include wheat and maize milling and sugar repackaging. Lesotho’s
mills are located in Maputsoe , Lesotho with further storage facilities in Ficksburg.

The company produces both branded and private label brands. Its products are sold in South Africa and

Percentage Holding: 73.5%

Montagu specialises in the packaging and distribution of a wide range of selected dried fruit, nuts and related products. It has a significant share of the retail market in South Africa, especially in small packet products.

Montagu supplies its products to large retailers for sale under their own house-brand labels, as well as to its franchise stores located throughout South Africa. The franchise stores stock the products in the company’s distinct orange packaging.

Percentage Holding: 11.1%

BKB is a diversified agri services company with a national footprint. It is the largest national marketer of wool and mohair. It also has very strong livestock and grain divisions, as well as trading stores, a property, agri financial services, livestock auctioneering, and grain storage and logistics businesses.

This strategic asset has tremendous growth potential.

Percentage Holding: 59.1%

Grassroots produces high quality dried fruit for the export market at its facility in the Western Cape and holds a dominant position in the UK health snack market.

It presents significant growth opportunities, an exceptional management team and achieved exponential growth in revenues and profits over the last 6 years.

ACG FRUIT (previously Afrifresh Group)
Percentage Holding: 73.2%

ACG Fruit is a leading producer of table grapes and soft citrus for the export market and exports directly to the large retailers. Geographically diversified farm location reduces the risk of production and ensures that a wide range of table grape and soft citrus cultivars can be supplied throughout the relevants harvest season.

Acorn Agri invested at a significant discount to the net asset value of the business and this strategic asset has tremendous growth potential.