Portfolio Companies

Percentage Holding: 25.9%

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: 14.4%

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: 59.3%

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 5 years.