South Africa’s Bidvest Group has confirmed today that it has acquired Cannon Asset Managers as part of an acquisition drive to expand into investment management.
According to Reuters News, Bidvest Financial Services, whose parent spun off food division Bidcorp in a $5 billion listing in 2016, said it will take a controlling stake of the South African-based asset management firm from Citadel Holdings.
“Our acquisition of Cannon is a key building block in the expansion of our financial services business,” Japie van Niekerk, Managing Director of Bidvest Financial Services and Bidvest Bank said in a statement.
The acquisition of Cannon comes hot on the heels of announcements of Bidvest Bank’s acquisition of First Data’s South African unit, and the purchase of a majority shareholding in FinGlobal by Bidvest Financial Services.
Bidvest Group has not disclosed how much it was paying.
Cannon, which was established in 1998 by Chief Executive Adrian Saville, specialises in investments that span domestic and global asset classes.