Bidvest and DAC announce a joint-venture agreement in order to strengthen the growth process of DAC in Italy and abroad. The Bidvest Group Limited (“Bidvest”) and DAC Group S.p.A. (“DAC”) are proud to announce a long term joint venture finalized with the acquisition of a majority stake in DAC by Bidvest Foodservice Europe. The Scuola family will remain in charge of the management of the day-by-day operations of DAC. The acquisition is part of the strategic expansion plans of Bidvest in the foodservice industry that, thanks to this joint-venture, will create a HUB to deliver worldwide Made in Italy products through its companies. After a strong growth in the domestic market, DAC will be able to strengthen its expansion strategy abroad through this JV. K Finance, partner of Clairfield International, acted as financial advisor to Bidvest and Baker & McKenzie acted as legal advisors. Studio Sacco & Partners and Studio Lombardi Molinari Segni e Associati acted respectively as fiscal and legal advisors to DAC. The Bidvest Group Limited is a company listed on the Johannesburg Stock Exchange (BVT:SJ), South Africa, with a current market capitalisation of Euro 6 billion and revenues of Euro 11 billion, being amongst the largest services company in South Africa. It operates over five continents, employing over 137,000 people worldwide. Bidvest’s largest division is the Foodservice division which in 2013 achieved revenues of over Euro 6 billion in Europe, Africa, Asia, South America and Middle East. The European arm of Bidvest Foodservice is active in the food distribution to customers in the restaurant, hospitality and catering industries in Europe, especially in the United Kingdom, the Middle East, in Poland, in the Czech Republic, in the Baltics, in Spain, in Belgium and in the Netherlands. Founded in the seventies by Giuseppe Scuola, DAC SpA, based in Flero (Brescia), is a leading company for the food & beverage distribution to the Ho.re.ca. channel and for institutional catering in Italy. The company over the years has innovated and grown its business to meet all the needs of the restaurant, banqueting, hotel and institutional catering sectors, making it a one-stop, multi temperature supplier for the food out-of-home channel. In 2013 DAC, under the leadership of the current CEO Daniele Scuola, achieved revenues of over Euro 220 million with an EBITDA margin of about 8% and aims a further strong growth over the next 3 years. At the moment DAC has over 400 employees in some branches and can rely on a sale force made of more than 300 people spread across Italy.