The Bidvest Group Limited ("Bidvest") and Gruppo DAC S.p.A. ("DAC") are pleased to announce that they have concluded a long-term joint venture materialized with Bidvest´s entry with a stake of just over 50% in the capital of DAC. The Scuola family will remain firmly at the helm of DAC. The transaction is part of the Bidvest group´s strategic expansion plan in the food distribution sector, which through this joint venture will be able to create a HUB for the distribution of Made in Italy products worldwide through its own companies. DAC, after growing strongly in the domestic market, will be able to strengthen its foreign expansion policy through this JV. K Finance, a partner of Clairfield International, served as financial advisor to Bidvest Group and Baker & McKenzie as legal advisor. Studio Sacco & Partners and Studio Legale Lombardi Molinari Segni e Associati were DAC's tax and legal advisors.

The Bidvest Group Limited is listed on the Johannesburg Regulated Market (BVT:SJ) with a market capitalization of more than €6 billion, consolidated revenues in excess of €11 billion, and ranks among the largest service companies in South Africa. The Group operates on 5 continents and employs over 137,000 people worldwide. The most important division of the Bidvest Group is the Foodservice division, which generated revenues of more than Euro 6 billion in 2013 in Europe, Africa, Asia, South America and the Middle East. Bidvest Foodservice's European operating company is active in the distribution of food products to customers for the Ho.Re.Ca and foodservice channel in Europe particularly in the United Kingdom, Middle East, Poland, Czech Republic, Baltic countries, Spain, Belgium and the Netherlands.

Founded in the ´70s by Giuseppe Scuola, DAC SpA with registered office in Flero (Brescia, Italy) is a leading company in the distribution of food & beverage for the ho.re.ca.and foodservice channel. Over the years, the company has diversified and developed its business to meet all the needs of commercial catering, banqueting hotellerie, and collective catering, thus becoming a global supplier for the Ho.Re.Ca. channel. In 2013, the DAC Group, under the leadership of current CEO Daniele Scuola, generated revenues of more than 220 million euros with an EBITDA margin of about 8% and aims for further strong growth in the next three years. It currently employs more than 400 people divided among various branches and has a sales force of 300 people located throughout the country.