SPE Mid-Market Fund And Absolute Pets

The judgment

The court's own file

w competitiontribunal SOUTH AFRICA COMPETITION TRIBUNAL OF SOUTH AFRICA Case no: LM191Feb21 SPE Mid-Market Fund | Partnership (represented by the general partner, SPE Mid- Market Fund | General Partner Proprietary Limited) (Primary Acquiring Firm) and Absolute Pets Proprietary Limited (Primary Target Firm) Heard on: 24 February 2021 Order Issued on: 24 February 2021 REASONS FOR DECISION

[1]On 24 February 2021, the Competition Tribunal unconditionally approved a large merger between SPE Mid-Market Fund | Partnership (represented by the general partner, SPE Mid-Market Fund | General Partner (Pty) Ltd) (“SPE Fund”) and Absolute Pets (Pty) Ltd (“Absolute Pets”).

[2]The transaction involves an acquisition by SPE Fund of {J of the entire issued share capital of Absolute Pets, such that SPE Fund will solely control Absolute Pets post-merger.

[3]The SPE Fund controls the Cavalier Group of Companies (Pty) Ltd (“Cavalier Group”) and is ultimately controlled by Sanlam Limited (“Sanlam” or “the Sanlam Group”). The Sanlam Group is a leading South African financial services group, specialising in long- term insurance, financial planning, retirement planning, trusts, wills and short-term insurance, among others.

[4]Absolute Pets' is a specialist retailer in the South African pet care industry. Absolute Pets controls Hay North Pets (Pty) Ltd (“Hay North Pets”) Gi.

[5]The Competition Commission found no horizontal or vertical overlaps in the activities of the merger parties.

[6]The merger also raises no public interest concerns.

[7]No third party raised any concern. ' Controlled by Infinitus Holdings (Pty) Ltd (“Infinitus”) J.

[8]We concluded that the proposed transaction is unlikely to substantially prevent or lessen competition in any relevant market, or to have a negative impact on the public interest. 08 March 2021 Mr Enver Daniels Date Ms Mondo Mazwai and Mr Halton Cheadle concurring Tribunal Case Manager: C Mathonsi For the Merging Parties: T Theron and R van Rensburg For the Commission: R Molotsi and G Mutizwa