SPE Mid-Market Fund I Partnership And S Bacher Company

The judgment

The court's own file

2 Parties to the transaction and their activities Primary acquiring firm

[2]The primary acquiring firm is the SPE Fund represented by the SPE Fund General Partner, a private company incorporated in terms of the laws of South Africa. The SPE Fund operates as a private equity investment firm.

[3]The SPE Fund is managed by Sanlam Investment Management (Pty) Ltd (“Sanlam Investment Management”), which wholly controls the SPE Fund General Partner. In turn, Sanlam Investment Management is wholly controlled by Sanlam Investment Holdings (Pty) Ltd (“Sanlam Investment Holdings”).

[4]Sanlam Investment Holdings is controlled by SIH Capital Holdings (Pty) Ltd (“SIH”) as to %, with the remaining shareholding held by ABSA Financial Services Ltd. SIH is controlled by Sanlam Ltd (“Sanlam”) as to

[5]Sanlam is a company listed on the Johannesburg Stock Exchange (“JSE”), with a secondary listing on the Namibia Stock Exchange. Firms with a shareholding greater than 5% in Sanlam include Public Investment Corporation SOC Limited as to 14.21% and Ubuntu-Botho Investments (Pty) Ltd as to 13.13%. 1

[6]Sanlam and its related subsidiaries operate as a financial services group in South Africa and has further interests globally.

[7]The SPE Fund controls a number of firms in different industries which include meat production, financial services, property, and vehicle automotive parts, amongst others.

[8]Sanlam, the SPE Fund and all its subsidiaries will be referred to as “the Acquiring Group”. Primary target firm

[9]The primary target firm is Bacher, a private company incorporated in terms of the laws of South Africa. 1 As of 31 December 2022.