Top M&A Deals Of The Week: March 2026

Transaction Tuesdays With Talita

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This week, the South African corporate landscape has seen a flurry of activity that signals a bold shift towards vertical integration and strategic consolidation. The headlines this week are dominated by two landmark moves announced on 17 March. These deals represent more than just a change in ownership; they are a masterclass in securing supply chains and diversifying portfolios in a competitive market that is increasingly rewarding scale and agility.

Woolworths Acquires Long-Term Supplier In2Foods

On 17 March 2026, Woolworths (Pty) Ltd officially announced that it will be fully acquiring In2food Holdings (Pty) Ltd from its founders and minority shareholder, Old Mutual Private Equity, thus formalising a 30-year long partnership between the two entities. While the specific financial value of the transaction remains undisclosed, as it falls below the 5% categorisation threshold for JSE-listed companies, the scale is significant given that In2food generates annual revenues exceeding R5 billion. To ensure operational continuity, the current leadership team, including CEO Richard Cooper, will remain at the helm as In2food transitions into a standalone business unit within the group. This structure aims to preserve the innovation engine that defines the Woolworths brand.

Woolworths was established in 1931 by Max Sonnenberg and has grown into a retail powerhouse with over 700 stores across Africa and Oceania. It remains a pioneer in the industry, having been the first South African retailer to introduce sell-by dates. Its partner, In2food, was formally established in 2010 through the strategic merger of Interfruit and Lombardi Foods. The company now operates the largest fresh-food manufacturing facility in the Southern Hemisphere, producing over 3.2 million packs of food per week. This pivotal move is designed to secure Woolworths’ supply chain and allows it to capture full manufacturing margins, while protecting its premium moat in the fresh food sector. The acquisition is expected to be finalised by mid-2026 following approval from the Competition Commission.

Varun Beverages Acquires Crickley Dairy, Through Its Subsidiary, BevCo

On 17 March 2026, Indian-owned Varun Beverages Limited officially announced that it will be fully acquiring Crickley Dairy (Pty) Ltd from Clark Holdings, through its local subsidiary, The Beverage Company (Pty) Ltd (BevCo),  for approximately R238 million. This strategic entry into the value-added dairy and juice-based sectors follows BevCo’s larger acquisition of the Clark Holdings soft drink manufacturer, Twizza, in 2025, which was valued at over R2 billion. The decision to include Crickley Dairy in the deal was driven by the shared infrastructure between the two companies, including water and production systems, making a combined acquisition more practical. To ensure operational continuity, the current leadership team will remain at the helm during the transition, until all regulatory approvals are finalised.

The Beverage Company was formed in 2018 through a merger of major regional bottlers and became a subsidiary of Varun Beverages, which is publicly listed on the National Stock Exchange of India and the BSE. BevCo is a dominant force in South Africa, operating five manufacturing facilities with a total capacity of 3,600 bottles per minute. The current combined portfolio of Varun and BevCo includes prominent beverage brands such as Refreshhh!, Jive, Coo-ee, Reboost, Super C, Rockstar, Pepsi, Mountain Dew, Seven-Up, Mirinda, Gatorade, Lipton Ice Tea and Aquafina, alongside food brands including Lays, Simba, Doritos and Cheetos.

Crickley Dairy, on the other hand, was founded in 1984 by Ken Clark and has grown from a small family operation consisting of one labourer and five cows, into a regional icon. Crickley quickly evolved to an 8,000 square metre  manufacturing facility that handles over 1,000,000 litres of milk per month. In 2003, Clark’s created the Carbonated Soft Drink brand Twizza, which is now produced in three state-of-the-art facilities across South Africa. The combined acquisition of Twizza and Crickley Dairy includes brands such as Clark & Sons (Now Twizza Mixers), Twizza and numerous dairy and juice products. The sale comes as Clark, now 70, looks to step back after more than 30 years of leadership and innovation. While the takeover is officially scheduled for 31 December 2026, the deal remains subject to approval from the Competition Commission.

Conclusion

These recent transactions underscore a South African M&A environment where resilience and margin protection are the orders of the day. Together, these deals reflect a clear trend in which major players are prioritising diversification, expansion and the kind of vertical integration that builds robust, integrated ecosystems. As we look ahead, these moves serve as a powerful indicator that despite global volatility, the appetite for high-quality South African manufacturing and established local brands remains strong.