Imperial to Use CIC Purchase as Platform to Expand into Africa, CEO Says

Imperial Holdings Ltd. will use the 724 million rand acquisition of CIC Holdings Ltd., which provides retailers with merchandising services, to expand its business in Africa, Chief Executive Officer Hubert Brody said.

Imperial may increase CIC’s presence on the continent in “interesting markets” where it currently doesn’t operate, such as Angola, Tanzania, Zimbabwe and Kenya, Brody said in an interview in Johannesburg today, after the company’s annual general meeting.

Imperial remains acquisitive and expects to announce a “small, bolt-on” acquisition in the next few months, he said.

To contact the reporter on this story: Nicky Smith in Johannesburg at nsmith38@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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