Davis Polk advised Morgan Stanley & Co. International plc, Rand Merchant Bank, a division of FirstRand Bank Limited and Renaissance Securities (Cyprus) Limited, as joint bookrunners, in connection with the ZAR 1.2 billion (US$110 million) initial offering of the ordinary shares of Rhodes Food Group Holdings Limited. The offering consisted of 92,750,000 shares at a price to investors of ZAR 12.00. In addition, the joint bookrunners have an over-allotment option with respect to 9,275,000 ordinary shares of Rhodes Food Group.

The offering consisted of an offer for subscription by Rhodes Food Group and an offer for sale by certain of its shareholders to institutional and other selected investors in South Africa. Selling shareholders in the offer included funds of Capitalworks, a South African private equity group that is Rhodes Food Group’s largest shareholder, as well as members of the company’s management. Rhodes Food Group’s shares are listed on JSE Limited under the symbol “RFG.”

Rhodes Food Group is a producer of quality prepared meal solutions in fresh, frozen and long-life formats for distribution in southern Africa and other major global markets. The company has processing and agricultural operations in South Africa and Swaziland and produces a range of products, including canned fruit, jam, vegetable and meat products, fresh ready-made meals, pies, pastries and dairy products. Rhodes Food Group’s portfolio includes brands such as Rhodes, Magpie, Bull Brand, Hazeldene, Portobello and Trout Hall.

The Davis Polk corporate team included partner Paul E. Kumleben and associate Brandon Schubert. Partner Simon Witty and associate Dan Hirschovits provided English law advice. Members of the Davis Polk team are based in the London office.