“It is an absolute privilege welcoming Sylko, a business that has successfully established its products in homes across South Africa and sub-Saharan Africa, to The Twinsaver Group. Sylko is an exemplary business that has balanced profitability with its commitment to its employees, the environment and the growth of the South African economy; making it a perfect addition to our growing business,” said Garth Towell, CEO at The Twinsaver Group.
Established 70 years ago, Sylko is a supplier of household foils and paper products, plastic tableware, baking and gift accessories range. The acquisition will be a key enabler for capital investment into technology and innovation, further driving Sylko’s market share in South Africa and other African markets. With the business currently focused on household products, it will also provide an opportunity for expansion into the commercial sector.
“We have been a family-run business for almost two decades and are delighted to find an investor that respects our legacy, shares our values and resonates with our ambitions. What also makes Twinsaver a perfect fit, is that the business is as passionate about employee and economic growth as we are,” said Michael Attwood, chief operating officer at Sylko.
This deal closely follows Twinsaver’s acquisition of Validus Medical - a leading manufacturer of hygienic disposable products - and recent investments of R580 million into production equipment.
“We are confident that our investments will help accelerate the substantial growth and diversification journey we are on. Furthermore, from an economic development perspective, our strategy remains focused on exploring the potential for growth within the pulp and paper manufacturing sector. This sector, within the South African context, has been cited as being ‘highly developed’, ranking among the top 20 globally with production values exceeding R28-billion,” concluded Towell.
